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DOF Subsea AS Placement of New Unsecured Bond Issue

03 July 2009

DOF Subsea AS has successfully completed a NOK 500 million unsecured bond issue with maturity date 9 July 2012. Settlement date will be 9 July 2009. The bonds will be sought listed on Oslo ABM as soon as practically possible.

In connection with the placement, DOF Subsea AS bought back bonds with nominal value of NOK 93 million in DOFSUB02 (ISIN NO 001 045320.2) maturing in August 2009. After the buy-back, the nominal amount outstanding of the bonds not owned by DOF Subsea AS is NOK 161 million.

The proceeds will be used to refinance existing debt and for general corporate purposes.

DnB NOR Markets, First Securities and Pareto Securities acted as joint managers of the new bond issue and the buy-back of outstanding bonds.