DOF – CONTEMPLATED PRIVATE PLACEMENT

DOF ASA (“DOF”) has retained Pareto Securities AS (the “Manager”) to advise on and effect a private placement of new shares directed towards Norwegian investors and international institutional investors.

DOF may in the private placement issue up to 8,270,000 shares, equalling approximately 10% of the outstanding share capital. The price will be determined through a book-building process with an indicative price range of between NOK 29.00 per share and the closing price on Oslo Børs on 19 May 2009. The final share price may, however, be set within, below or above the indicative price range. The minimum order in the private placement has been set to the number of shares that equals an aggregate purchase price of at least the NOK equivalent of EUR 50,000. The major shareholder, Møgster Offshore AS (formerly DOF Holding AS), has committed to subscribe for and be allocated its relative shareholding. In addition, Moco AS, 100% owned by the CEO Mons Aase, has committed to subscribe for 100,000 shares. The proceeds from the private placement will be used for general corporate purposes. The book-building period opens today (19 May 2009) at 17:30 CET and closes on 20 May 2009 at 08:30 CET. The Board of DOF may, however, at any time resolve to close or extend the book building period at its own discretion, but it will in no event close earlier than 19 May 2009 at 18:30 CET. Shares offered in the private placement will be distributed to the subscribers by transfer of already listed shares made available to the Manager from the major shareholder Møgster Offshore AS, based on a Share Lending Agreement. Consequently, all shares offered in the private placement will be tradeable on Oslo Børs at the time of delivery to the subscribers. The borrowed shares will be returned to Møgster Offshore AS by issuance of new shares under an authorisation granted to the Board of DOF by a shareholders’ resolution passed on 15 May 2008. With a multi-national workforce in excess of 2,200 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. For further information, please contact: Mons Aase, CEO, +47 91 66 10 12 Hilde Drønen, CFO + 47 91 661009 www.dof.com