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 capital in DOFSUB.

Subsequently, DOF will transfer today 118,037,781 shares in DOFSUB, representing 98.58% of the share capital in DOFSUB, to DOF Subsea Holding AS, a company in which DOF in connection with the transfer will own 51% of the shares. DOF will receive consideration consisting of (i) NOK 2,311,149,127 in cash and (ii) 61,063,992 shares in DOF Subsea Holding AS. Following the transfer, DOF will own, except by way of its indirect ownership through DOF Subsea Holding AS, no shares or rights to shares in DOFSUB.

In connection with the abovementioned settlement under DOF’s offer as mentioned above, DOF will transfer 2,845,500 shares, representing 50.5% of the share capital, in DOF Installer ASA to DOF Subsea Holding AS for consideration in shares in DOF Subsea Holding AS. DOF will also complete a transfer of its rights and obligations under three construction contracts with Tebma Shipyards Limited to DOF Subsea Holding AS for consideration in shares in DOF Subsea Holding AS. The abovementioned transactions are expected to be completed today.

DOF expects that the private placement in Norskan AS directed towards First Reserve will take place shortly.

Contact person: Mons Aase, +47 91 66 10 12