28 August 2015

Bergen Group ASA: Interim Report for Q2 2015

Bergen Group's continuing operations in Q2 2015 generated revenues of NOK 46 mill. after intercompany eliminations and an operating loss before depreciation of NOK 8 mill.

In the 1st half year of 2015 the continuing operations generated revenues totaling NOK 115 million and suffered a loss before depreciation and amortization (EBITDA) of NOK 6 million.

Profitability has not been satisfactory in the first half year of 2015. This is mainly due to a weaker market in the oil and gas sector, a temporary lower activity towards the Norwegian defense and weak profits in Bergen Group Skarveland AS.

Following the sale of Bergen Group ASA's properties and operations on Hanøytangen 19 May 2015, the Group's remaining operational activities are related to the Services segment consisting of Bergen Group Services AS and Bergen Group Skarveland AS. These companies had 30 June an order backlog totaling NOK 178 million. This is considered as a good platform to further develop and enhance a profitable operation.

Bergen Group Hanøytangen is experiencing a strained liquidity situation due to lack of payments from the rig project Borgland Dolphin completed in Q1 2015. A process is consequently initiated before the Arbitration Tribunal. The claim is approximately NOK 190 million, and the dispute will be processed by the Arbitration Court in Q2 2016.

Reference is made for further details to the attached interim report for Q2.

Contact persons:
CEO Hans Petter Eikeland, tel. 932 08 177 
CFO Nils Hoff (finance), tel. 930 92 346 
SVP Corporate Functions & Communications Øyvind Risnes, phone +47 480 48 56