DOF Finalizes Plans to Acquire DOF Subsea's Shares

Reference is made to the announcement dated July 10, 2008 in which DOF ASA 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 FRC are currently in the process of discussing the final agreements. Based on the discussions of the terms and conditions, and as a result of the prevailing uncertainties in the financial markets, it has become clear to DOF that a potential transaction (if any) is unlikely to materialize at the terms and conditions set out in the announcement dated July 10, 2008.

DOF expects to conclude the discussions and decide whether to proceed with the transaction or not shortly and will then inform the market about the outcome. Pareto Securities AS is acting as financial advisor to DOF in relation to the potential transaction.


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