DOF INSTALLER ASA – PRIVATE PLACEMENT OF SHARES COMPLETED

Reference is made to press release dated 18 March 2010 regarding the contemplated private placement of shares in DOF Installer ASA (“DOF Installer”). On 25 March 2010, DOF Installer completed the private placement of shares raising gross proceeds of NOK 150 million. The private placement is subject to approval at the EGM to be held on 6 April 2010. 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, was allotted a total of 5.9 million new shares of which approximately 1.9 million shares were allotted pursuant to its underwriting obligation. DOF Subsea Holding 2 AS will own approximately 66.9% of the share capital of DOF Installer post the private placement. The purpose of the private placement is to partly finance the construction of DOF Installer’s large anchor handling vessels currently being built at STX Europe in Norway (Aukra). 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.