DOF Subsea AS - placement of new unsecured bond issue

DOF Subsea AS has successfully completed an issuance
of a NOK 750 million bond in the Norwegian bond
market. Final maturity date is 14 April 2014. The
bond will be sought listed on the Oslo Stock Exchange.

The bonds will be issued and redeemed at 100% of
their principal amount. Proceeds from the bond issue
will be applied for refinancing of existing debt and
for general corporate purposes.

DOF Subsea AS has also bought back bonds with nominal
value NOK 206.5 million in the existing bond
DOFSUB01 (ISIN: NO 001035895.5, maturity March 2011),
at par (100%. Remaining amount outstanding in
DOFSUB01 is now NOK 289.5 million.

Arctic Securities, First Securities, Nordea Markets
and Pareto Securities have acted as Joint Lead
Arrangers of the bond issue.

For further information, please contact:

DOF Subsea AS
Mons Aase, CEO , phone +47 91 66 10 12
Jan Nore, CFO, phone +47 48 09 46 99