DOF Subsea - successful placement of new unsecured bond issue

DOF Subsea AS, a subsidiary of DOF ASA, has successfully completed a new unsecured bond issue of NOK 700 million with maturity date in October 2015. 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 87.5 million in the existing bond issue DOFSUB03 PRO (ISIN: NO 001 052662.7) with maturity in July 2012 and NOK 149 million in the existing bond issue DOFSUB04 (ISIN: NO 001 058971.6) with maturity in April 2014. Remaining outstanding amount after the buy-backs will be NOK 168 million in DOFSUB03 PRO and NOK 601 in DOFSUB04. Furthermore, DOF Subsea AS has subscribed for NOK 200 million of the total issue volume of NOK 700 million.

Arctic Securities and Swedbank First Securities acted as joint lead arrangers in connection with the placement of the new bond issue.

For further information, please contact: CEO Mons S. Aase, tel: +47 91 66 10 12

With a multi-national workforce in excess of 3,400 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 over 25 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, Argentine, Egypt, Angola, and Australia.

DOF ASA is listed on the Oslo Exchange since 1997.