19 November 2015

Bergen Group ASA: Interim Report for Q3 2015

Bergen Group's Q3 results are largely characterised the extensive structural changes within the Group. The order backlog is evaluated as strong.

Bergen Group's continuing operations in Q3 2015 generated revenues of NOK 45 million after intercompany eliminations and an operating loss before depreciation (EBITDA) of NOK 10 million. Negative non-recurring items in the quarter amounts to NOK 5.5 million.

“The Q3 results are largely characterised by losses and costs connected to the extensive structural changes within the Group. These processes are expected to have a somewhat limited effect in Q4. After finalising this restructuring process, there is a good foundation for improvements of the result in the coming quarters”, states CEO Hans Petter Eikeland.

Eikeland refers to the remaining operations of the Group, now exercised by Bergen Group Services AS, which already are well established with a solid market position. This company has at the end of September, a robust order backlog of NOK 173 million. In addition, the company has option agreements which are expected to yield 90-100 million in revenue the next two years.

“Bergen Group Services has succeeded in completing a robust and varied customer portfolio in the spot market, with several long-term framework agreements that contribute to further developing and strengthening the Group’s competence within complex maritime service projects”, the CEO says. He further points out that the company in October has succeeded to achieve new frame agreements with Volvo Penta and with Marine Jet Power AB.

“These new agreements entail a further strengthening of the company’s operative platform and its basis for further growth. The market outlook within the market areas ship-technical maintenance, repairs and modification of vessels provide a strong platform for ongoing activities, independent of the situation within the offshore industry. In addition, we also consider alternative markets and cooperation opportunities that can contribute to further growth”, says CEO Hans Petter Eikeland.

For further details, reference is made to the  interim report for Q3 2015.


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 48 561