UPDATE ON EFFECTS OF THE RECENT CURRENCY FLUCTUATIONS, DECLINE IN THE OIL PRICE, COVID-19 AND UPDATE ON THE ONGOING REFINANCING PROCESS
DOF ASA ("DOF") and DOF Subsea AS (“DOF Subsea” and together with DOF and their respective subsidiaries the "Group") will below provide an update on the effects of the recent extreme currency fluctuations (including the liquidity impact), the sharp decline in the oil price and COVID-19 and an update on the ongoing refinancing process described in previous announcements by the Group. Currency effects and liquidity impact The negative development in the exchange rate for NOK has had a material negative impact on key financial figures of the Group, related to both equity/solidity and