DeepOcean ASA and DOF ASA have today entered into a standstill agreement in relation to negotiations regarding a possible combination of DeepOcean and DOF Subsea ASA through an offer for DeepOcean.
Pursuant to the agreement DOF and its subsidiaries and affiliates undertake not to vote for or initiate an alteration of the composition of the board of DeepOcean, and to vote against any proposal to alter the composition of the board of DeepOcean which is not recommended by the present board of DeepOcean, in the period from today to 15 February 2008 (the `Standstill Period`). DOF may nominate and vote in favour of the election of a new member of the board of DeepOcean on the Extraordinary General Assembly to be held on 12 February 2008. Please refer to the stock exchange notice dated 10 January 2008.
DeepOcean and its subsidiaries and affiliates undertake in the Standstill Period not to make any decisions to purchase or charter vessels or other dispositions of material significance to the nature or scope of the operations of DeepOcean or its subsidiaries. DeepOcean and its subsidiaries and affiliates may however make dispositions that are part of the normal course of their business, hereunder implement decisions already authorized by the board of DeepOcean.