Dof's bondholders have converted notes worth NOK 21m ($2.4m) into the company's shares.
A total of 2.1 million new shares have been issued at a conversion price of NOK 10.00 per share, which has raised Dof's share capital by NOK 10.5m.
As a result, the Oslo-listed company's market capitalisation has been raised to NOK 1.5bn, divided into 300,887,779 shares.
Dof issued the subordinated convertible bond loan, which has a nominal value of NOK 1.03bn, on 4 August 2016.
The loan is due to mature on 6 July 2021 and is convertible until June 8 that year.
In May, Dof warned that tough markets for offshore support vessels mean the company is likely to be unable to pay back some bank loans and be in breach of its covenants with lenders.
