RESULT FROM BONDHOLDERS' MEETINGS IN DOF SUBSEA AS – APPROVAL OF RESTRUCTURING AND ALTERNATVE IMPLEMENTATION STEPS

Reference is made to the previous announcement on 24 October 2022 regarding summons to bondholders' meetings in DOF Subsea AS' three bond loans (FRN DOF Subsea AS Senior Unsecured Bond Issue 2013/2020 (DOFSUB07, ISIN NO0010971005), DOF Subsea AS 9.50% Senior Unsecured Bond Issue 2017/2022 (DOFSUB08, ISIN NO0010788177) and FRN DOF Subsea AS Senior Unsecured Bond Issue 2018/2023 (DOFSUB09, ISIN NO0010836810)) in which DOF Subsea AS requested the bondholders' approval of the contemplated restructuring of the DOF group by a consensual implementation, or, in the event that the Extraordinary General Meeting in DOF ASA on 11 November 2022 does not approve a consensual restructuring, to complete the restructuring through alternative implementation steps.

DOF Subsea AS is pleased to announce that the bondholders' meetings were held today and the proposed resolution received 99.78%, 98.43% and 96.70% 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. Please see the attached minutes from the bondholders' meetings.

>>> DOFSUB - Notice from Bondholders Meetings - 07112022 (PDF)

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.