SUMMONS TO BONDHOLDERS' MEETINGS IN DOF SUBSEA AS – APPROVAL OF RESTRUCTURING AND ALTERNATVE IMPLEMENTATION STEPS

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, DOF Subsea AS 9.50% Senior Unsecured Bond Issue 2017/2022 and FRN DOF Subsea AS Senior Unsecured Bond Issue 2018/2023) on 30 September 2022, whereby the bondholders on certain conditions approved to extend their waiver from, and suspension of, all payment obligations under each of the bond loans until 31 October 2022, with a possibility to further extend the standstill arrangement currently in place to 30 November 2022 with the approval of the ad-hoc group of bondholders (the "Ad-Hoc Group").

Reference is further made to the announcements on 22 June 2022 regarding the execution of an agreement (the "Restructuring Agreement") with a substantial group of creditors and certain other stakeholders on a comprehensive financial restructuring (the "Restructuring") and the announcements made on 21 October 2022 regarding the Extraordinary General Meeting to be held on 11 November 2022 relating to the Restructuring and the extension of the standstill arrangements to 30 November 2022 in accordance with the authority granted to the Ad-Hoc Group.

The completion of the Restructuring is dependent on the bondholders approval of the Restructuring pursuant to the terms of the Restructuring Agreement. Further, in the event the Extraordinary General Meeting on 11 November 2022 does not approve resolutions required to implement the Restructuring, completion of the Restructuring is dependent on the bondholders approval to implement the Restructuring through certain alternative implementation steps. DOF Subsea AS has therefore requested Nordic Trustee AS to summon bondholders' meetings in the three bond loans to consider the approval of the Restructuring by a consensual implementation or through alternative implementation steps. The proposal is further described in the attached summons to the bondholders in the three bond loans.

>>> Summons to the Bondholders' Meeting (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.

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