21 May 2014

Bergen Group – Interim Report for Q1 2014

(Bergen, May 21st 2014): In the 1st quarter of 2014, Bergen Group had a turnover of NOK 585 million, and an operating profit before depreciation and amortization (EBITDA) of NOK 3 million. The order backlog in the Maritime Service and Offshore has shown a strong increase since year-end, while the Group's involvement in shipbuilding has been significantly reduced.

CEO Asle Solheim is considering the Q1 results as a clear step in the right direction when it comes to regaining a healthy profitability and at the same time establishing a foundation for new growth in the Group's future priority areas within Maritime Service and Offshore.

“Bergen Group has registered a growing interest in the Groups commitment to Hanøytangen. We are pleased to see that this industrial area is considered attractive for far more business than just rig service”, says Ale Solheim. So far this year, Hanøytangen has increased its customer base and order volume as a consequence of beeing awarded several new offshore related projects.

“We feel we are on track in our efforts to ensure Hanøytangen a wide range of maritime and offshore - related activities that may provide a profitable and stable activity platform independent of the fluctuations in the rig market. At the same time, we are working with specific measures to strengthen Hanøytangen as an internationally competitive centre for larger rig assignments”, says Solheim.

He points out that the new business-areas now being established in Hanøytangen already have resulted in projects that have given a foothold towards new customers.

“Hanøytangen will be further developed into a strong centre for rig services, as well as maritime services, subsea and offshore services and demolition projects”, the CEO states.

Bergen Group has during the quarter reduced the Group's exposure within shipbuilding. The revised agreement with Calexco increases Calexco’s ownership in NorYards AS from 51% to 70 % when the transaction is completed within short time. In addition to that, Bergen Group will during the summer complete its two remaining shipbuilding projects.

“The sale of the shipbuilding division makes it possible for us to increase our focus on the Group's future business in Offshore and Maritime Services - related activities. Here we already have a strong platform with a great potential for future growth”, says Solheim who is satisfied with the fact that the Services division at the end of Q1 had a record high order backlog of NOK 151 million. A significant part of this is linked to long-term framework contracts which contribute to further developing the Group's expertise and capacity related to complex maritime projects.

The Q1 2014 interim repport can be downloaded here.

The Q1 2014 presentation can be downloaded here.


Contacts:

CEO Bergen Group, Asle Solheim, tel. 993 28 465

CFO Bergen Group, Henning Nordgulen (finance), tel. 952 65 990

SVP Corporate Functions & Communications Bergen Group, Øyvind Risnes (media), tel. 480 48 561


Regarding the presentation of the report for the 1st quarter of 2014

In connection with the publication, we invite to a teleconference Wednesday May 21st at 09:30 CET. The teleconference will be headed by CEO Asle Solheim and CFO Henning Nordgulen.

Teleconference details:

From Norway: tel. 800 888 60 and code: 323 076 + #

From other countries: + 47 23 18 45 00 and code: 323 076 + #