COMPLETED PRIVATE PLACEMENT

Reference is made to the stock exchange notice dated 19 May 2009. DOF ASA (“DOF”) has on 20 May 2009 completed a private placement for a total of 8,270,000 new shares. The private placement was over-subscribed. The subscription price was set to NOK 29.50 per share, giving gross proceeds of approximately NOK 244 million. Pareto Securities AS acted as manager in the transaction. The proceeds from the private placement will be used for general corporate purposes. The shares delivered in the private placement will comprise of already listed shares made available to the Manager from the major shareholder Møgster Offshore AS (formerly DOF Holding AS), based on a Stock Lending Agreement entered into by the Manager. Consequently, all shares offered in the private placement will be tradeable on Oslo Børs at the time of delivery to the subscribers. The shares borrowed will be redelivered to Møgster Offshore AS by issue of new shares under an authorisation granted to the Board of DOF by a shareholders’ resolution passed on 15 May 2008. The primary insiders: Møgster Offshore AS (formerly DOF Holding AS), was allocated 4,197,800 shares. Moco AS, 100% owned by the CEO Mons Aase, was allocated 60,000 shares and Djupedalen AS, 100% owned by the CFO Hilde Drønen, was allocated 15,000 shares. For further information, please contact: Mons Aase, CEO, +47 91 66 10 12 Hilde Drønen, CFO, +47 91661009 www.dof.no