DOF Installer Completes Private Placement

On July 6, 2007 DOF Installer completed a private placement of new shares raising gross proceeds of NOK 160 million by issuing a total of 1,231,000 new shares at a subscription price of NOK 130 per share.

The purpose of the private placement is to fund the equity portion of the construction and delivery of an additional new high-end subsea installation and construction anchor handling vessel. This is one of the two options that DOF Installer was granted in February 2007. The second option has been extended to October 2007.

Total number of shares outstanding post the private placement will be 5,631,000 shares implying a post-issue market capitalization of DOF Installer of NOK 732 million. DOF ASA participated in the private placement with NOK 70 million and will own approx. 44% of the post-issue share capital of DOF Installer.

The private placement was managed by ABG Sundal Collier Norge ASA and SEB Enskilda ASA.


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