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DOF Subsea Successful Placement of New Unsecured Bond Issue

14 April 2011

DOF ASA's subsidiary DOF Subsea AS has successfully completed a new unsecured bond issue of NOK 750 million with maturity date in April 2016. An application will be made for the bonds to be listed on the Oslo Stock Exchange.

Net proceeds from the new bond issue will be used to refinance existing bonds and for general corporate purposes.

In connection with the placement of the new bond issue, DOF Subsea AS has bought back bonds with nominal value of NOK 144.5 million in the existing bond issue DOFSUB03 PRO (ISIN: NO 001 052662.7) with maturity in July 2012. Remaining outstanding amount in DOFSUB03 PRO after the buy-backs will be NOK 355.5 million. Furthermore, DOF Subsea AS has subscribed for NOK 200 million of the total issue volume of NOK 750 million.

DnB NOR Markets, First Securities and Pareto Securities acted as joint lead arrangers in connection with the placement of the new bond issue.