DOF SUBSEA ASA: STATUS OF ACCEPTANCES RECEIVED UNDER DOF ASAs OFFER TO ACQUIRE THE SHARES IN DOF SUBSEA ASA


Reference is made to the press release dated 19 November 2008 and the offer document dated 28 October 2008 prepared in connection with the offer put forward by DOF ASA (DOF) to purchase the remaining outstanding shares in DOF Subsea ASA (DOFSUB) not already owned by DOF at an offer price of NOK 36.00 per share payable in cash (the “Offer”).

The acceptance period under the Offer lapsed on 19 November 2008 at 17:30 CET. DOF is pleased to announce that as of the time of the release of this announcement, DOF has received and registered acceptances for 49,174,500 DOFSUB shares, representing 41.07% of the total number of DOFSUB shares. Prior to the Offer, DOF owned 68,455,991 shares in DOFSUB representing 57.17% of the total number of shares in DOFSUB. The total DOF shareholding, including the DOFSUB shares covered by the acceptances received and registered under the Offer and assuming completion of the Offer, will therefore be 117,630,491 DOFSUB shares, representing 98.24% of the total number of issued shares and votes in DOFSUB.

The conditions set out in section 3.6.a) and 3.6.b) of the Offer document (relating to minimum acceptance and governmental approvals, respectively) are thereby satisfied. Subject to satisfaction of the conditions set out in section 3.6 c), 3.6 d) and 3.6 e) of the Offer Document, DOF expects that settlement under the Offer will occur on 2 December 2008.

Registration and processing of acceptances is not yet finalised, and consequently the final DOF shareholding in DOFSUB, assuming completion of the Offer, may increase further.

Contact person:
CEO Mons Aase, tel: + 47 91 66 10 12