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Q3 2017DOF ASA Financial Report

Management reporting - accounts 3rd quarter 2017

(MNOK) Q3 2017 Q3 2016 YTD Q3 2017 YTD Q3 2016 2016

Operating income 1 801 2 036 5 380 6 657 8 569

Operating expenses -1 231 -1 291 -3 698 -4 426 -5 745

Net profit from associated and joint ventures -8 -17 -5 -14 -10

Net gain on sale of tangible assets 0 -0 -1 73 171

Operating profit before depreciation and impairment - EBITDA 562 727 1 676 2 290 2 986

Depreciation -291 -294 -860 -839 -1 142

Impairment -395 -928 -981 -1 519 -1 932

Operating profit - EBIT -124 -495 -165 -68 -89

Financial income 3 1 048 41 1 087 1 116

Financial costs -257 -255 -797 -853 -1 190

Net realised gain/loss on currencies 4 -57 -168 -283 -483

Profit before unrealised finance costs -374 241 -1 089 -117 -646

Unrealised finance costs 359 324 627 1 145 1 049

Profit (loss) before taxes -16 565 -462 1 028 403

Taxes -10 12 -40 -113 -202

Profit (loss) -26 577 -502 915 201

(MNOK) Q3 2017 Q3 2016 YTD Q3 2017 YTD Q3 2016 2016

Net cash from operation activities 203 545 669 1 388 2 003

Net cash from investing activities -171 -881 -1 133 -3 314 -2 707

Net cash from financing activities -206 950 232 2 013 910

Net changes in cash and cash equivalents -174 614 -232 86 205

Cash and cash equivalents at start of the period 2 297 1 667 2 370 2 220 2 220

Exchange gain/loss on cash and cash equivalents 14 -21 -1 -46 -54

Cash and cash equivalents at the end of the period 2 137 2 260 2 137 2 260 2 370

(MNOK) 30.09.2017 30.09.2016 31.12.2016

ASSETSTangible assets 26 099 27 918 27 469

Goodwill 320 338 330

Deferred taxes 898 1 014 1 023

Investment in associated companies and joint ventures 75 89 70

Other non-current financial assets 587 547 619

Total non-current assets 27 979 29 906 29 511

Receivables 2 233 2 392 2 243

Cash and cash equivalents 2 137 2 260 2 370

Total current assets 4 370 4 651 4 614

Total assets 32 348 34 557 34 125

EQUITY AND LIABILITIESEquity 7 688 8 730 8 146

Non-current liabilities 20 317 21 935 22 123

Current liabilities 4 343 3 893 3 856

Total liabilities 24 661 25 827 25 979

Total equity and liabilities 32 348 34 557 34 125

Net interest bearing liabilities 20 824 21 665 21 442

RESULT

BALANCE

CASH FLOW

IndexFinancial report 3rd quarter 2017 2

Accounts Q3 2017 10

Consolidated income statement 10

Consolidated statement of financial position 11

Consolidated statement of equity 12

Cashflow 13

Notes to the Accounts 14

Note 1 General 14

Note 2 Management reporting 16

Note 3 Segment information 17

Note 4 Hedges 17

Note 5 Tangible assets 18

Note 6 Investment in associated and joint ventures 19

Note 7 Cash and cash equivalent 19

Note 8 Interest bearing liabilities 20

Note 9 Subsequent events 21

Note 10 Transaction with related parties 21

Note 11 Taxes 21

Note 12 Share capital and shareholders 22

Note 13 Performance measurements definitions 23

FINANCIAL REPORT Q3 2017 DOF ASA4

KEY INFORMATIONTotal fleet of 69 vessels

• 21 AHTSs, 17 PSVs, 29 Subsea vessels, 2 newbuilds, 71 ROVs

Fleet utilisation of 73%• 72% subsea fleet, 69% AHTS fleet and 79% PSV fleet, six vessels in lay-up by end of the quarter

Total EBITDA (management reporting) NOK 562 million

New vessels• Skandi Bergen (AHTS) added to the fleet in July • Skandi Darwin (Subsea) completed conversion for a contract with Shell in August, arrived Australia in October

New contract awards• A 105-day contract for Skandi Constructor (Subsea) at Galloper Offshore Wind Farm in the North Sea• 2-year extension with Fugro for Skandi Carla (RSV) from July 2017• Two contracts in the Mediterranean, 90 days Skandi Skansen (MSV) and 300 days for Skandi Caledonia (PSV), both

commencing 4th quarter• 1-year extension with Fugro for Skandi Olympia (RSV) • DOF Subsea won several IRM and subsea project contracts securing utilisation for Skandi Hercules (MSV) and Skandi

Singapore (Subsea) in Asia Pacific and Skandi Neptune (CSV) in the Atlantic securing utilisation in 3rd and 4th quarter. • DOF Subsea has been awarded a contract for the provision of survey, ROV and vessel services in the Gulf of Mexico,

securing 135 days for the vessels Harvey Deep Sea (Subsea) and Skandi Achiever (Subsea)• Petrobras has extended the contract for Skandi Salvador (Subsea) by 6 months from August 2017• Skandi Sotra (PSV) is secured a 75-day contract with Chevron in Australia, Skandi Foula (PSV) is secured a 2 months firm

contract in the Black Sea and Skandi Gamma (PSV) is extended with Wintershall and is firm until mid-March 2018

Financial report 3rd Quarter 2017

Management reporting Financial reporting

(MNOK) Q3 2017 Q3 2016 Q3 2017 Q3 2016

Operating income 1 801 2 036 1 595 1 917

EBITDA 562 727 490 620

EBIT -124 -495 -134 -522

Net financial costs 108 1 060 133 1 083

Profit (loss) -26 577 -26 577

Ebitda before hedge 607 767 535 660

NIBD (Net interest bearing debt) 20 824 21 665 17 046 17 959

Equity Ratio 24 % 25 % 27 % 29 %

KEY FIGURES

0

12 000

10 000

8 000

6 000

4 000

2 000

201793

1 652Option

Firm

20181 2514 477

20191 5693 953

20201 7763 133

Thereafter28 0369 844

Group Backlog per 30.09.2017

Group backlog of NOK 23 billion

FINANCIAL REPORT Q3 2017DOF ASA 5

Q3 Operations

Results from the segments:

(MNOK) PSV AHTS CSV Total

Operating income 211 353 1 236 1 801

Net gain on sale of tangible assets - - - -

Operating result before depreciation and impairment - EBITDA 40 164 358 562

Depreciation 35 66 190 291

Impairment 151 36 207 395

Operating result - EBIT -146 61 -40 -124

EBITDA margin 19 % 46 % 29 % 31 %

EBIT margin -69 % 17 % -3 % -7 %

The main part of the Group’s PSV and AHTS fleet operated on firm contracts, while the subsea fleet has during 3rd quarter partly operated on firm contracts and partly on subsea project contracts. In the project market, the utilisation of the vessels is affected by the market and seasonal fluctuations. Project revenues represented 40% of the Group’s total revenues during the quarter.

PSV

The PSV fleet includes 17 vessels, of which one vessel is owned via a minority share. The majority of the fleet has operated in the North Sea on term contracts, whereof 12 vessels have operated in the term market and four vessels have fully or partly operated in the spot market. The activity in the North Sea market has picked up during the summer mainly due to seasonality and the utilisation and earnings have improved compared to previous quarter. By end of the quarter two PSVs were in lay-up.

AHTS

The AHTS fleet includes 19 vessels and in addition two vessels on management. Five vessels are 50% owned via DOF Deepwater AS and one vessel is owned via a minority share in Iceman AS.

During 3rd quarter 12 vessels have operated in South-America, one in Argentina and 11 in Brazil. All vessels have operated on firm contracts in the period and 10 out of 11 vessels in Brazil have Brazilian flag. The operation in the region has shown stable utilisation and earnings, and has only been impacted by vessels being idle due to class dockings this quarter. In the North Sea one vessel has operated on a firm contract and four vessels in the spot market and one

vessel has been in lay-up. The utilisation and earnings in the North Sea spot market have been variable during the period. The AHTS fleet in Asia comprises three vessels, where the market has been weak and only one vessel has partly operated in the short-term market, and the two other vessels have been in lay-up.

SUBSEA

During the 3rd quarter the Group operated a fleet of 29 Subsea vessels, of which one vessel was hired in from external owners. The majority of the fleet and the project engineering activity are owned by DOF Subsea AS.

The revenues from the subsea operation include revenues from both project contracts and term contracts. The revenues from the project contracts during Q3 amounted to NOK 727 million (NOK 950 million) of an aggregate turnover of NOK 1,801 million (NOK 2,036 million). The Group’s project activity is operated by the regions in the Atlantic, Asia Pacific, North America, and South America (Brazil). The overall utilisation of the project fleet during the period was 69%. During 3rd quarter the utilisation in the Subsea and IRM segment has been weak and impacted by vessels in transit from Singapore and Brazil to Europe. In the Asia Pacific region, Geoholm completed a modification for a contract with TechnipFMC in Australia and was on-hire in August. For two other vessels in the same region the utilisation has been impacted by idle time between contracts. In the Atlantic region the Group has performed survey, light construction, and installation work in Angola and in the North Sea. Skandi Constructor arrived in the North Sea in July and has started on a wind farm project for Siemens. In the North America region, the Group has conducted IRM work utilising an external JAC vessel. Skandi Vinland started her 10-year contract for Husky Energy in July.

The subsea operation in Brazil is mainly based on firm contracts including lease of vessels and ROVs. In total, the Group owned and operated 11 subsea vessels (IRM vessels and PLSVs) in Brazil including newbuilds. The PLSV fleet are owned via DOFCON Brasil and comprise six vessels, including two newbuilds. One of the PLSVs, Skandi Niteroi, has been idle the entire quarter. The remaining subsea fleet comprises RSV vessels (ROV Support Vessels) to serve the IRM market. One vessel, Skandi Commander, started on contract with Petrobras in August, and Geosea completed its contract and has sailed to Europe.


The Group has one subsea vessel under management, Skandi Darwin, which completed a conversion in Norway and sailed to Australia for a 5-year contract for Shell at the Prelude field outside Australia. The vessel is expected to be on-hire in November.

The joint venture, DOFCON Brasil, owned 50/50 by DOF Subsea and TechnipFMC had per September two vessels, Skandi Olinda and Skandi Recife (PLSVs), under construc-tion. The remaining commitment for the two newbuilds under construction is approximately USD 230 million and scheduled deliveries are in 2018 and 2019. Both vessels are secured long term funding with BNDES (Brazilian Development Bank) and 8-year contracts with Petrobras.

Main Items Interim Accounts Q3 – Financial ReportingThe below figures represent the Group’s consolidated accounts based on Financial Reporting.

RESULT

(MNOK) Q3 2017 Q3 2016 Change %

Operating income 1 595 1 917 -17 %

EBITDA 490 620 -21 %

EBIT -134 -522 74 %

Net financial costs 133 1 083

Profit (loss) -26 577

The drop in revenue mainly represents reduced activity from subsea projects and especially low activity in the Asia Pacific region compared to the same period last year. An impairment of NOK 367 million (NOK 876 million) for 3rd quarter is included in the operating profit (Ebit), of which NOK 207 million are impairments of the subsea fleet and NOK 160 million of the PSV and AHTS fleet. In addition, NOK 28 million has been impaired on vessels owned via joint ventures (DOF Deepwater AS). Net financial costs of NOK 133 million (NOK 1,083 million) comprise net gain on currencies and financial instruments of NOK 341 million (NOK 314 million). In 3rd quarter 2016 NOK 1,041 million are gain after restructuring debt in August. Net interest costs are NOK 215 million (NOK 223 million).

The Group use hedge accounting for parts of the revenues related to the Brazil operation. This operation is based on long-term charter contracts in USD secured with debt in corresponding currency. The EBITDA effect in Q3 due to the hedge accounting amounts to NOK 45 million (NOK 40 million), and the effect on OCI (other comprehensive income) amounts to NOK 159 million (NOK -12 million).

BALANCE(MNOK) 30.09.2017 30.09.2016 Change %

Non-current assets 24 201 26 180 -8 %

Current assets 2 020 2 240 -10 %

Cash and cash equivalents 2 009 2 033 -1 %

Total assets 28 230 30 453 -7 %

Equity 7 688 8 730 -12 %

Non-current liabilities 16 671 18 175 -8 %

Current liabilities 3 871 3 548 9 %

Total equity and liabilities 28 230 30 453 -7 %

Net interest bearing liabilities (NIBD) 17 046 17 959 -5 %

Of the Group’s total balance of NOK 28,230 million (NOK 30,453 million), the vessels, newbuilds, and subsea equipment, amounts to NOK 21,068 million (NOK 23,030 million). 11 vessels, including newbuilds are owned via joint ventures and are represented under associated companies and current receivables in the balance sheet, in total NOK 1,979 million (NOK 1,865 million). Goodwill amounts to NOK 320 million (NOK 338 million), and impairment of NOK 10 million is done on goodwill during 3rd quarter.

The Equity includes a non-controlling interest of NOK 3,549 million (NOK 3,665 million).

2 800

2 600

2 400

2 200

2 000

1 800

1 600

1 400

1 200| | | | |

Cash30.06.2017

Operatingactivity

Investingactivity

Financingactivity

Exchangegain/losson cash

Cash30.09.2017

2 201

58 132

138 19

2 009

Cash flow from Q3 2017

Vessel Yard Delivery Type Contract Financing

Skandi Recife * Vard Brasil

Q2 2018 PLSV

8 yrs Petrobras

Loan agreement signed with BNDES

Skandi Olinda * Vard Brasil

Q1 2019 PLSV

8 yrs Petrobras

Loan agreement signed with BNDES

*) 50% ownership

NEWBUILD


Cash flow from operational activity in 3rd quarter is NOK 58 million (NOK 531 million). The reduced cash flow from operations is mainly affected by changes in working capital and lower earnings. Net cash flow from investing activities is NOK -132 million (NOK -59 million) and net cash flow from financing activities totals NOK

-138 million (NOK 144 million).

Financing and Capital Structure The Group is mainly funded by long-term secured debt (60%), unsecured debt/bonds (7%), and equity (27%). The remaining funding represents net working capital.

The Company established a convertible bond loan in 2016 whereof the bond holders are obliged to convert their bonds to shares at NOK 1 per share within a period of maximum five years. The convertible bond loan has, since registration, been classified as equity. The initial value of the convertible bond loan was NOK 1,032.5 million and outstanding by September is NOK 337 million.

The subsidiary DOF Subsea has outstanding two bond loans; NOK 508 million with maturity in May 2018 and USD 175 million with maturity in 2022.

Vessels and equipment constitute 75% of the Group’s total assets. Broker estimates, received per September show a decline of in average 5% in fair market values during 3rd quarter, whereof the supply fleet older than ten years represent the highest drop. A continued weak market increases the risk of further decline in revenues, hence increase the liquidity risk and a further drop in vessel values.

The main financial covenants for the Group (excluding DOF Subsea) are minimum free liquidity of NOK 500 million, and minimum booked equity of NOK 3,000 million for the Group. By end of September, the Group is in compliance with their financial covenants, ref note 8 to the accounts.

Due to a drop in vessel values the lenders in the joint venture, DOF Deepwater AS, have agreed to waive the LTV (Loan to value) clause the next 12 months.

The Group is mainly exposed to NOK and BRL against USD. During the quarter, NOK and BRL have strengthened against USD. Unrealised gain/loss in foreign exchange totals NOK 521 million, of which NOK 280 million is booked to the profit and loss account and NOK 241 million to other comprehensive income.

The portion of long-term debt secured with fixed rate of interest is approximately 76% of total debt and includes debt with fixed interest in BNDES (Brazilian Development Bank).

Shareholders There is no significant change in the share structure during 3rd quarter. As of 30th September the Company had 6,153 shareholders, and the share price was NOK 0.89 per share. The main shareholder, Møgster Offshore AS, owns by end September 48.67% in the Company. In October Møgster Offshore AS and Perestroika AS, a related party to Frederik W. Mohn, Director of DOF ASA, have entered into an agreement whereby Perestroika AS, as part of a capital increase in Møgster Offshore AS has transferred its 138,500,000 shares in DOF ASA to Møgster Offshore AS as contribution in kind. Møgster Offshore AS will after this transaction own 945,376,050 shares in DOF ASA representing 56.14% of the share capital today and 47,40% on a fully diluted basis. Perestroika AS will after this transaction not own any shares or shareholder rights directly in DOF ASA.

Employees The Group employed as of 30th September 4,077 persons included hired staff, which is an increase of approximately 70 employees since the previous quarter. The increase is mainly related to increased activity for DOF Management in Asia Pacific. The marine personnel amounts to 2,515 people, while 1,287 people are employed within the subsea segment and 275 are employed onshore conducting marine management.

Health, Safety, Environment and Quality There was not identified any significant HSEQ issues during Q3.

OutlookThe market has overall continued to be weak, but with

21 000

20 000

19 000

18 000

17 000

16 000

15 000| | | | | |

31.12.2016 Installment Prepayment Proceeds Unrealised currency

gain

Currency translation

30.09.2017

19 686

1 299

824

2 387-

423472

19 055

Interest bearing debt 31.12.2016 - 30.09.2017


higher activity in certain regions due to seasonal variation. The market is expected to continue to be challenging during the winter season. The total number of vessels in lay-up in the North Sea by end September was 141 vessels.

The Group maintains its strategy to secure the fleet on long-term contracts, and is actively working on securing and increasing the firm employment of the fleet as much as possible. The Group will continue its focus to reduce costs and to adjust its capacity to the challenging market. The Group’s backlog is approximately 74% for the remainder of 2017 and 44% in 2018. A strong backlog indicates better operational EBITDA in 4th quarter compared to 3rd quarter. The majority of the Group’s high-end assets are committed on firm contracts and represent the largest portion of the Group’s backlog. The two remaining newbuilds are committed on firm contracts. However a continuing weak market is likely to increase the risk of lower utilisation of the Group’s vessels and lower earnings for the Group, and as such a risk for further deterioration of the vessel values and an increased liquidity risk for the Group. The Group’s global presence and a flexible business model within the subsea segment, in a combination with high local content and backlog, are expected to reduce these risks.

The Board of Directors and the management are working continuously to improve the Group’s capital structure.

The Groups operation in Brazil is expected to continue to deliver steady earnings throughout the year and in 1st quarter 2018, but for the remainder AHTS and PSV fleet without firm commitment, the winter season is expected to be weak and with low utilisation. For the subsea fleet several long-term contracts have started during 2017 securing more vessels on firm contracts. The highest uncertainty is related to the Subsea IRM projects, however several contracts newly awarded have secured backlog for this part of the fleet.

The Board of Directors expects lower operating earnings (EBITDA) in 2017 when compared with 2016, which is in line with earlier guidance for the full year 2017.

IR contacts:

Mons S. Aase, CEO +47 91661012, [email protected] Drønen, CFO +47 91661009, [email protected]

DOF ASA5392 Storebøwww.dof.com

The Board of Directors of DOF ASA, November 14th, 2017

Helge SingelstadDeputy Chairman

Helge MøgsterChairman

Kathryn Baker

Frederik W. Mohn Marianne Møgster Mons S. AaseCEO


Accounts Q3 2017

Consolidated income statement

Condensed statement of comprehensive income

(MNOK) Note Q3 2017 Q3 2016 YTD Q3 2017 YTD Q3 2016 2016

Operating income 1 595 1 917 4 871 6 356 8 134

Operating expenses -1 186 -1 254 -3 591 -4 314 -5 598

Net profit from associated and joint ventures 6 81 -42 90 -83 -85

Net gain on sale of tangible assets -1 73 171

Operating profit before depreciation and impairment - EBITDA 490 620 1 370 2 031 2 621

Depreciation 5 -257 -266 -761 -788 -1 063

Impairment 5 -367 -876 -854 -1 389 -1 762

Operating profit - EBIT -134 -522 -245 -145 -203


Financial costs -226 -237 -712 -817 -1 134

Net realised gain/loss on currencies 6 -49 -161 -243 -437

Net unrealised gain/loss on currencies 280 159 483 740 742

Net changes in fair value of financial instruments 61 155 112 364 248

Net financial costs 133 1 083 -214 1 150 562

Profit (loss) before taxes -1 561 -459 1 006 359

Taxes 11 -26 16 -43 -91 -158

Profit (loss) for the period -26 577 -502 915 201

Profit attributable toNon-controlling interest 82 95 70 321 141 Controlling interest -109 482 -572 594 60

Profit per share ex non-controlling interest -0,07 0,53 -0,35 1,57 0,09 Diluted profit per share ex non-controlling interest -0,05 0,37 -0,29 1,17 0,07

(MNOK) Note Q3 2017 Q3 2016 YTD Q3 2017 YTD Q3 2016 2016

Profit (loss) for the period -26 577 -502 915 201

Items that will be subsequently reclassified to profit or loss

Currency translation differences -38 -56 -71 -140 -59

Cash flow hedge 4 159 -12 170 729 762

Share of other comprehensive income of joint ventures 6 -36 -28 -55 218 230

Items that not will be reclassified to profit or loss

Defined benefit plan actuarial gain (loss) - - - -8 -4

Other comprehensive income/loss net of tax 85 -95 44 800 929

Total comprehensive income/loss 59 482 -459 1 715 1 130

Total comprehensive income/loss net attributable to

Non-controlling interest 55 76 29 411 264

Controlling interest 4 406 -488 1 304 866


Consolidated statement of financial position

(MNOK) Note 30.09.2017 30.09.2016 31.12.2016

ASSETS

Tangible assets 5 21 068 23 030 22 199

Goodwill 320 338 330

Deferred tax assets 834 948 951

Investment in associated and joint ventures 6 847 647 808

Other non-current receivables 1 132 1 218 1 152

Total non-current assets 24 201 26 180 25 440

Trade receivables 1 513 1 503 1 506

Other receivables 507 736 592

Current receivables 2 020 2 240 2 098

Restricted deposits 370 402 405


Cash and cash equivalents incl. restricted deposits 7 2 009 2 033 2 192

Current assets 4 029 4 273 4 290

Total Assets 28 230 30 453 29 731

EQUITY AND LIABILITIES

Paid in equity 2 832 2 829 2 675

Other equity 1 307 2 236 1 950

Non-controlling interests 3 549 3 665 3 521

Total equity 7 688 8 730 8 146

Bond loan 8 1 368 1 296 1 297

Debt to credit institutions 4, 8 15 195 16 665 16 729

Derivatives 58 147 135

Deferred taxes 1 1 1

Other non-current liabilities 48 66 51

Non-current liabilities 16 671 18 175 18 212

Current part of bond loan and debt to credit institutions 8 2 609 2 174 1 805

Accounts payable 805 939 1 061

Other current liabilities 457 435 507

Current liabilities 3 871 3 548 3 372

Total liabilities 20 542 21 723 21 584

Total equity and liabilities 28 230 30 453 29 731


Consolidated statement of equity

(MNOK)Paid-in capital

Other contributed

capital

Other equity - Retained earnings

Other equity - Currency

translation differences

Other equity - Cash

flow hedgeTotal other

equity

Non-controlling

interestTotal

equity

Balance at 01.01.2017 2 675 493 1 840 309 -693 1 950 3 521 8 146

Result (loss) for the period -572 -572 70 -502

Other comprehensive income/loss -28 -57 170 84 -40 44

Converted bond 156 -156 -156 -

Balance at 30.09.2017 2 832 338 1 240 252 -523 1 307 3 549 7 688

Balance at 01.01.2016 1 452 0 1 516 222 -1 299 440 3 280 5 172

Result (loss) for the period 594 594 321 915

Other comprehensive income/loss 103 -123 729 710 90 800

Transaction with non-controlling interests -25 -25

Convertible bond - 824 - 824 - 824

Converted bond 317 -317 - -317 - -

Right issue 1 060 - - -16 - 1 044

Balance at 30.09.2016 2 829 506 2 213 99 -570 2 236 3 665 8 730

Key figuresQ3 2017 Q3 2016 YTD Q3 2017 YTD Q3 2016 2016

EBITDA margin ex net gain on sale of vessel 1 31 % 32 % 28 % 31 % 30 %

EBITDA margin 2 31 % 32 % 28 % 32 % 32 %

EBIT margin 3 -8 % -27 % -5 % -2 % -2 %

Cashflow per share (controlling interest) 4 0,16 0,95 0,33 4,13 4,15

Profit per share (controlling interest) 5 -0,05 0,37 -0,29 1,38 1,02

Profit per share ex. unrealised gain/loss on currencies and changes fair value of financial instruments (controlling interest) 6 -0,10 0,21 -0,20 -3,95 -4,30

Return on net capital 7 -7 % 10 % 2 %

Equity ratio 8 27 % 29 % 27 %

Net interest bearing debt 17 046 17 959 17 494

Net interest bearing debt ex. unemployed capital 16 964 17 916 17 468

Average number of shares 1 647 861 962 908 635 059 1 617 911 919 378 853 178 658 878 610

Number of shares 1 657 720 184 1 488 171 200 1 657 720 184 1 488 171 200 1 501 321 200

Potential average number of shares 1 994 561 682 1 298 481 776 1 994 561 862 509 750 616 882 981 813

Potential number of shares 1 994 561 682 1 994 561 862 1 994 561 682 1 994 561 862 1 994 561 682

1) Operating profit before net gain on sale of vessel and depreciation in percent of operating income. 2) Operating profit before depreciation in percent of operating income. 3) Operating profit in percent of operating income. 4) Pre-tax result + depreciation and impairment +/- unrealised gain/loss on currencies +/- net changes in fair value of financial instruments/potential average no of shares.5) Result /potential average no. of shares. 6) Result + net unrealised currency gain/loss + net changes fair value of financial instruments)/potential no of shares. 7) Result incl non-controlling interest/total equity. 8) Total equity/Total balance.


Cashflow

(MNOK) Q3 2017 Q3 2016 YTD Q3 2017 YTD Q3 2016 2016

Operating result -134 -522 -245 -145 -203

Depreciation and impairment 624 1 142 1 615 2 176 2 825

Gain/loss on disposal of tangible assets 1 -73 -171

Share of profit/loss from associates and joint ventures -81 42 -90 84 85

Changes in accounts receivables -99 525 -7 627 606

Changes in accounts payable -85 -354 -256 -482 -378

Changes in other working capital 71 -20 194 -33 64

Exchange rate effects on operating activities -21 -38 -72 -56 -57

Cash from operating activities 274 776 1 140 2 098 2 770

Interest received 15 -9 51 42 59

Interest paid -240 -222 -713 -807 -1 087

Taxes paid 10 -14 -29 -53 -59

Net cash from operating activities 58 531 450 1 280 1 684

Payments received for sale of tangible assets -1 33 550 1 531

Purchase of tangible assets -104 -42 -713 -1 398 -1 610

Payments received for sale of shares 3

Purchase of shares -2 -9 -2 -7

Received dividend 5

Other investments -28 -14 -107 -365 -356

Net cash from investing activities -132 -59 -792 -1 212 -443

Proceeds from borrowings 300 -685 2 276 1 288 5 088

Repayment of borrowings -438 -6 -2 123 -2 140 -6 934

Share issue 1 044 1 044 1 044

Purchase of converible bond -209 -209 -209

Payments to non-controlling interests -26 -26

Net cash from financing activities -138 144 153 -43 -1 036

Net changes in cash and cash equivalents -211 615 -189 25 204

Cash and cash equivalents at the start of the period 2 201 1 442 2 192 2 056 2 056

Exchange gain/loss on cash and cash equivalents 19 -24 6 -48 -68

Cash and cash equivalents at the end of the period 2 009 2 033 2 009 2 033 2 192


Note 1 General

Notes to the Accounts

DOF ASA (the “Company”) and its subsidiaries (together, the “Group”) own and operate a fleet of PSV, AHTS, subsea vessels and service companies offering services to the subsea market worldwide.

The Company is a public limited company, which is listed on the Oslo Stock Exchange and incorporated and domiciled in Norway. The head office is located at Storebø in the municipality of Austevoll, Norway.

For further information reference is made to the Group Annual Report 2016, which can be found on the Company website: http://www.dof.com.

These condensed interim financial statements were approved for issue on 14 November 2017. These condensed interim financial statements have not been audited.

Basis of preparation These condensed interim financial statements have been prepared in accordance with IAS 34, ‘Interim financial reporting’. The condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2016, which have been prepared in accordance with IFRS.

Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual profit or loss.

Estimates The preparation of interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.

In preparing these condensed interim financial statements, the significant judgements made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended 31 December 2016, with the exception of changes in estimates that are required in determining the provision for income taxes.

New standards, amendments and interpretations not yet adoptedIFRS 15 Revenue contracts with customers - effective from 1 January 2018The new standard is based on the principle that revenue is recognised when control of a good or service transfers to a customer - the notion of control replaces the existing notion of risks and rewards.

The Group has an ongoing internal project regarding the implementation of IFRS 15 Revenue from contracts with customers. The main purpose of the project is to assess the impact of applying the new standard on the Group’s Financial statements to ensure a good implementation process. All contracts ongoing as of year-end are evaluated based on the five step model described in IFRS 15 Revenue from contract with customers. In addition, all types of contracts within the different revenue streams are evaluated on a general basis to evaluate the effects of the implementation. As a part of the project the Group’s revenue streams has been categorised into the following types: Time Charter revenue and Project revenue.

Time Charter revenue is based on contracts were the Group deliver a vessel (including crew) to the client. During the contract period, the client decides how and when to operate the vessel. Based on existing IFRS this revenue stream is recognised over time, and this will also be the case when IFRS 15 Revenue from contracts with customers is implemented. The Time charter revenue will be affected by the implementation of IFRS 15 Revenue from contracts with customers as some part might be recognised as lease revenue based on IFRS 16 Leases. Preliminary assessment shows that the timing of the revenue recognition under IFRS 15 Revenue from contracts with customers and IFRS 16 Leases will be the same under IFRS 18 Revenue and IAS 17 Leases.


Note 1 General (continued)

Project revenue is based on operations were the Group utilise its on vessels, equipment and crew to perform tailor maid operations on the client’s installations, assets etc. The operations are specific designed for the client and have no alternative use. Based on existing IFRS this revenue is recognised over time. Based on preliminary assessment, revenue recognition over time will still be the case after the implementation of IFRS 15 Revenue from contracts with customers.

Quality assurance will continue and the Group will make final conclusions during Q4 2017.

Despite no change in the main recognition method, the Group has identified that the following areas are likely to be affected: - The application of IFRS 15 Revenue from contracts with customers may result in identification of separate performance obligations, which could affect the timing of revenue recognition in relation to the separate performance obligations. - Certain costs which are currently expensed may need to be recognised as an asset under IFRS 15 Revenue from contracts with customers. - Parts of the Time charter revenue might be recognised as lease revenue based on IFRS 16 Leases instead of IFRS 15 Revenue from contracts with customers. - More comprehensive disclosure requirements.

The Group will apply IFRS 15 Revenue from contracts with customers retrospectively with the cumulative effect of initial application recognised as an adjustment to equity as of January 1, 2018. This transition method will only be applied retrospectively on contracts that are not completed by January 1, 2018.

Based on the preliminary assessment the Group do not expect any material impact on the financial statements as a result of the implementation of IFRS 15 Revenue from contracts with customers.

IFRS 9 Financial instruments - effective from 1 January 2018 IFRS 9 Financial instruments addresses the classification, measurement and de-recognition of financial assets and financial liabilities and introduces new rules for hedge accounting. Preliminary assessment shows that the implementation of IFRS 9 Financial instruments will not have any material impact on the Group accounts. Further evaluations and conclusions will be finalised during Q4 2017.

IFRS 16 Leases - mandatory from 1 January 2019 The new standard will result in almost all leases being recognised in the balance sheet, as the distinction between operating and finance leases are removed. Under the standard, an asset (the right to use a leased item) and a financial liability (the obligation to pay rentals) are recognised. The only exceptions of this recognition principle are short-term and low-value leases. The standards will primarily affect the accounting for the Group’s operating leases.

For the Group as a lessee, it is not expected that the implementation of IFRS 16 Leases will have any material impact on the financial statements. As of 30 September 2017, the Group has one vessel on lessee arrangements which are presented as operating leases. The agreement is for less than 12 months. Furthermore, the Group has and will have lease agreements on office buidlings and warehouses that will be affected by implementation of IFRS 16 Leases. As of end of September 2017 effects of this has not been calculated. At the moment some lease agreements are longer than 12 months and some lease agreements are shorter than 12 months. It is expected that the composition of long and short lease agreements can change before implementation of IFRS 16 Leases.

For the Group as a lessor expected impacts are related to presentation, classification and notes to the Financial Statement.

The Group does not intend to adopt the standard before its effective date, 1 January 2019.


The reporting below is presented according to internal management reporting, based on the proprotional consolidation method of accounting of jointly controlled companies. The bridge between the management reporting and the figures reported in the financial statement is presented below.

Note 2 Management reporting

RESULT Q3 2017 Q3 2016

(MNOK)

Management reporting

Reconciliation to equity

method

Financial reporting

Management

reporting


method Financial reporting

Operating income 1 801 -206 1 595 2 036 -119 1 917

Operating expenses -1 231 45 -1 186 -1 291 37 -1 254

Net profit from associated and joint ventures -8 89 81 -17 -25 -42


Operating profit before depreciation and impairment - EBITDA 562 -73 490 727 -107 620

Depreciation -291 34 -257 -294 27 -266

Impairment -395 28 -367 -928 53 -876

Operating profit - EBIT -124 -10 -134 -495 -27 -522


Financial costs -257 31 -226 -255 17 -237

Net realised gain/loss on currencies 4 2 6 -57 9 -49

Net unrealised gain/loss on currencies 297 -17 280 170 -10 159

Net changes in fair value of financial instruments 61 - 61 155 155

Net financial costs 108 25 133 1 060 23 1 083

Profit (loss) before taxes -16 15 -1 565 -4 561

Taxes -10 -15 -26 12 4 16

Profit (loss) -26 0 -26 577 -0 577

BALANCE 30.09.2017 30.09.2016

(MNOK)

Management reporting



Management

reporting



ASSETSTangible assets 26 099 -5 030 21 068 27 918 -4 888 23 030

Goodwill 320 - 320 338 - 338

Deferred taxes 898 -64 834 1 014 -67 948

Investment in associated companies and joint ventures 75 772 847 89 558 647

Other non-current financial assets 587 545 1 132 547 671 1 218

Total non-current assets 27 979 -3 778 24 201 29 906 -3 726 26 180

Receivables 2 233 -213 2 020 2 392 -152 2 240

Cash and cash equivalents 2 137 -128 2 009 2 260 -227 2 033

Total current assets 4 370 -341 4 029 4 651 -379 4 273

Total assets 32 348 -4 119 28 230 34 557 -4 104 30 453

EQUITY AND LIABILITIESEquity 7 688 7 688 8 730 8 730

Non-current liabilities 20 317 -3 647 16 671 21 935 -3 760 18 175

Current liabilities 4 343 -472 3 871 3 893 -345 3 548

Total liabilities 24 661 -4 119 20 542 25 827 -4 104 21 723

Total equity and liabilities 32 348 -4 119 28 230 34 557 -4 104 30 453

Net interest bearing liabilities 20 824 -3 778 17 046 21 665 -3 706 17 959


Note 4 Hedges

Note 3 Segment information - management reporting

The Group applies cash flow hedge accounting related to foreign exchange rate risk on expected highly probable income in USD, using a non derivative financial hedging instrument. This hedging relationship is described below.

Cash flow hedge involving future highly probable income The Group applies hedge accounting related to the cash flow hedging of expected highly probable income in USD, from its operations in Brazil.

The cash flow hedges hedge a portion of the foreign currency risk arising from highly probable income in USD relating to time charter contracts on vessels owned by the companies Norskan Offshore Ltda and DOF Subsea Navagacao Ltda.

The hedging instruments are portions of the companies’ long term debt denominated in USD. The risk being hedged in each hedging relationship is the spot element of the forward currency rate of USD/BRL. The future highly probable income has a significant exposure to the spot element as the spot element is the main part of the forward rate. The long term debt is translated from USD to BRL at spot rate on the balance sheet date every reporting period.

The effective portion of changes in fair value of the instruments that are designated and qualify as cash flow hedges is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in the income statement.

Amounts accumulated in equity are reclassified to profit or loss in the periods when the expected income is recognised.

PSV AHTS CSV Total

3rd quarter 2017Operating income 211 353 1 236 1 801




Impairment 151 36 207 395

Operation result - EBIT -146 61 -40 -124

3rd quarter 2016Operating income 242 422 1 369 2 036

Net gain on sale of tangible assets - - 3 3



Impairment 442 270 216 928

Operation result - EBIT -391 -172 67 -495


Impairment The challenging market condition for offshore service vessels has continued. Impairment indicators are observed and an impairment test for vessels in the Group has been done. Impairment tests are performed in line with accounting principle presented in annual report for 2016. Impairment of NOK 357 million has been recognised in the 3rd quarter of 2017 and NOK 844 million year to date 30.09.2017.

In addition an impairment in the joint ventures of NOK 28 million has been done in 3rd quarter and NOK 127 million year to date 30.09.2017.

Note 5 Tangible assets

2017

Vessel and periodical

maintenance ROV NewbuildsOperating

equipment Total

Book value at 01.01.2017 20 869 856 26 448 22 199

Addition 235 7 546 45 833

Addition from acquisition 55 55

Vessel completed 499 61 -557 -3 -

Disposal -30 -3 -33

Reclassification -

Depreciation -560 -112 -90 -762

Impairment loss -844 -844

Currency translation differences -380 -2 12 -10 -380

Book value at 30.09.2017 19 789 807 82 390 21 068

2016

Vessel and periodical

maintenance ROV NewbuildsOperating

equipment Total

Book value at 01.01.2016 21 603 943 106 535 23 188

Addition 303 7 1 088 38 1 436

Vessel completed 1 119 - -1 119 - -

Disposal - - - - -

Reclassification - 42 -36 2 8

Depreciation -564 -125 - -98 -787

Impairment loss -1 327 - - - -1 327

Currency translation differences 516 3 4 -10 513

Book value at 30.09.2016 21 650 871 43 467 23 030


Note 7 Cash and cash equivalent

30.09.2017 30.09.2016 31.12.2016

Restricted cash *) 370 402 405

Cash and cash equivalent 1 639 1 631 1 787

Total cash and cash equivalent 2 009 2 033 2 192

*) Including restricted cash related to non-current loans from Eksportfinans.

Effect of application of IFRS 11 on investments in joint ventures; 30.09.2017

Opening balance 01.01.2017 808

Additions 10

Profit (loss) 90

Profit (loss) through OCI -55

Dividend -5

Closing balance 30.09.2017 847

Joint ventures Ownership

DOFCON Brasil AS with subsidiaries 50 %

DOF Deepwater AS 50 %

DOF Iceman AS 50 %

Associated companies

Master & Commander 20 %

PSV Invest II AS (Skandi Aukra) 15 %

Iceman AS (Skandi Iceman) 25 %

DOF OSM Services AS 50 %

DOF Subsea Ghana Ltd 49 %

Note 6 Investment in associated and joint ventures

The Company’s investment in associates and joint ventures as of 30.09.2017;

See Note 2 regarding the presentation of the implementation of IFRS 11.


Note 8 Interest bearing liabilities

30.09.2017 30.09.2016 31.12.2016

Non-current interest bearing liabilities

Bond loan 1 368 1 296 1 297

Debt to credit institutions 15 195 16 665 16 729

Total non-current interest bearing liabilites 16 563 17 961 18 025

Current interest bearing liabilities

Bond loan 508

Debt to credit institutions 1 684 1 897 1 661

Utilised credit facilities 300 134

Total current interest bearing liabilities 2 492 2 031 1 661

Total interest bearing liabilities 19 055 19 992 19 686

Net interest bearing liabilities


Total net interest bearing liabilities *) 17 046 17 959 17 494

Installment- and balloon profile *) Q4 2017 Q1 2018 Q2 2018 Q3 2018

Total current

debt Q4

2018 2019 2020 2021 Subsequent Total

Bond loan 0 0 508 - 508 0 - - - 1 379 1 887

Debt to credit institutions 420 436 419 435 1 710 506 3 169 4 260 1 448 5 843 16 936

Debt to credit institutions 300 - - - 300 0 - - - - 300

Total *) 720 436 927 435 2 518 506 3 169 4 260 1 448 7 222 19 123

*) Amortised costs are excluded in the figures above.

Loan divided on currency and fixed interestShare fixed

interest Balance

30.09.2017NOK 72 % 8 261

USD 79 % 10 426

CAD 100 % 436

Total 76 % 19 123

Covenants regarding non-current liabilities to credit institutions:

DOF ASA DOF ASA Group shall have a book equity higher than NOK 3,000 million, free cash deposits shall at all time be minimum NOK 500 million excluded DOF Subsea AS (and it’s subsidiaries) and market value of the vessels on aggregated level shall at all time be higher than 100% of outstanding secured debt.

DOF Subsea AS DOF Subsea AS shall have a book equity higher than NOK 3,000 million, free cash deposits shall at all time be minimum NOK 500 million, value adjusted equity shall be at least 30% and market value vessels shall at all time be at least 100-130% of outstanding secured debt.

Per 30.09.2017 the Group’s is in complience with its financial covenants.

*) Non-current loans have been provided by Eksportfinans and are invested as restricted deposits in DNB. The loans are fully repaid in 2021 and the cash deposit is included in restricted deposits.

Current debt to credit institutions amounts to NOK 1,684 million and is normal amortisation (excluded accrued intrerest). Current bond loan DOFSUB07 NOK 508 million is due in May 2018.


Note 9 Subsequent events

ContractsDOF Subsea has been awarded a contract within wind industry, securing utilisation of Skandi Neptune for 45 days + options in Q4 in the Atlantic region.

In the North America region, DOF Subsea has been awarded a contract for the provision of survey, ROV and vessel services in the Gulf of Mexico, securing 135 days of vessel utilisation in two phases. The project will utilise the vessels Harvey Deep Sea and Skandi Achiever with phase one commencing in Q4 2017 and phase two commencing in Q1 2018.

Skandi Sotra has been secured a 75-day contract with Chevron in Australia.

Fugro has extended the firm contract for Skandi Olympia in the North Sea until end September 2018.

Skandi Foula has been awarded a 2 months contract + options in the Black Sea.

Wintershall has declared 3 months option for Skandi Gamma and the contract is extended until mid-March 2018.

New share capital The share capital of the Company has on the 9 October 2017, been increased with NOK 13,129,497.50 by issuance of 26,258,995 new shares, each with a nominal value of NOK 0.50, at the conversion price of NOK 1.00 per share. Following the share capital increase, the Company’s share capital is NOK 841,989,589.50, divided into 1,683,979,179 shares, each with a nominal value of NOK 0.50. After the conversion, the outstanding amount of the Subordinated Convertible Bond is NOK NOK 310,582,503.

Change in shareholding DOF ASA Møgster Offshore AS and Perestroika AS, related party to Frederik W. Mohn, have entered into an agreement whereby Perestroika AS, as part of a capital increase in Møgster Offshore AS has transferred its 138,500,000 shares in DOF ASA to Møgster Offshore AS as contribution in kind in the capital increase in Møgster Offshore AS. The Perestroika shares in DOF ASA are priced at NOK 1 per share.

Møgster Offshore AS will after this transaction own 945,376,050 shares in DOF ASA representing 56,14% of the share capital today and 47,40% on a fully diluted basis. Perestroika AS will after this transaction not own any shares or shareholder rights in DOF ASA.

Note 10 Transaction with related parties

Note 11 Taxes

Transactions with related parties are governed by market terms and conditions in accordance with the “arm’s length principle”. The transactions are described in the Annual report for 2016.

There are no major changes in the type of transactions between related parties.

Taxes per 30 September 2017 are a preliminary estimate.


Note 12 Share capital and shareholders

Largest shareholders as of 30.09.2017

Name No. shares Shareholding Voting shares

MØGSTER OFFSHORE AS 806 876 050 48.67 % 48.67 %

PERESTROIKA AS 138 500 000 8.35 % 8.35 %

BNP PARIBAS SECURITIES SERVICES 67 500 000 4.07 % 4.07 %

SKANDINAVISKA ENSKILDA BANKEN AB 22 731 058 1.37 % 1.37 %

MP PENSJON PK 18 265 186 1.10 % 1.10 %

DRAGESUND INVEST AS 17 600 000 1.06 % 1.06 %

MOCO AS 14 844 184 0.90 % 0.90 %

TOPDANMARK LIVSFORSIKRING A/S 12 500 000 0.75 % 0.75 %

DNB NOR MARKETS, AKSJEHAND/ANALYSE 12 344 587 0.74 % 0.74 %

PARETO AS 11 734 975 0.71 % 0.71 %

ARCTIC FUNDS PLC 11 368 579 0.69 % 0.69 %

AKERSHUS FYLKESKOMM. PENSJONSKASSE 10 000 000 0.60 % 0.60 %

GERDA MARIE AS 10 000 000 0.60 % 0.60 %

SKANDINAVISKA ENSKILDA BANKEN AB 9 500 000 0.57 % 0.57 %

NORDNET LIVSFORSIKRING AS 9 193 131 0.55 % 0.55 %

THE NORTHERN TRUST COMP, LONDON BR 8 589 578 0.52 % 0.52 %

PARETO KREDITT 7 628 976 0.46 % 0.46 %

TOLUMA NORDEN AS 7 000 000 0.42 % 0.42 %

SIGFISK AS 6 000 000 0.36 % 0.36 %

NORDNET BANK AB 5 832 777 0.35 % 0.35 %

Total 1 208 009 081 72.87 % 72.87 %

Total other shareholders 449 711 103 27.13 % 27.13 %

Total no of shares 1 657 720 184 100.00 % 100.00 %


Note 13 Performance measurements definitions

DOF ASA financial information is prepared in accordance with international financial reporting standards (IFRS). In addition DOF ASA discloses alternative performance measures as a supplement to the financial statement prepared in accordance with IFRS. Such performance measures are used to provide an enhanced insight into the operating performance, financing and future prospects of the company and are frequently used by securities analysts, investors and other interested parties.

The definitions of these measures are as follows:

EBITDA – Operating profit (earnings) before depreciation, impairment, amortisation, net financial costs and taxes is a key financial parameter. The term is useful for assessing the profitability of its operations, as it is based on variable costs and excludes depreciation, impairment and amortise costs related to investments. Ebitda is also important in evaluating performance relative to competitors.

EBITDA before hedge – Ebitda as described above adjusted for hedge accounting of revenue, according to mangement reporting.

Operational EBITDA – Ebitda as described above adjusted for gain on sale of tangible assets, according to management reporting.

Operational EBITDA before hedge – Ebitda as describe above adjusted for gain on sale of tangible assets and hedge accounting of revenue, according to management reporting.

EBIT – Operating profit (earnings) before net financial costs and taxes.

Profit before unrealised finance costs – Profit before net unrealised gain/loss on currencies and net changes in the fair value of financial instruments.

Unrealised finance costs – Total unrealised gain/loss on currencies and net changes in the fair value of financial instruments.

Unemployed capital – Vessel under construction (newbuildings).

Interest bearing debt – Total of current and non-current borrowings.

Net interest bearing debt – Interest bearing debt minus current and non-current interest-bearing receivables and cash and cash equivalents. The use of the term “net debt” does not necessarily mean cash included in the calculation are available to settle debts if included in the term.

Utilisation - Utilisation of vessel numbers is based on actual available days including days at yard for periodical maintenance, upgrading, transit or idle time between contracts.

Contract coverage – Number of future sold days compared with total actual available days excluded options.

Backlog – Sum of undiscounted revenue related to secured contracts in the future and optional contract extensions as determined by the client. Contract coverage related to master service agreements (MSA`s) within the CSV segment, includes only confirmed purchase order.

Financial reporting – Financial Reporting according to IFRS.

Management reporting – Investments in joint ventures (JV) is consolidated on gross basis in the income statement and the statement of financial position.


DOF ASA

NORWAY

DOF Subsea ASThormøhlensgate 53 C5006 Bergen NORWAYPhone: +47 55 25 22 00Fax: +47 55 25 22 [email protected]

DOF Subsea Norway ASThormøhlensgate 53 C5006 Bergen NORWAYPhone: +47 55 25 22 00Fax: +47 55 25 22 [email protected]

DOF Management ASAlfabygget5392 StorebøNORWAY

Thormøhlensgate 53 C5006 Bergen NORWAY

Phone: +47 56 18 10 00Fax: +47 56 18 10 [email protected]

ANGOLA

DOF Subsea AngolaRua Ndumduma 56/58Caixa postal 2469, MiramarLuanda, Republic of Angola Phone/Fax: +244 222 43 28 58 +244 222 44 40 68Mobile: +244 227 28 00 96 +244 227 28 99 95 E-mail: [email protected]

SINGAPORE

DOF Subsea Asia Pacific Pte Ltd460 Alexandra Road # 15-02PSA Building, 119963SINGAPOREPhone: +65 6561 2780Fax: +65 6561 [email protected]

DOF Management Pte Ltd460 Alexandra Road # 15-02PSA Building, 119963SINGAPOREPhone: +65 6868 1001Fax: +65 6561 2431

UNITED KINGDOM

DOF Subsea UK LtdHorizons House 81-83 Waterloo Quay Aberdeen, AB11 5DEUNITED KINGDOMPhone: +44 1224 614 000Fax: +44 1224 614 [email protected]

DOF (UK) LtdHorizons House 81-83 Waterloo Quay Aberdeen, AB11 5DEUNITED KINGDOMPhone: +44 12 24 58 66 44Fax: +44 12 24 58 65 [email protected]

USA

DOF Subsea USA Inc5365 W. Sam Houston Parkway N Suite 400, Houston Texas 77041 USAPhone: +1 713 896 2500Fax: +1 713 726 [email protected]

ARGENTINA

DOF Management Argentina S.A.Peron 315, piso 1, Oficina 6-bC1038AAG-CABA 1038 - Buenos AiresARGENTINAPhone: +54 11 4342 [email protected]

AUSTRALIA

DOF Management Australia5th Floor, 181 St. Georges TcePerth, Wa 6000 AUSTRALIAPhone: +61 3 9556 5478Mobile: +61 418 430 939

DOF Subsea Australia Pty Ltd5th Floor, 181 St. Georges TcePerth, Wa 6000 AUSTRALIAPhone: +61 8 9278 8700Fax: +61 8 9278 [email protected]

BRAZIL

NorSkan Offshore LtdaRua Lauro Müller, 116 - Offices 2802 to 2805 - Botafogo - Rio de Janeiro - RJ BRAZIL - CEP: 22290-160Phone: +55 21 2103-5700Fax: +55 21 [email protected]

DOF Subsea Brasil Serviços LtdaRua Fiscal Juca, 330 Q: W2 – L: 0001 Loteamento Novo Cavaleiros Vale Encantado – Macaé/RJ BRAZIL - CEP: 27933. 450Phone: +55 22 2123-0100Fax: +55 22 [email protected]

CANADA

DOF Subsea Canada26 Allston Street, Unit 2Mount Pearl, NewfoundlandCANADA, A1N 0A4Phone: +1 709 576 2033Fax: +1 709 576 [email protected]

Alfabygget5392 StorebøNORWAYPhone: +47 56 18 10 00Fax: +47 56 18 10 [email protected]

DOF ASAAlfabygget

5392 StorebøNORWAY

www.dof.com

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