Vessel Skandi Neptune Runs up DOF Subsea Flag

Skandi Neptun AS, a wholly owned subsidiary of DOF Subsea ASA, has, in accordance with an agreement entered in to in 2005 with DOF Rederi AS, taken ownership of MV SKANDI NEPTUNE. As part of the agreed settlement, DOF Subsea ASA shall issue 7 million new shares to DOF Rederi AS. The vessel is currently employed on a time charter with Subsea 7 UK.