4 LONG TERM CHARTER CONTRACTS WITH PETROBRAS

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With a multi-national workforce in excess of 3,000 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.

Norskan Offshore in Brazil, a subsidiary of DOF ASA has been awarded four 8 years contracts with Petrobras for large AHTS vessels. Two of the charter contracts are for newbuildings nos 26 and 27 at STX Promar in Brazil. Norskan is in final negotiation with STX Promar for two newbuilding contracts to serve the other two charter contracts awarded. Expected commencement for the charter contracts will be in the period from 2011 to 2013. The four contracts represent a gross revenue of approx. NOK 5,2 billion.

DOF CEO Mons Aase comments:

 “We are pleased to state that these four contracts represent the highest contract value the DOF group ever has been awarded from one client. The contracts are an important step to continue the DOF group’s growth plans in Brazil, both in increasing the fleet and organization in this region”.

 Contact: CEO Mons S. Aase + 47 91661012