DOF Subsea Enters Agreement to Sale MV Geofjord

Dof Subsea has entered in to an agreement of sale of MV Geofjord, a 1984 built offshore construction support vessel for 49,75 mill.USD. The vessel will be delivered to new owners in September/October 2008. The sale will give a profit of 101 mill. NOK and release about 169 mill. NOK in cash.

To replace this vessel in the DOF Subsea fleet, the company has agreed with DOF Rederi to charter in one of the newbuildings that DOF Rederi currently have under construction at the TEBMA yard in India. The newbuilding will be modified to accommodate for the installation of a D300 saturation dive-system, similar to the system which today is installed on the MV Geosea. The vessel will be delivered during 2nd quarter 2009.