DOF ASA - DISCLOSURE OF LARGE SHAREHOLDING

Perestroika AS ("Perestroika"), a company controlled by Frederik W. Mohn, has on 16 May 2020 given notice that it will exit from Møgster Mohn Offshore AS ("MMO"), a company jointly controlled by each of Perestroika and Laco AS ("Laco"). MMO currently owns 150,638,643 shares in DOF ASA ("DOF" or the "Company"), equal to 48.95% of the shares and votes in DOF. The exit is expected to be completed by way of a demerger whereby Perestroika's assets, rights and liabilities, including its relative shareholding in DOF, will be demerged into a company wholly owned by Perestroika. The demerger process is expected to be initiated within short, and a separate disclosure will be made when the demerger is registered in the Norwegian Register of Business Enterprises. Following the demerger, Perestroika is expected to own around 50,631,154 shares in the Company, through a wholly owned subsidiary, corresponding to approximately 16.45% of the total outstanding shares and votes in DOF. Further details will be given when the demerger plan has been signed and the alloction of shares in DOF has been finally determined. This announcement is subject to disclosure pursuant to section 4-3 of the Norwegian Securities Trading Act.