Møgster Offshore and Perestroika have entered into an agreement whereby Perestroika, as part of a capital increase in Møgster Offshore, has transferred its 138 500 000 shares in DOF to Møgster Offshore as contribution in kind in the capital increase in Møgster Offshore.

Møgster Offshore is related party to the chairman of the board of DOF, Helge Møgster, while Perestroika is an investment company related to Frederik W. Mohn, director of DOF.

The Perestroika shares in DOF are priced at NOK 1 per share, which prices the transaction at approximately $17 million.

The Møgster group is the primary owner of DOF, providers of offshore service vessels and service to the subsea market.

Møgster Offshore will after this transaction own 945 376 050 shares in DOF representing 58,02% 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.

Helge Møgster said that the basis for this agreement is to strengthen the industrial ownership Møgster Offshore has in DOF.