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The board of directors of DOF ASA has decided to submit a proposal for a restructuring plan to the reconstructor and the DOF group's financial creditors and will prepare a notice convening an extraordinary general meeting to consider this proposal there will be no prospect that the company will be able to achieve a reconstruction and the court will probably open bankruptcy after a report from the reconstruction committee. The business will continue to operate as today through the subsidiary DOF Service AS and its underlying companies. However shareholder value will in all likelihood be lost. The restructuring proposal is based on the restructuring agreement that was negotiated between the company and the creditors and voted down at the extraordinary general meeting on 11 November 2022. A key point in the restructuring agreement is how much of the company the existing shareholders should retain after debt has been converted to equity. The original proposal would have meant that shareholders would own 4 percent of the shares in the company. After this proposal was voted down it was likely that the shareholders would end up with a 1 percent stake. The proposal that the board has now submitted means that the existing shareholders will own 3.75 per cent of the company's shares after debt conversion. The proposal is otherwise identical to the previous proposal. - The Board is submitting this proposal for reconstruction after careful consideration and extensive contact with creditors and shareholders. The Board of Directors believes that it would be impossible to obtain sufficient support among shareholders for a solution where they would only own 1 percent of the company after debt conversion. Similarly the Board believes that it would be impossible to achieve acceptance among the creditors for more than 3.75 percent to the existing shareholders says Leif Chr. Salomonsen Chairman of the Board of DOF ASA. The work of the new board At the Annual General Meeting on 14 December 2022 the shareholders of DOF ASA elected a new Board of Directors. The new Board of Directors noted that leading shareholders felt that they did not have sufficient information to take a position on the restructuring proposal presented. The new board therefore immediately started the work of obtaining an overview of relevant and updated information about the situation in the company including in particular valuations and assessments of liquidity and future cash flow. In parallel the board investigated whether it might be possible to obtain agreement with the financial creditors for any alternative solutions that could give shareholders a larger share of the company's assets and future value creation than the original proposal. In this period the board has had regular contact and meetings with representatives of the company's shareholders and the company's creditors and their advisers. The aim of these contacts and meetings has been to explore the possibility of other solutions including refinancing of the debt sale of ships and a share issuance. Unfortunately none of these solutions have been possible to realize. The way forward Based on preceding dialogue the Board considers that the current proposal is a reasonable compromise that should receive a sufficient majority among the company's creditors and shareholders. The company's main shareholder has confirmed support for the plan subject to the creditors' approval. In the coming days the Board will seek to obtain further pre-acceptances from shareholders. At the same time the company is preparing a more detailed statement of the company's results and cash flow in the fourth quarter and for the year 2022 as a whole and balance sheet values as of 31 December 2022. This information will be made available to the market prior to the Extraordinary General Meeting. No guaranteed solution While it is considered possible that the Board’s proposal will be able to obtain sufficient support from shareholders and creditors the Board stresses that there are no guarantees that the solution will be accepted. In the current situation of the company the company's financial creditors could at any time notify the reconstructor that they will not contribute to a solution such as the one proposed by the board. In that case the reconstructor will ask Hordaland District Court to suspend the restructuring process and open bankruptcy in DOF ASA. If the solution does not achieve a sufficient majority among the shareholders the result will be the same. It will then be up to Hordaland District Court to assess whether there are grounds for declaring DOF ASA bankrupt. Solvent or not The decisive factor for Hordaland District Court's conclusion will be whether based on inter alia the report from the reconstruction committee it is likely that DOF ASA will be able to achieve a restructuring. Whether the company is solvent or not is in principle not decisive. In the event that the court nevertheless decides to look further into the solvency issue it will consider whether the value of the assets of DOF ASA (i.e. shares in the subsidiary DOF Services AS) is worth more than the debt in DOF ASA as well as the liquidity. In practice this question will depend on whether the value of the assets of the DOF Group that can be realised in a bankruptcy is greater than the debt. Thus it is not the value of the assets of DOF as a going concern that is at issue. In order to shed light on this question the Board of Directors of DOF ASA has obtained and assessed independent valuations of the DOF Group's assets. The shipbrokers Fearnleys and Clarkson have assessed the value of the DOF Group's vessels. The advisory firm Deloitte has reviewed these and assessed them against the company's debt other liabilities and available liquid assets. Deloitte has also assessed the value of the DOF Group's other activities including the shares in DOFCON and the engineering services. The assessments now available are based on vessel values as of 31 December 2022. They show that vessel values in US dollars have increased since 31 September 2022. A weaker dollar has had the opposite effect removing much of the increase in value measured in NOK. However a weaker dollar also reduces the krone value of the company's debt. The final report from Deloitte is still pending. The Board of Directors has therefore not been able to reach a final conclusion as to whether the company will be considered insolvent but considers it probable. The Board's recommendation If the district court opens bankruptcy in DOF ASA the creditors will take over all assets in DOF ASA and the shareholders will lose everything. Even if Hordaland District Court does not open bankruptcy in DOF ASA the guarantee liability that DOF ASA has on behalf of its subsidiaries will remain. It is thus completely unlikely that the shareholders in any scenario could receive more value than the Board's proposed solution. Based on the above analyses and assessments it is the Board's clear opinion that the best solution for the company and for all of the company's stakeholders shareholders as well as creditors will be that the Board's proposal for reconstruction is implemented. - The Board would have liked to see the shareholders retain a larger share of the company than the reconstruction suggests. If it had been possible to turn back the clock and restart negotiations with the creditors today this might have been possible. However it is a fact that the DOF Group has approximately NOK 25 billion in debt on which for the most part neither interest nor instalments have been paid for more than two years says Salomonsen. - ""We are already in overtime and need a solution now. The company has been living at the mercy of its creditors for a long time. With the Board's proposal the existing shareholders will own 3.75% of a strengthened DOF ASA the company will continue its operations and the shareholders will participate in the value creation that many expect will take place in the time to come Salomonsen concludes. For further information please contact: Chairman DOF ASA: Leif Chr. Salomonsen tlf.: 992 42 888"

DOF Subsea Asia Pacific Pte Ltd has been awarded a contract to provide construction support for riser and spool installation including air and saturation diving in association with a brownfield expansion project in Malaysia. The award includes project management with an in-built saturation diving system and 140Te AHC crane is ideally suited to these operations. Mons Aase CEO DOF Subsea AS said “We look forward to safely and successfully delivering this project for our client.” 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

The board of directors of the subsidiaries of DOF ASA has received a new letter from the financial creditors of the DOF Group tel. +47 91 62 10 57 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

Reference is made to DOF ASA's previous announcements on 23 November 2022 and 9 December 2022 the Board will work closely with the company’s management its creditors and other stakeholders that are central to the company’s future."" This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. The stock exchange announcement was published by Hilde Drønen CFO DOF ASA. 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 is proud to have disclosed our Environmental Data on environmental impacts and risks through CDP for 2022, alongside 18,700+ companies. We’ve been reporting our environmental performance through CDP every year since 2010 and are pleased to share our result of A- (up from last year's B). Corporate commitment to meaningful action is now more critical than ever. Great work team DOF.

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Det vises til børsmeldingen publisert av DOF ASA 23. november 2022 angående innkalling til ekstraordinær generalforsamling den 14. desember 2022 med forslag fra Bjarte Brøndmo og Sans Invest AS om valg av nytt styre i DOF ASA. Bjarte Brøndmo/Sans Invest AS har nå fremsatt følgende forslag til nytt styre: Leif Salomonsen (styreleder) Beatriz Malo de Molina Merete Haugli Tore Grøttum Bjarte Brønmo CVer for de foreslåtte styremedlemmene er etterspurt og vil bli lagt ut på selskapets hjemmeside når de mottas. Denne informasjonen er informasjonspliktig etter verdipapirhandelloven § 5-12. Med en multinasjonal arbeidsstyrke på rundt 3.900 ansatte teknologi og kapasitet. DOFs kjernevirksomhet er fartøyseierskap fartøysledelse prosjektledelse engineering fartøysoperasjoner kartlegging fjernintervensjon og dykkeoperasjoner primært for olje- og gassektoren. Fra PSV charter til Subsea engineering DOF tilbyr et komplett spekter av offshoretjenester av topp kvalitet for å legge til rette for en stadig voksende og krevende industri. Selskapets viktigste driftssentre og forretningsenheter er lokalisert i Norge Storbritannia USA Singapore Brasil Argentina Canada Angola og Australia. DOF ASA har vært notert på Oslo Børs siden 1997.

Reference is made to DOF ASA's previous announcement on 23 November 2022 regarding the notice of the Extraordinary General Meeting on 14 December 2022 to consider the proposal from Bjarte Brøndmo and Sans Invest AS to elect a new Board in DOF ASA. Bjarte Brøndmo/Sans Invest AS have now submitted the following proposed new Board: Leif Salomonsen (chair) Beatriz Malo de Molina Merete Haugli Tore Grøttum Bjarte Brønmo CVs for the proposed board members have been requested and will be published on the company's website when received. 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 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.

Reference is made to DOF ASA's (the "Company" or "DOF" and together with its subsidiaries the "Group") previous announcements on 22 June 2022 and 13 October 2022 regarding the financial restructuring process DOF is in the current situation obliged to procure that the Reconstruction proceedings are opened. This is further substantiated by a letter from the creditors requesting Reconstruction to be opened promptly. The Board has also been in dialogue with the appointed advisor of the minority shareholders in order to provide the requested documentation. The Board has not received information which indicates that the minority shareholders have any viable alternative solution to the Restructuring. In preparation of the Reconstruction and in order to secure the continued operations in the rest of the Group irrespective of the outcome of the Restructuring in the Company the Company has transferred the majority of its business assets and contractual liabilities to its wholly owned subsidiary DOF Services AS. The employees of the Company have in accordance with the Restructuring Agreement been transferred to the Company’s wholly owned subsidiary DOF AS together with related third-party agreements necessary to operate the Group. The Group's operations are therefore expected to continue as normal both throughout the Reconstruction process and in the event of a subsequent bankruptcy in the Company. As previously communicated creditors and contract parties other than the financial creditors party to the Restructuring will not be affected by the Restructuring. In light of continuous speculations among the minority shareholders of DOF questioning the principle of equal treatment of all the shareholders of the Company and despite previous announcements confirming the same the Company see once more the need to reiterate that the Restructuring proposal that was presented to the EGM provided for equal treatment of all the shareholders of the Company. The main shareholder in DOF has also confirmed that there is no agreement or arrangement regarding preferential treatment of the main shareholder compared to other shareholders irrespective of how the Restructuring is implemented. For further information please contact: Chairman of the Board Hans Olav Lindal tel. + 47 958 39 562 This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act. The stock exchange announcement was published by Hilde Drønen CFO DOF ASA. 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 over 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."

Det vises til DOF ASAs ("Selskapet" eller "DOF" har de finansielle kreditorene til Gruppen gjort det klart at (i) det ikke er rom for aksjonærene til å forhandle om en gunstigere løsning enn forslaget som ble presentert for generalforsamlingen den 11. november 2022 der aksjonærene ble tilbudt 4% av aksjekapitalen etter Restruktureringen og (ii) aksjonærene ikke vil bli tilbudt mer enn 1% av aksjekapitalen etter Restruktureringen som en del av Rekonstruksjonen med mindre noe annet aksepteres av de finansielle kreditorene. Etter styrets vurdering foreligger det ingen annen løsning som sikrer videre drift i Gruppen enn den avtalte Restruktureringen. Det er videre gjort klart av Gruppens finansielle kreditorer at gjennomføring av Restruktureringen skal skje i henhold til Restruktureringsavtalen. Etter Restruktureringsavtalen er DOF i den nåværende situasjonen forpliktet til å sørge for at rekonstruksjonsforhandlinger åpnes. Dette underbygges ytterligere av et brev fra kreditorene hvor det kreves at Rekonstruksjonen åpnes omgående. Styret har også vært i dialog med oppnevnt rådgiver for minoritetsaksjonærene for å fremskaffe ønsket dokumentasjon. Styret har ikke mottatt informasjon som tilsier at minoritetsaksjonærene har noen reell alternativ løsning til Restruktureringen. Som forberedelse til Rekonstruksjonen og for å sikre videre drift i resten av Gruppen uavhengig av utfallet av Rekonstruksjonen har Selskapet overført majoriteten av sin virksomhet eiendeler og kontraktsmessige forpliktelser til sitt heleide datterselskap DOF Services AS. De ansatte i Selskapet har i henhold til Restruktureringsavtalen blitt overført til Selskapets heleide datterselskap DOF AS sammen med tilhørende tredjepartsavtaler som er nødvendige for å drive konsernet. Gruppens virksomhet forventes derfor å fortsette som normalt både gjennom hele rekonstruksjonsprosessen og ved en eventuell påfølgende konkurs i Selskapet. Som tidligere kommunisert vil ikke kreditorer og kontraktsparter utover de finansielle kreditorene som er part i Restruktureringen bli påvirket av Restruktureringen. I lys av de kontinuerlige spekulasjonene blant minoritetsaksjonærene i DOF som stiller spørsmål ved prinsippet om likebehandling av alle Selskapets aksjonærer og til tross for tidligere meldinger som bekrefter det samme ser Selskapet nok en gang et behov for å gjenta at forslaget om Restrukturering som ble presentert for Generalforsamlingen sørget for likebehandling av alle aksjonærene i Selskapet. Hovedaksjonæren i DOF har også bekreftet at det ikke er noen avtale eller ordning om særbehandling av hovedaksjonæren sammenlignet med øvrige aksjonærer uavhengig av hvordan Restruktureringen gjennomføres. For mer informasjon vennligst kontakt: Styrets leder Hans Olav Lindal tlf. 958 39 562 Denne informasjonen anses som innsideinformasjon i henhold til EUs Markedsmisbruksforordning og er informasjonspliktig etter verdipapirhandelloven § 5-12. Børsmeldingen er publisert av Hilde Drønen CFO DOF ASA. Med en multinasjonal arbeidsstyrke på rundt 3.900 ansatte er DOF ASA en internasjonal gruppe av selskaper som eier og driver en flåte av moderne offshore/undervannsfartøy og ingeniørkapasitet for å betjene både offshore- og subseamarkedet. Med over 40 år i offshorebransjen har Gruppen en sterk posisjon når det gjelder erfaring innovasjon produktspekter teknologi og kapasitet. DOFs kjernevirksomhet er fartøyseierskap fartøysledelse prosjektledelse engineering fartøysoperasjoner kartlegging fjernintervensjon og dykkeoperasjoner primært for olje- og gassektoren. Fra PSV charter til Subsea engineering DOF tilbyr et komplett spekter av offshoretjenester av topp kvalitet for å legge til rette for en stadig voksende og krevende industri. Selskapets viktigste driftssentre og forretningsenheter er lokalisert i Norge Storbritannia USA Singapore Brasil Argentina Canada Angola og Australia. DOF ASA har vært notert på Oslo Børs siden 1997."

DOF ASA's Brazilian subsidiary Norskan has been awarded two contracts.

Skandi Paraty (AHTS 21,000 with ROV operated by DOF Subsea Brasil) has been awarded an 1-year contract extension with Petrobras until July 2022.

Skandi Iguaçu is on-hire with Equinor on a spot contract utilisation in July and August, 2021.



For further information, please contact:

CEO Mons S. Aase, +47 91 66 10 12

CFO Hilde Drønen, +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 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.