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 with a possibility to further extend the standstill arrangement currently in place to 30 September 2021 with the approval of the ad-hoc committee of bondholders. Reference is further made to the announcement on 31 August 2021 regarding the ad-hoc committee's approval of extension of the standstill arrangement with the bondholders described above to 30 September 2021. Discussions and negotiations on the restructuring of the DOF group (the ""Group"") are progressing and the Group its secured lenders and the advisers to the bondholders have since the bondholders' meetings in June 2021 continued negotiations on an overall financial restructuring of the Group. Further progress has been made in such negotiations but there are still certain issues that remain to be resolved to achieve an overall consensual restructuring of the Group. 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 2021 and with a possibility to extend the standstill period on one or more occasions to 28 February 2022 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 request has also been made to the Group'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 Martin Lundberg tel. +47 91 62 10 57 This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. 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

SUMMONS TO BONDHOLDERS' MEETINGS IN DOF SUBSEA AS - REQUEST TO FURTER EXTEND STANDSTILL PERIOD

September 16, 2021

Historical OSE Notices

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.

Historical OSE Notices