Deep Sea Supply : Roll-up of 50% stake in Brazilian joint venture completed. New share capital.

15 september 2016

Reference is made to the stock exchange notice of 22 July 2016 and the information memordandum published on 31 August 2016 in conjunction with the roll-up by Deep Sea Supply Plc (the "Company) of the 50% stake of the Brazilian joint venture DESS BTG from Principal DPC Serviços de Óleo e Gás ("DPC") (the "Transaction").

The Transaction has received anti-trust approval from the Conselho Administrativo de Defesa Econômica in Brazil, and the Transaction has accordingly been completed today.

In connection with closing of the Transaction, the Company has issued 30,133,022 new shares (the "New Shares") and 10,000,000 warrants (the "Warrants") to Sagale Beteiligungsverwaltungs GmbH, a wholly-owned subsidiary of DPC. Each Warrant gives the holder a right to require one new share to be issued at a strike price of NOK 1.24, and the warrants are exercisable up to 36 months from closing of the Transaction and are otherwise on customary terms and conditions.

The New Shares have been validly and legally issued and fully paid-up, and will be listed on the Oslo Stock Exchange under the ticker code "DESSC" and registered under the Company's ordinary ISIN CY0100120910. Following issuance of the New Shares, the Company's share capital is USD 5,826,604.32 divided into 291,330,216 shares, each fully paid up and with a par value of USD 0.02 each.

Limassol, 15 September 2016

Deep Sea Supply Plc

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