DOF Subsea (DOF) and TechnipFMC announce that the Skandi Olinda and two work-class ROVs** allowing her to lay flexible pipes in water depths up to 2 500 meters. She was built by Vard Promar Brazilian yard where her sister ship Skandi Recife was also constructed. Under the DOF/TechnipFMC joint venture agreement TechnipFMC will manage flexible pipelay and DOF will be responsible for marine operations. DOF Subsea CEO Mons S. Aase said: “The extensive newbuild program of 4 PLSVs together with TechnipFMC has combined the subsea and vessel expertise across our organizations. Taking final delivery of Skandi Olinda and commencing the contract with Petrobras marks the successful conclusion of the newbuild program of the joint venture which now has 6 vessels.” Arnaud Pieton President Subsea at TechnipFMC commented: ""We are delighted that the Skandi Olinda is joining our fleet of specialized vessels. This new charter contract with Petrobras reinforces our commitment to the development of the Brazilian market and our extensive ultra-deepwater pipelaying experience. We are looking forward to seeing the vessel delivering projects in the field"". *Contracted capacity 300-ton **ROV: Remotely Operated Vehicle For further information please contact: Mons S. Aase CEO DOF Subsea – Tel: +47 91 66 10 12 Marianne Møgster SVP Finance DOF Subsea – Tel: +47 99 30 69 16 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"

DOF Subsea

DOF Subsea and TechnipFMC announce the delivery of Skandi Olinda and commencement of contract with Petrobras

February 18, 2019

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The Group's revenue for 4th quarter (management reporting) totals NOK 1 680 million (NOK 1 979 million) and the EBITDA totals NOK 606 million (NOK 805 million, adjusted for hedge accounting). The operating profit (EBIT) is NOK -335 million (NOK 98 million), of which depreciation and impairment totals NOK 942 million (NOK 651 million). Net profit is NOK 238 million (NOK -512 million). In summary, 2020 has been a challenging year due to continued downturn in the markets which has increased the pressure on earnings and utilisation. In addition, the COVID-19 virus has continued to impact operations. The Group has secured new contracts with a total value of approximately NOK 6.1 billion the last 12 months, and in the 4th quarter new contracts with a value of NOK 1.6 billion have been secured. The restructuring of the Group's debt is ongoing and standstill agreements have been agreed until the 30th of April with the majority of the secured lenders and until the 31st of March with the bondholders. BNDES has extended the standstill agreement for the majority of the facilities until the 10th of June. The Group is dependent on continued standstill agreements with its creditors until a long -term financial solution is agreed to maintain as going concern. The average utilisation of the Group's owned fleet during the 4th quarter was 68% ; 77% for the subsea fleet, 59% for the AHTS fleet and 56% for the PSV fleet. General operational comments in Q4: . Improved performance from subsea projects in the Asia-Pacific and the Atlantic regions . Increased activity in Brazil and several vessels mobilising for new contracts . Continued weak North Sea market . The Group's current backlog is NOK 15.3 billion Please see enclosed 4th quarter Financial Report 2020. Webcast is available Thursday, 25th of February at 08:30 on www.dof.com. Contact: CEO Mons Aase, Tel + 47 91 66 10 12 CFO Hilde Drønen, Tel + 47 91 66 10 09 With a multi-national workforce of about 3,150 personnel, DOF ASA is an international group of companies which owns and operates a fleet of modern offshore/subsea vessels, and engineering capacity to service both the offshore and subsea market. With over 35 years in the offshore business, the group has a strong position in terms of experience, innovation, product range, technology and capacity. DOF's core businesses are vessel ownership, vessel management, project management, engineering, vessel operations, survey, remote intervention and diving operations primarily for the oil and gas sector. From PSV charter to Subsea engineering, DOF offers a full spectrum of top quality offshore services to facilitate an ever-growing and demanding industry. The company's main operation centers and business units are located in Norway, the UK, the USA, Singapore, Brazil, Argentina, Canada, Angola, and Australia. DOF ASA is listed on the Oslo Exchange since 1997.

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