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RESULT FROM BONDHOLDERS' MEETINGS AND UPDATE ON TENDER ACTIVITIES

Result from bondholders' meetings: Reference is made to the summons to bondholders' meetings in DOFSUB07 (ISIN NO 001 0670144) and DOFSUB09 respectively. Approval of the proposal set out in the summons required 2/3 majority in all three bonds and the proposal was consequently approved and this pre-condition for a continued constructive dialogue between the DOF Group and its secured lenders and bondholders is then satisfied. Please see the attached minutes from bondholders' meetings. Update on tender activities: There has been a sharp decline in the tender activities with few new contract opportunities and less projects to bid for. Due to the sharp decline in the oil price the oil companies have reduced their exploration activity substantially and some have also started to reduce existing production. It must be expected that the Group will continue to experience adverse consequences of the sharp decline in the oil price and the responses of the oil companies to such decline. Several of the Group's vessels will finish their firm contract periods during 2020 and if the challenging market continues most of these vessels could move into lay-up. For further information please contact: CEO Mons Aase tel. +47 91 66 10 12 CFO Jan Nore tel. +47 48 09 46 99 About DOF Subsea: The DOF Subsea Group is a specialist subsea service business that provides subsea construction subsea engineering inspection repair and maintenance and survey services which involve complex and challenging engineering in an international environment. DOF Subsea owns a large fleet of modern subsea construction intervention and survey vessels that enable it to offer differentiated positions with its clients and work in long term relationships which enhance service delivery and reduce the overall risk. The company's core business is project management engineering vessel operations survey remote intervention and diving operations primarily for the Oil and Gas Marine Telecommunications and Renewables markets. www.dofsubsea.com  This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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