DNO International ASA - Change of currency offe...

DNO International ASA announces that substantial bondholders in
DNO06, DNO07 and DNO08 have accepted a voluntary offer to exchange
existing bonds denominated in NOK for bonds in three separate new
issues with USD currency.

The three new issues will have the same loan structure as DNO06,
DNO07 and DNO08 respectively, but with USD currency and a
corresponding additional margin of 0.5 per cent. For detailed
information see attached term sheets.

The bonds will be exchanged at price of par value (100%) plus accrued
interest and the currency exchange rate will be determined at market
rates prior to closing. The three new bond issues will have
denomination of USD 100 000.

Any fractions will be rounded up to nearest USD 100 000. The company
hereby also makes a voluntary exchange offer on the same terms to
acquire remaining outstanding bonds of DNO06, DNO07 and DNO08, in
exchange for bonds in the three new bond issues. The offer is
scheduled to expire 8 December, 2008, subject to extension or earlier
termination.

The current bond issues will prolong according to the current
respective loan agreements.

The change of currency offer is made for foreign exchange risk
management purposes.

Fearnley Fonds ASA is acting as financial advisor to DNO
International ASA in connection with the Offer.


DNO International ASA
27 November, 2008

Contact information:

DNO International ASA
Haakon Sandborg, CFO
Tel.: [phone]

Fearnley Fonds ASA
Thomas Berg-Nielsen
Tel.: [phone]


This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement.