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AGREEMENT BETWEEN DOF ASA (”DOF”) AND FIRST RESERVE CORPORATION (”FRC”)

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Reference is made to Press Release from DOF dated 28 October, 2008, dealing with offer for outstanding shares in DOF Subsea ASA, and subsequent releases.

DOF and FRC have today agreed to abstain from completion of parts of the agreement as described in the Press Release dated 28 October, 2008. This in respect of DOF’s acquisition of Yard no. 706 from DOF Installer ASA, and FRC’s acquisition of 15,9% of the shares of DOF’s wholly owned subsidiary Norskan AS through a private placement, and pertaining option to increase its ownership interest to 25% of the shares in Norskan.

Contact person:
CEO Mons S. Aase, tel. +47 91661012.

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