DOF Subsea Reports Status of Acceptances Regarding Offer

An offer was made by DOF ASA (DOF) to purchase the remaining outstanding shares in DOF Subsea ASA (DOFSUB) at a price of NOK 36.00 per share.

DOF has received and registered acceptances for 49,174,500 DOFSUB shares, representing 41.07% of the total number of DOFSUB shares.
Prior to the Offer, DOF owned 57.17% of the total number of shares in DOFSUB. The total DOF shareholding, including the DOFSUB shares covered by the acceptances received and registered under the Offer and assuming completion of the Offer, will be 98.24% of the total number of issued shares and votes in DOFSUB.
The conditions set out in section 3.6.a) and 3.6.b) of the Offer document (relating to minimum acceptance and governmental approvals, respectively) are thereby satisfied. Subject to satisfaction of the conditions set out in section 3.6 c), 3.6 d) and 3.6 e) of the Offer Document, DOF expects that settlement under the Offer will occur on December 2, 2008.
Registration and processing of acceptances is not yet finalized, and consequently the final DOF shareholding in DOFSUB, assuming completion of the Offer, may increase further.

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