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DOF Group ASA - Subsea mooring installation contract award in the APAC region

DOF Group ASA ("DOF") is pleased to announce a Substantial contract award for subsea mooring installation services in the APAC Region...

DOF Group ASA - Subsea mooring installation contract award in the APAC region

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DOF Subsea has been awarded multiple contracts for execution in the North Sea Skandi Skansen Skandi Iceman Skandi Hera and a contracted third-party vessel shall be utilized in the offshore execution phases. All awards include Project Management engineering procurement and logistics which shall be delivered by our integrated subsea experts’ team across Bergen and Aberdeen. DOF Subsea shall towards a key Renewables client deliver one of our construction assets and associated services during the construction phase of a major offshore wind project. The project totals at least 150 vessel days. Several of the awards are EPRD (Engineering Preparation Removal and Disposal) decommissioning contracts and DOF Subsea is planning to deploy multiple vessels in-field during execution phases. In excess of the awards DOF Subsea has received a number of purchase orders related to ongoing contracts in North Sea and Africa. These awards are enabling our clients to take advantage of the extended capabilities of the contracted vessels with access our integrated marine operations services. One of the variation orders aided DOF Subsea to fast-track a flex-lay installation campaign delivering project management engineering procurement logistics and offshore execution to the highest expectation of the client. Mons S. Aase CEO DOF Subsea said “I am pleased by the continued trust from our clients in Norway and United Kingdom. DOF Subsea continues to secure projects across the energy sector delivering mission critical solutions without compromise to safety.” 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 has been awarded an integrated Field Support Vessel (FSV) contract with an international oil company in Angola. The project shall utilise Skandi Seven for a minimum of 303 firm vessel days plus 365 days of options. The Contract also includes the potential supply of additional vessels, as required by client. DOF Subsea shall during the project deliver integrated FSV services, project management, engineering, procurement and logistics within deep-water construction and maintenance of existing subsea assets. Work packages under the contract shall also include services for transportation and installation of flexible products and various subsea equipment. Mons S. Aase, CEO, DOF Subsea said, "I am pleased that DOF Subsea is trusted with another contract in Angola. This project will secure utilisation for our integrated FSV team and assets, strengthening our position as a leading one-stop solutions provider for integrated subsea operations across multiple disciplines. DOF Subsea is continuously working to develop efficient services without compromise to safety." For further information, please contact: Mons S. Aase, CEO, Tel: +47 91 66 10 12 Hilde Drønen, CFO, 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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DOF Subsea secures Integrated FSV Contract in Africa

September 17, 2020

Reference is made to the resolutions adopted in the bondholders' meetings in DOF Subsea AS' three bond loans (FRN DOF Subsea AS Senior Unsecured Bond Issue 2013/2020, DOF Subsea AS 9.50% Senior Unsecured Bond Issue 2017/2022 and FRN DOF Subsea AS Senior Unsecured Bond Issue 2018/2023) on 22 April 2020, whereby the bondholders on certain conditions approved a waiver from, and suspension of, all payment obligations under each of the bond loans until 30 September 2020. Discussions and negotiations on the restructuring of the Group are still ongoing. While progress has been made, an agreement for the restructuring of the Group will not be reached before the current deferral and standstill arrangements with the bondholders expire. DOF Subsea AS has therefore requested Nordic Trustee AS to summon bondholders' meetings in the three bond loans to consider the extension of the standstill period initially until [15 December 2020] [and with a possibility to extend to 31 January 2021 with the approval of an ad-hoc committee of bondholders]. The proposal is further described in the attached summons to the bondholders in the three bond loans. A corresponding request has been made to the company's secured lenders to extend the suspension of payments of principal and interest that have been granted by a majority of its secured lenders. For further information, please contact: CEO Mons Aase, tel. +47 91 66 10 12 CFO DOF 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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SUMMONS TO BONDHOLDERS' MEETINGS IN DOF SUBSEA AS - REQUEST TO EXTEND STANDSTILL PERIOD

September 16, 2020

DOF Subsea has been awarded a turnkey contract performing marine operations in connection with a decommissioning project by Teekay Petrojarl Floating Production. The award covers project management, engineering, procurement and all offshore marine operations. The offshore works include preparatory works at the sites including installation of a temporary mooring system, towing operations and recovery of risers and mooring systems. DOF Subsea will utilize a variety of vessels from the DOF Group fleet, deploying Skandi Acergy, Skandi Iceman, Skandi Hera in addition to selected third party vessels to deliver the scope. The project has already commenced and is scheduled to be completed within Q4 2020. Mons S Aase, CEO, DOF Subsea said: "DOF Subsea is pleased to be trusted with this multidisciplinary decommissioning scope by a repeat key client. This project will utilize the strength in our offering to the fullest with our decommissioning team parred with capable offshore vessels. DOF Subsea is continuously working to develop efficient solutions and to deliver as promised without compromise to safety. For further information, please contact: Mons S. Aase, CEO Tel: +47 91 66 10 12 Hilde Drønen, CFO Tel: +47 91 66 10 09 With a multi-national workforce of about 3,500 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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DOF Subsea awarded contract in the Atlantic region

September 1, 2020

DOF Deepwater AS ("DOF Deepwater"), which is jointly owned by DOF ASA ("DOF") and Akastor ASA ("Akastor"), has today entered into a term sheet with its lenders on a restructuring of its debt that is intended to secure continued operations up to the second half of 2023. The closing of the debt restructuring is conditional upon necessary support from DOF's secured lenders. As part of this agreement DOF shall transfer all of its shares in DOF Deepwater to Akastor, who thereby will own all of the shares in DOF Deepwater and assume full operational responsibility over the company and its five vessels (Skandi Emerald, Skandi Peregrino, Skandi Saigon, Skandi Pacific and Skandi Atlantic). DOF will continue as vessel manager for the fleet. As a consequence of the change in ownership DOF and Akastor will however discuss the terms in the management agreements. For further details on the restructuring, reference is made to the Akastor ASA stock exchange notice concerning the same. The terms and conditions of the DOF ASA unsecured guarantee obligation equal to 50% of the current debt in DOF Deepwater will be separately agreed between the DOF ASA group (the "Group") and its secured lenders. The DOF guarantee obligation will also be reduced by any profit received by the lenders to DOF Deepwater under a profit split arrangement following a sale of the DOF Deepwater vessels within a period of 2,5 - 3 years after closing. Closing is subject to final agreements being entered into, and is expected to take place in Q3 2020. For further information, please contact: CEO Mons Aase, tel. +47 91 66 10 12 CFO DOF Hilde Drønen tel. +47 91 66 10 09 With a multi-national workforce of about 3,500 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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DOF ASA: AKASTOR ASA TO ASSUME FULL OWNERSHIP OF A RESTRUCTURED DOF DEEPWATER AS

August 27, 2020

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DOF Subsea awarded multiple contracts by Petrobras

August 27, 2020

The COVID-19 virus has had a major impact on the operations during the 2nd quarter, however the organisation has been able to protect employees and secure ongoing projects and contracts at close to normal. COVID-19 has also led to postponement of projects and lower activity levels in in certain regions in the period. The challenging markets for the Group's fleet have continued resulting in pressure on earnings and utilisation of the Group's assets. During this quarter, the Group has recognised an impairment of NOK 779 million and by June the total impairment is NOK 2.3 billion (management reporting). The restructuring of the Group's debt is ongoing and standstill agreements (excluding the JVs) until the 30th of September have been signed. A standstill for the BNDES facilities has further been agreed until December 2020. The Group's operating income for 2[nd] quarter (management reporting) totals NOK 1,802 million (NOK 1,854 million) and the operating profit before depreciation and impairment (EBITDA) totals NOK 701 million (NOK 712 million adjusted for hedge accounting with NOK 43 million). The operating profit (EBIT) is NOK -354 million (NOK 181 million), of which depreciation and impairment totals NOK 1,056 million (NOK 488 million). The average utilisation of the Group's fleet during the 2nd quarter was 67% ; 75% for the subsea fleet, 48% for the AHTS fleet and 74% for the PSV fleet. General market & operational comments in Q2: · · Contracts and projects have been postponed, terminated or cancelled · Several vessels entered into lay-up. By August, 17 vessels are in lay-up · New contract awards in Brazil · Awards for project work securing reasonable utilisation for the project fleet in Q3 · By August, the Group backlog is NOK 17 billion Please see enclosed 2nd quarter Financial Report 2020. Webcast is available Friday, 21st of August 2020 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.

Historical OSE Notices

Financial Report 2nd quarter for DOF ASA

August 21, 2020

DOF ASA will release the Q2 results 2020 on Friday 21 August 2020. The presentation will be held as a webcast available on www.dof.com/webcast (https://eur01.safelinks.protection.outlook.com/?url=http%3A % 2F%2Fwww.dof.com%2Fwebcast&data=02%7C01%7CMargrethe.Ostervold%40dof.com%7C4415b2 a fc1524e5de2ba08d83f873334%7Cd5e85ffcd9d84aeda3d78c39e1b52167%7C0%7C0%7C637329197 2 02701416&sdata=XfGXY3uYwRj5lmtmWkF47%2FWsSf0cYVW1RYPPB%2Bjo3H8%3D&reserved=0) at 08:30 CET the same day. The presentation will be held by CEO Mons S. Aase and CFO Hilde Drønen. You are invited to attend a conference call following the presentation at 09:30. If you are interested in attending, we request that you register with Margrethe R. Østervold, e-mail mro@dof.com, within Tuesday 18 August at 12:00. Note that a link to join the conference call will be made available via e-mail to those who register, and for convenience, the link will also be publicly available on the DOF webcast webpage (www.dof.com/webcast (https://eur01.safelinks.protection.outlook.com/?url=http%3 A %2F%2Fwww.dof.com%2Fwebcast&data=02%7C01%7CMargrethe.Ostervold%40dof.com%7C4415b 2 afc1524e5de2ba08d83f873334%7Cd5e85ffcd9d84aeda3d78c39e1b52167%7C0%7C0%7C63732919 7 202711406&sdata=azHBQ4iiEPJ5UyefiDYJvf90ogFwA1psl6tDJEDVdi0%3D&reserved=0)) shortly before the start of the conference call. Contact: CEO Mons S. Aase, Tel +47 91 66 10 12 CFO Hilde Drønen, Tel +47 91 66 10 09 With a multi-national workforce of about 3,400 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.

Historical OSE Notices