DOF INSTALLER ASA – EGM APPROVES PRIVATE PLACEMENT OF SHARES AND SALE OF SHIPBUILDING CONTRACT FOR HULL #722

Reference is made to press release dated 18 March 2010 regarding the contemplated private placement of shares in DOF Installer ASA (“DOF Installer”). On 6 April 2010, the extraordinary general meeting of DOF Installer approved the private placement of shares raising gross proceeds of NOK 150 million. As a result of the private placement, a total of 7,500,000 new shares will be issued at a subscription price of NOK 20 per share. The total number of shares outstanding post the private placement will be 13,931,000. DOF Subsea Holding 2 AS, the largest shareholder of DOF Installer, will own approximately 66.9% of the share capital of DOF Installer post the issuance of new shares. Furthermore, the extraordinary general meeting of DOF Installer also approved the sale of the shipbuilding contract for hull #722 to DOF Subsea AS at a price of NOK 153.5 million which is equivalent to the construction cost and in-line with the current fair market value estimate. The sale remains subject to the consent from STX in relation to the transfer of the shipbuilding contract. Such consent is expected to be obtained shortly. In connection with the sale of hull #722, DOF Installer has granted DOF Subsea AS a right to sell the shipbuilding contract back to DOF Installer at the same price in the event that DOF’s contemplated listing of its Brazilian activities, Norskan Offshore, in Brazil is not completed by end of July 2010. For further information, please contact: Mons Aase, chairman of DOF Installer Tel: +47 91 66 10 12 Important notice : This notice is not an offer for sale of securities in the United States. The securities referred to in this notice have not been, and will not be, registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from registration.