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 issue is subject to finalized loan documentation and approval of loan documentation by the trustee, Norsk Tillitsmann ASA.

The bond issue was managed by Pareto Securities AS.

Oslo, 23 August 2008