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DOF Subsea

Financial Report 2nd quarter 2020 for DOF Subsea

August 21, 2020

DOF Subsea

DOF Subsea awarded multiple contracts in the Atlantic region

August 13, 2020

DOF Subsea is pleased to announce two significant contract awards in the APAC region. In Australia: Chevron Australia has awarded DOF Subsea an IMR Services Contract to Support Chevron’s North-West Shelf and near shore subsea assets in Australia with DP Vessels Management and Engineering Services. This key award builds on previous successful IMR campaigns over the life of the existing IMR services contract and secures a further 5-year term under the new contract. In South East Asia: DOF Subsea has secured a substantial contract for a moorings replacement and rectification project. With onshore works underway the offshore campaign is scheduled mid Q3 2020. The project will provide significant utilisation for resources and vessels - Skandi Hercules and Skandi Singapore - throughout Q3 and early Q4 2020. Mons S Aase CEO DOF Subsea said “These key contract awards build on successful campaigns delivered in the past for our clients and grow our track-record in the APAC region. We look forward to working with our clients to deliver projects safely and efficiently.” 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 Offshore Energy Marine Telecommunications and Renewables markets. www.dofsubsea.com

DOF Subsea

DOF Subsea awarded contracts in APAC region

August 7, 2020

DOF Subsea

Result of Bondholders’ Meeting

June 30, 2020

DOF ASA and DOF Subsea AS are pleased to announce that each of the companies have entered into suspension agreements ("stand-still agreements") with are suspended until 30 September 2020 on certain customary terms and conditions. Such terms and conditions include customary restrictions on DOF group (the ""Group"") in the relevant period. With this continued support from the secured lenders the standstill under DOF Subsea AS' bond loans will also continue until 30 September 2020 pursuant to the resolutions made at the bondholders' meetings for DOFSUB07 DOFSUB08 and DOFSUB09 on 22 April 2020. The NOK 100 million credit facility referred to above which originally expired on 30 June 2020 has also been extended to 30 September 2020 with an agreed repayment of NOK 15 million at the end of each month commencing on 30 June 2020. The agreements are entered into in order to facilitate the continued dialogue with the secured lenders and bondholders under the Group's bond loans regarding a long-term financial restructuring of the Group. The suspension agreements comprise all companies within the Group except for DOF Subsea Brasil Servicos Ltda. As regards the secured lenders (other than the secured lenders of DOF Subsea Brasil Servicos Ltda.) who have not entered into the suspension agreements or provided a similar concession DOF ASA and DOF Subsea AS have decided to impose an unilateral stand still on the payment of principal and interest to such secured lenders for as long as the suspension agreements remain in force. One of such secured lenders has requested repayment of in total USD 47 million from DOF Subsea Rederi AS and also provided notice of repayment to DOF Subsea AS under its guarantee for such debt. Pursuant to the suspension agreement neither DOF Rederi AS nor DOF Subsea AS is permitted to make any payment to such secured lender but the Group will together with its other secured lenders continue the dialogue with the secured lender to seek to resolve the situation. None of the other lenders who have not entered into the suspension agreements have taken any similar steps under their loans. For further information please contact: CEO Mons Aase tel. +47 91 66 10 12 CFO DOF Hilde Drønen tel. +47 91 66 10 09 CFO DOF Subsea 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."

DOF Subsea

DOF ASA AND DOF SUBSEA AS: STANDSTILL AGREEMENTS WITH SECURED LENDERS AND EXTENSION OF SHORT TERM CREDIT FACILITY

June 30, 2020

DOF Subsea

Summons to Bondholders’ Meeting

June 16, 2020

DOF Subsea

Financial Report 1st quarter 2020 for DOF Subsea

May 27, 2020

DOF ASA and DOF Subsea AS are pleased to announce that each of the companies have entered into suspension agreements ("stand-still agreements") with are suspended until 30 June 2020 on certain customary terms and conditions. Such terms and conditions include customary restrictions on the Group in the relevant period. The agreements are entered into in order to facilitate the continued dialogue with the secured lenders and bondholders under the Group's bond loans regarding a long-term financial restructuring of the Group. The suspension agreements comprise all companies within the Group except for Norskan AS and DOF Subsea Brasil Servicos Ltda. (the ""Excluded Entities""). The secured debt of Norskan Offshore Ltda. is subject to a separate negotiation. As regards certain secured lenders (other than the secured lenders of the Excluded Entities) who have not entered into the suspension agreements or provided a similar concession DOF ASA and DOF Subsea AS have decided to impose a unilateral stand still on the payment of principal and interest to such secured lenders for as long as the suspension agreements remain in force. Although no assurance can be given to this effect DOF ASA and DOF Subsea AS have not received any indications that the secured lenders in question will invoke the event of default-provisions in the relevant loan agreements as a result of such decision. For further information please contact: CEO Mons Aase tel. +47 91 66 10 12 CFO DOF Hilde Drønen tel. +47 91 66 10 09 CFO DOF Subsea 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."

DOF Subsea

Reference is made to the summons to 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) dated 16 September 2022, in which DOF Subsea AS requested the bondholders to approve to extend the current standstill period initially until 31 October 2022 and with a possibility to further extend the standstill period on one or more occasions to 30 November 2022 with the approval of the ad-hoc group of bondholder. DOF ASA and DOF Subsea AS are pleased to announce that the bondholders in all three bond issues have approved the request. A copy of the notice from the bondholders' meetings is attached. For further information, please contact: CEO Mons Aase, tel. +47 91 66 10 12 CFO Hilde Drønen, tel. +47 91 66 10 09 This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act. With a multi-national workforce of about 3,800 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 40 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 AND DOF SUBSEA AS: RESULT FROM BONDHOLDERS' MEETINGS - FURTHER EXTENSION OF STANDSTILL PERIOD

September 30, 2022

DOF Subsea USA is pleased to announce the award of multiple contracts in the Gulf of Mexico. The region has received a contract award for the provision of services to a major operator in the Gulf of Mexico, commencing in Q4, 2022. Jones Act Compliant vessel(s) operated by DOF Subsea will be utilized for an estimated 180 days over a one-year term, undertaking a range of activities including light construction, IMR and commissioning support at multiple field locations. The region is also awarded a contract for provision of ROV support services for offshore pre-commissioning and commissioning activities for an oil and natural gas development project to a major operator in the Gulf of Mexico, commencing in Q2 2023. The services will be provided utilizing one of the Jones Act compliant vessels operated by DOF Subsea. The backlog estimate from these awards for the North America region is approximately NOK 300 million. Mons Aase, CEO DOF Subsea AS, said, I'm very pleased with our North America region winning key projects with leading Oil and Gas operators in the US market, securing strong backlog for 2023." 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 3,800 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 40 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

DOF SUBSEA awarded multiple contracts in the Gulf of Mexico

September 30, 2022

DOF Subsea is pleased to announce multiple new project awards and a contract extension in the Atlantic region. The projects combined, totals more than 500 vessel days excluding optional work, and a combined revenue of more than 80 million USD. Skandi Acergy, Skandi Constructor, Skandi Seven, Skandi Skansen, Skandi Hera and selected third-party vessels shall be utilized in the offshore execution phases. One of the awards is a SURF contract from a major oil & gas operator. The project includes design & fabrication of spools and installation of umbilicals, flying leads, spools and various subsea equipment. Main installation phase is scheduled for quarter 2, 2023 in the Mediterranean and shall be executed on DOF`s construction vessel Skandi Acergy. Project management, engineering and procurement are managed by DOF`s project teams in Aberdeen and Houston. Another award is an FPSO mooring rectification project in West Africa. The scope includes project management, engineering and fabrication, utilizing Skandi Skansen as the main installation vessel. DOF Subsea has been awarded an early phase study from a major oil & gas operator for the purpose of detailing cessation plans for one of its fields in the North Sea, based on utilizing the DOF fleet. Mons Aase, CEO DOF Subsea AS, said, "I am pleased with the series of awards in the Atlantic region, securing projects across North Sea, Mediterranean and Africa. Together with previous announced contracts, our latest SURF award confirms full utilization of Skandi Acergy within the SURF segment across the North Sea, Mediterranean and Australia from fall 2022 to summer 2023. I note our clients are continuing to trust DOF`s ability to deliver bespoke subsea services, safe and efficiently." 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 3,800 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 40 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

DOF Subsea contract awards in Atlantic region

September 30, 2022

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 29 April 2022, whereby the bondholders on certain conditions approved to extend their waiver from, and suspension of, all payment obligations under each of the bond loans until 22 June 2022, with a possibility to further extend the standstill arrangement currently in place to 30 September 2022 with the approval of the ad-hoc group of bondholders (the "Ad-Hoc Group"). Reference is further made to the announcements on 22 June 2022 regarding the restructuring agreement between, among others, DOF ASA, DOF Subsea AS, Iceman AS, and the secured lenders to the DOF group and the members of the Ad-Hoc Group (the "Restructuring Agreement"), which sets out the terms and conditions of the planned restructuring of DOF Group's outstanding debt (the "Restructuring"). The completion of the Restructuring is dependent on the bondholders agreeing to further extend the standstill arrangement insofar as required to implement the Restructuring pursuant to the terms of the Restructuring Agreement. 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 31 October 2022 and with a possibility to extend the standstill period on one or more occasions to 30 November 2022 with the approval of the Ad -Hoc Group. The proposal is further described in the attached summons to the bondholders in the three bond loans. CEO Mons Aase, tel. +47 91 66 10 12 CFO Hilde Drønen, tel. +47 91 66 10 09 This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act. With a multi-national workforce of about 3,800 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 40 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 FURTER EXTEND STANDSTILL PERIOD

September 16, 2022

The Group's revenue for 2nd quarter (management reporting) totals NOK 2,510 million (NOK 2,003 million) and EBITDA totals NOK 848 million (NOK 680 million). The operating profit (EBIT) is NOK 501 million (NOK 148 million), of which depreciation totals NOK 346 million (NOK 313 million). No impairment in 2[nd] quarter (NOK 218 million). Net financial cost amounts to NOK 1,746 million (NOK 531 million) including unrealised currency loss of NOK -1,502 million (gain NOK 815 million). The result is a loss of NOK -1,313 million (profit NOK 580 million). Operations: · Average utilisation of the fleet in 2[nd] quarter was 85% (80%). · Good performance in the subsea segment, especially in Brazil and Atlantic regions. · Increased activity in the North Sea OSV market. · Stable operations within the PSV and AHTS segments. · The total current fleet includes 55 vessels (incl. vessels on management or hired in) · 15 AHTSs, 11 PSVs and 29 Subsea vessels · Four older vessels sold since year-end (two delivered in the quarter) Finance: · In June the Group signed a Restructuring Agreement with the secured lenders and a group of bondholders representing 40% of the total outstanding bonds, for the purpose of securing a long-term financial solution and maintaining as going concern, where the following main terms have been agreed: · Conversion of NOK 5.7 billion in debt into equity across all major silos within the Group (DOFCON JV excluded), whereas the holders of current shares will hold 4% of the shares after the conversion. · Consolidation of most bilateral facilities at DOF Subsea Group in a single syndicated loan and refinancing of the DOF Rederi Fleet loan after conversion of debt. · Amended terms of the Norskan financing including a split in guaranteed (approx. 70%) and unguaranteed tranches on the BNDES facilities. · The Restructuring Agreement remains to be approved by the bondholders in DOF Subsea AS and the shareholders in the Company. The standstill arrangements will continue until completion of the restructuring within the final deadline on the 31[st] of October 2022. · High unrealised currency loss on long-term debt due to a significant strengthened USD to BRL and NOK in the period. Backlog · Order intake NOK 4.5 billion in the 2[nd] quarter. · Current backlog is NOK 19 billion (NOK 13.2 billion), of which DOFCON JV backlog represents NOK 5.4 billion. After balance date three vessels have been awarded contracts with Petrobras, at a gross value of USD 253 million. Please see enclosed 2nd quarter Financial Report 2022. Webcast is available Thursday, 25th of August 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 3,800 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 40 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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Financial Report 2nd quarter for DOF ASA

August 25, 2022

DOF is pleased to announce that Petrobras has extended the contracts and awarded new long-term charter and service contracts to Norskan Offshore Ltda. and DOF Subsea Brasil Servicos Ltda. for the vessels ; Skandi Chieftain, Skandi Olympia and Skandi Commander. All contracts include vessels and ROVs and are for a period of three years. The contracts on Skandi Chieftain and Skandi Olympia have been extended until end of 2022 and both vessels will thereafter commence the new 3-year contracts. The contract for Skandi Commander has been extended until November 2022, and the vessel will then be utilised on the PIDF project for DOF Subsea Brasil on their current contract with Petrobras until August 2023. Thereafter the vessel will commence its 3-year contract, combining ROV and AUV capabilities. The gross value of the extensions and the firm period of the new contracts exceeds USD 253 million. All three new contracts have 2-year optional extensions. Mons S Aase, CEO, DOF said: "I am very excited about these new IMR contracts with Petrobras. Together with the already announced extension of the PIDF project, these awards underpin our position as market leader within IMR in Brazil. I am also very happy to see that the Skandi Commander will mobilize an AUV for the duration of the contract". 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 3,800 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 40 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