3 October 2008

Bergen Group - frame contract signed with Transocean

Bergen Group Hanøytangen AS and Transocean Offshore (North Sea) Ltd NUF has signed a frame contract, reference made to Letter of Intent published September 5 this year.

The frame agreement covers upgrading of 3 rigs and also includes an option for modification work on a
further unit.

The agreement is for upgrade and classification work concerning the units Transocean Searcher, Polar Pioneer, Transocean Arctic, as well as an option for corresponding work on a further drilling rig. Bergen
Group`s scope of work includes detailed project planning, purchasing, as well as involvement in overall project management. Bergen Group estimate the frame contract will have an expected turnover of more
than NOK 500 million. The work commenced in September 2008 and will continue until the end of 2009, and will be carried out at Bergen Group's facilities at Hanøytangen outside Bergen.

The parties expressed ambitions regarding future cooperation during the contract signing. "Bergen Group has convinced us with facilities, project experience and service mindedness in the contract process. We have extensive rig activity in the North Sea, and if Bergen Group performs, the potential for further cooperation is established," says Asbjørn S. Olsen, Operations Manager Asset, Transocean Norway, in a comment.

"We will in the work for Transocean demonstrate our ability to complete large complex offshore projects for major international customers and thereby put the company at the map as a large offshore
supplier, says CEO Pål Engebretsen in Bergen Group and continues: "Our offshore division has a unique blend of competence; system capital, production facilities and strategic locations; to meet the expected growth rate in the oil and gas segment. "