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DOF SUBSEA ASA – NOTIFICATION OF TRADE – COMPULSORY ACQUISITION

DOF Subsea Holding AS, a company owned 51% by DOF ASA and 49% by FR Lux Dolphin Holdings Sarl, has today acquired 118,037,781 shares in DOF Subsea ASA, representing 98.58% of the share capital and the votes in DOF Subsea ASA (“DOFSUB”), against consideration of (i) NOK 2,311,149,127 in cash and (ii) 61,063,992 shares in DOF Subsea Holding AS.DOF Subsea Holding AS’s total shareholding in DOFSUB following the acquisition is 118,037,781 shares, representing 98.58% of the share capital in DOFSUB.On 21 October 2008, Oslo Børs granted DOF Subsea Holding AS an exemption from the obligation to

NOTIFICATION OF TRADE – COMPLETION OF OFFER AND SUBSEQUENT TRANSACTIONS

Reference is made to the press release dated 19 November 2008 from DOF ASA (“DOF”). All DOF’s conditions to complete the settlement under the offer to acquire shares in DOF Subsea ASA (“DOFSUB”) made by the offer document dated 28 October 2008 has now been satisfied, and shareholders in DOFSUB who accepted the offer received settlement today. Accordingly, DOF has acquired 49,581,790 shares in DOFSUB, representing 41.41% of the shares in DOFSUB, at a price of NOK 36 per share. The total shareholding following the acquisition is 118,037,781 shares in DOFSUB, representing 98.58% of the share

The following primary insiders in DOF Subsea ASA have accepted DOF ASA’s offer to purchase all outstanding shares in DOF Subsea ASA which are not already owned by DOF ASA at a purchase price of NOK 36 per share:

Name Number of sharesAustbø, Helge Normann 1 200Brown, Steve 40 000Drønen, Hilde 15 000Drønen, Olav Arne 43 000Pettersen, Arvid 2 000In addition:• Djupedalen AS (controlled by Hilde Drønen) has accepted the offer for 8 000 shares• MOCO AS (controlled by Mons S. Aase) has accepted the offer for 902 900 shares• Cinus AS (controlled by Hans Mrtin Gravdahl, board member of DOF Subsea ASA) has accepted the offer for 1 433 710 sharesUpon completion of settlement under the offer none of the above mentioned primary insiders will own shares in DOF Subsea ASA.

DOF SUBSEA ASA: STATUS OF ACCEPTANCES RECEIVED UNDER DOF ASAs OFFER TO ACQUIRE THE SHARES IN DOF SUBSEA ASA

Reference is made to the press release dated 19 November 2008 and the offer document dated 28 October 2008 prepared in connection with the offer put forward by DOF ASA (DOF) to purchase the remaining outstanding shares in DOF Subsea ASA (DOFSUB) not already owned by DOF at an offer price of NOK 36.00 per share payable in cash (the “Offer”).The acceptance period under the Offer lapsed on 19 November 2008 at 17:30 CET. DOF is pleased to announce that as of the time of the release of this announcement, DOF has received and registered acceptances for 49,174,500 DOFSUB shares, representing 41.07%

19.11.2008 DOF SUBSEA ASA: STATUS OF ACCEPTANCES RECEIVED UNDER DOF ASA’S OFFER TO ACQUIRE SHARES IN DOF SUBSEA ASA - DISCLOSURE OF LARGE SHAREHOLDING

Reference is made to the press release and the offer document dated 28 October 2008 prepared in connection with the offer put forward by DOF ASA (DOF) to purchase the remaining outstanding shares in DOF Subsea ASA (DOFSUB) not already owned by DOF at an offer price of NOK 36.00 per share payable in cash (the “Offer”).DOF is pleased to announce that as of the release of this announcement, DOF has received and registered acceptances for 39,559,028 shares representing 33.04% of the total number of DOFSUB shares. Prior to the Offer, DOF owned 68,455,991 shares in DOFSUB representing 57.17% of

The Board of Directors of DOF Subsea ASA recommends shareholders to accept DOF ASA’s voluntary offer of NOK 36 per share

IntroductionOn 9 July 2008, DOF ASA (“DOF”) announced that it had agreed to a non-binding term sheet with a financial partner in which DOF or a newly incorporated private holding company intended to announce an offer to acquire all of the outstanding shares in DOF Subsea ASA (“DOF Subsea” or the “Company”).On 28 October 2008, DOF, in accordance with an agreement with First Reserve Corporation, submitted a voluntary offer for all outstanding shares of DOF Subsea at an offer price of NOK 36 per share in cash (the “Offer”). Prior to the Offer DOF owns 57.17% of the shares of DOF Subsea.

FINANCING FLEET IN BRAZIL

Norskan Offshore Ltda. and DOF Subsea Servicos Brazil Ltda. have secured BNDES financing for their new-buildings in Brazil. The governmental organization Merchant Marine Fund has approved BNDES financing for 3 vessels under construction for Norskan Offshore (hull 25, 26 and 27 at Aker Promar), and additional BNDES financing for the increased investments on the subsea vessels, Skandi Salvadore (hull 22), Skandi Vitoria (hull 23) and hull 24. Total approved financing is approx USD 670 mill, and represents more than 80% leverage.

DOF SUBSEA ASA – PRESENTATION 3rd QUARTER RESULTS

DOF SUBSEA ASA will publish the results for 3rd quarter 2008 on Thursday 6 November 2008.CEO Steve Brown and CFO Geir Johansen will have a presentation in Hotel Continental, Oslo, the same day at 08:30.Due to practical reasons we ask those of you interested in attending the presentation, to please contact Anita Husebø tel.: +47 55 25 22 14 or e-mail: ahu@dofsubsea.com within the 4 November 2008.The presentation will be webcasted at www.dofsubsa.com.

EXTENSION CONTRACTS IN BRAZIL

DOF's 100 % owned Brazilian company Norskan has secured a Memorandum of Understanding with Petrobras for extension of three charter contracts with an estimated total revenue during the firm extension periods of approximately NOK 3,1 billion. The contracts are for Norskan's three AHTS vessels, Norskan Botafogo, Skandi Rio and Skandi Fluminence. The firm period for each vessel is 6 years from end of present Petrobras contracts. DOF Subsea Brazil will provide ROV services onboard two of the vessels. The above value estimate includes the contract value for two work ROVs. The contracts are

NEW RSV SUPPORT CONTRACT IN BRAZIL

DOF ASA (DOF) and DOF Subsea ASA (DOFSUB) have entered into a Charter agreement with Petrobras for delivery of an ROV Support Vessel (RSV). The vessel Skandi Chieftain will be used to execute this contract. DOFSUB will use a Work ROV (WROV) and an Observation ROV (ObsROV). Commencement will be March 2009. The duration of the firm contract is 3 years.Total contract value for the firm period is approx NOK 510 million, of which DOF’s share is approx. NOK 265 million and DOFSUB’s share is approx NOK 245 million.Skandi Chieftain is a PSV of MT 6009 design built in 2005.

DOF: DOF INTENDS TO MAKE AN OFFER FOR DOF SUBSEA AT NOK 39 PER SHARE CORRESPONDING TO AN EQUITY VALUE OF DOF SUBSEA OF NOK 4.7bn

On 19 September 2008, DOF ASA (“DOF”) and First Reserve Corporation (“FRC”), the leading energy-focused private equity firm, entered into an agreement whereby DOF, subject to the conditions described below being satisfied, shall put forward an offer to acquire all of the outstanding shares of DOF Subsea ASA (“DOFSUB”) at NOK 39.00 per share in cash (the “Offer”). The Offer will represent a 41.8% premium to the last closing share price and a 27.9% premium to the closing share price on 9 July 2008 of NOK 30.50 which was the last trading day prior to DOF announcing its intention to acquire

GREATSHIP DOF SUBSEA PRIVATE LIMITED

Greatship (India) Limited, India and DOF Subsea ASA, Norway announced the inking of their joint venture, in Mumbai today.The joint venture, to be named GREATSHIP DOF SUBSEA PRIVATE LIMITED, will focus on subsea project opportunities in the Indian subcontinent.DOF Subsea ASA is a world-wide supplier of subsea services with a presence in all the major offshore hubs in the world. Their core business is the execution of complex subsea operations down to depths of 4000 meters. The DOF Subsea group employs more than 800 skilled employees worldwide, 25 offshore vessels (8 under construction), 31

UPDATE REGARDING THE INTENTION TO ACQUIRE DOF SUBSEA ASA

Reference is made to the announcement dated 10 July 2008 in which DOF ASA (“DOF”), announced its intention to put forward an offer to acquire all the outstanding shares of DOF Subsea ASA together with a financial partner and to enter into certain subsequent transactions. The intention to proceed with the offer was conditional upon, among other things, the satisfactory completion of a due diligence and the execution of final agreements between DOF and the financial partner.The financial partner, which is First Reserve Corporation (“FRC”), has now completed the due diligence, and DOF and

Bond issue completed

Reference is made to the press release sent Wednesday 20 August 2008 regarding a new bond issue in Dof Subsea ASA (the “Company”). The first tranche of the bond issue will be NOK 250 million, with a borrowing limit of NOK 300 million. The coupon will be 3 months NIBOR+2.50% p.a. The bonds will not be secured, and settlement date is expected to be ultimo August 2008. Maturity date will be one year after settlement date.The net proceeds from the new bond issue will be used for (i) refinancing of the existing GEO01 bond (ISIN: NO 001028355.9) and (ii) for general corporate purposes. The bond

DOF SUBSEA ASA - PRESENTATION 2ND QUARTER RESULTS

DOF Subsea ASA will publish the results for 2nd quarter 2008 on Wednesday 27th of August 2008.CEO Steve Brown and CFO Geir Johansen will have a presentation in Hotel Continental, Oslo, the same day at 08:30.Due to practical reasons we ask those of you interested in attending the presentation, to please contact Anita Husebø, tel.: +47 55 25 22 14 or e-mail: ahu@dofsubsea.com within the 25th of August 2008.The presentation will be webcasted at www.dofsubsea.no.

New potential bond issue

Dof Subsea ASA (the Company) is planning to issue a new senior unsecured bond with expected gross proceeds of maximum NOK 300 million. The net proceeds from the new bond issue will be used for refinancing the existing GEO01 bond (NOK 300 million) which matures in September 2008. Settlement of the new bond is expected to be medio September 2008, and the new bond will mature in September 2009.Dof Subsea ASA has given Pareto Securities AS a mandate as arranger of the new bond issue.Oslo, 20 August 2008

Registration of share capital

Reference is made to the announcement published June 10, 2008, regardingthe aqcuisition of MV Skandi Neptune from DOF Rederi AS, where it was announced that DOF Subsea ASA would issue 7 million new shares to DOF Rederi AS as part of the settlement.This increase of the share capital has now been registered with theNorwegian Register of Business Enterprises. Price per share in the transaction was according to the original agreement of 2005 set to NOK 19.50 per share. The total registered share capital of the company is now NOK 598,668,570 consisting of 119,733,714 shares, each with par

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