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Reference is made to the summons letter dated 25 June 2019 regarding the Company’s three senior unsecured bond issues with ISIN NO 001 0670144 (“DOFSUB07”) 0.7037 and 90.68% of the votes in DOFSUB07 DOFSUB08 and DOFSUB09 respectively. Approval of the proposal set out in the summons required 2/3 majority in all three bonds and the proposal was consequently approved. All three bond agreements will therefore be changed as set out in the summons. Please see attached minutes from bondholders' meeting. Following the bondholder’s approval of the Company's request for alignment of the cash covenants the Company intends to facilitate that limitations on dividend and distributions from the Company under applicable loan agreements is extended. For further information please contact: Mons S. Aase CEO DOF Subsea. Tel: +47 91 66 10 12 Jan Nore CFO DOF Subsea. Tel: +47 48 09 46 99 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"

Please see enclosed for press release regarding the update on the Company's refinancing and covenant amendments. For further information DOF Subsea - Tel: +47 48 09 46 99 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

NOT FOR DISTRIBUTION OR RELEASE OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE. PLEASE SEE IMPORTANT INFORMATION AT THE END OF THE ANNOUNCEMENT. Reference is made to press release by DOF Subsea AS (""DOF Subsea"" or the ""Company"") earlier today 25 June 2019 announcing the intention to summon bondholder meetings for all of its 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). The summons is being issued today and a copy of this is attached. For further information please contact: CEO Mons Aase tel. +47 91 66 10 12 CFO Jan Nore tel. +47 48 09 46 99 SVP Marianne Møgster 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 IMPORTANT INFORMATION This communication may not be published distributed or transmitted in the United States Canada Australia or Japan. These materials do not constitute an offer of securities for sale or a solicitation of an offer to purchase securities of the Company in the United States Norway or any other jurisdiction. The securities of the Company may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933 as amended (the ""U.S. Securities Act""). The securities of the Company have not been and will not be registered under the U.S. Securities Act. Any sale in the United States of the securities mentioned in this communication will be made solely to ""qualified institutional buyers"" as defined in Rule 144A under the U.S. Securities Act and to ""major U.S. institutional investors"" under SEC Rule 15a-6 to the United States Exchange Act of 1934. No public offering of the securities will be made in the United States. In any EEA Member State that has implemented the Prospectus Directive this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive i.e. only to investors who can receive the offer without an approved prospectus in such EEA Member State. The expression ""Prospectus Directive"" means Directive 2003/71/EC (and amendments thereto including Directive 2010/73/EU to the extent implemented in any relevant Member State) and includes any relevant implementing measure in the relevant Member State. In the United Kingdom this communication is only addressed to and is only directed at Qualified Investors who (i) are investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the ""Order"") or (ii) are persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies unincorporated associations etc.) (all such persons together being referred to as ""Relevant Persons""). These materials are directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this announcement relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. Persons distributing this communication must satisfy themselves that it is lawful to do so. Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as ""anticipate"" ""believe"" ""continue"" ""estimate"" ""expect"" ""intends"" ""may"" ""should"" ""will"" and similar expressions. The forward-looking statements in this release are based upon various assumptions many of which are based in turn upon further assumptions. Although the Company believes that these assumptions were reasonable when made these assumptions are inherently subject to significant known and unknown risks uncertainties contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks uncertainties contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The information opinions and forward-looking statements contained in this announcement speak only as at its date and are subject to change without notice. This announcement is made by and and is the responsibility of the Company. Pareto Securities AS and ABG Sundal Collier (the ""Managers"") are acting exclusively for the Company and no one else and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients or for advice in relation to the contents of this announcement or any of the matters referred to herein. Neither the Managers nor any of their respective affiliates makes any representation as to the accuracy or completeness of this announcement and none of them accepts any responsibility for the contents of this announcement or any matters referred to herein. This announcement is for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities of the Company. Neither the Managers nor any of their respective affiliates accepts any liability arising from the use of this announcement. Each of the Company the Managers and their respective affiliates expressly disclaims any obligation or undertaking to update review or revise any statement contained in this announcement whether as a result of new information future developments or otherwise. The distribution of this announcement and other information may be restricted by law in certain jurisdictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about and to observe any such restrictions. This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act."

DOF Subsea Group has secured two contracts in Brazil. The first contract has been awarded by Sapura Energy do Brasil in Northeast of Brazil for final Client CELSE (Centrais Elétricas de Sergipe S.A.). Skandi Seven will be utilised for this project and will perform a Riser and Umbilical installation for a Floating Storage and Regasification Unit (FSRU) for natural gas supply to Celse’s power plant. The project is 20 days firm and 4 x 5 days options commencing last week of May. Second states that he is very pleased with this contract awards which confirms the DOF Group’s strong position in the South America region. 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

The Group’s operating income for 1st quarter (management reporting) totals NOK 1 although no assurance can be given that the Group will be successful in this respect. The effects of such breach are further described in note 6 (Net interest bearing debt) to the quarterly accounts. Please see enclosed 1st quarter Financial Report 2019. 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 has recently secured several new contracts for project scopes to be carried out over the next few months in the North Sea. The contracts Geosund and Skandi Hera. In addition the company has also recently been awarded three new North Sea frame agreements for IRM and Survey work. The accumulated revenue from these contract awards are estimated to be around 80 million NOK and secures utilisation of approximately 100 vessel days. Commenting on these awards Jan-Kristian Haukeland EVP DOF Subsea Atlantic said “The award of these contracts and frame agreements highlights DOF Subsea’s versatility and ability to respond to differing client requirements using the extensive experience and competence within our resource pool.” For further information please contact: Mons S. Aase CEO DOF Subsea – Tel: +47 91 66 10 12 Marianne Møgster SVP Finance DOF Subsea – Tel: 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

Please find enclosed the DOF Subsea Annual Report for 2018. Mons S. Aase respectively compared to NOK 4 550 million and NOK 1 408 million in 2017. The overall fleet utilisation for 2018 was 73 per cent and at year-end the Group had a firm backlog of NOK 15.5 billion. The Group delivered several highlights in 2018 with IMR contract awards and extensions new charter contracts both long and medium-term and the delivery of new builds PLSV Skandi Recife and in Q1 2019 PLSV Skandi Olinda both vessels employed under 8-year contracts with Petrobras.” For further information please contact: Mons S. Aase CEO DOF Subsea – Tel: +47 91 66 10 12 Marianne Møgster SVP Finance DOF Subsea – Tel: 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

The Board of Directors of DOF Subsea AS has today approved the Annual Report for 2018 and the Final Accounts for 2018. The Final Accounts are not materially altered from preliminary figures published on 22 February 2019. For further information DOF Subsea – Tel: 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 has been awarded various contracts CEO stated “I am pleased with the magnitude of the contract awards and our global organisation’s ability to secure utilisation for the Group’s assets in a challenging market.” For further information please contact: Mons S. Aase CEO DOF Subsea. Tel: +47 91 66 10 12 Marianne Møgster SVP Finance DOF Subsea. Tel: 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 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.