21 February 2017

Secured convertible loan to AAK Energy Services AS

Bergen Group is granting a secured convertible loan of up to NOK 6 million to AAK Energy Services AS.

Reference is made to the stock exchange message disclosed on 3 February 2017 regarding strategic cooperation with AAK Energy Services AS.

In continuation of this Bergen Group ASA has, through the wholly owned subsidiary Bergen Group Management AS (the «Company»), granted a convertible loan to AAK Energy Services AS (“AAK”) limited to NOK 6.0 million.  The loan will be divided in two separate tranches, each limited up to NOK 3 million, for disbursement in respectively Q1 and Q2 2017. The loan matures at 29 December 2017, and is secured by 1st priority in AAK’s assets.

“This secured loan is a natural extension of our strategic partnership which was signed on 3 February 2017. The loan will strengthened AAK Energy Services AS's flexibility at a time when we also consider possibilities for a closer cooperation that can contribute to further growth for both companies”, says CEO Hans Petter Eikeland in Bergen Group ASA.

From 30 April 2017 to 30 June 2017 the Company will have an option to convert any outstanding part of the loan to shares in AAK at par value of the shares in AAK. In case (i) Bergen Group Management AS utilized its option to convert the loan to shares or (ii) AAK defaults on the loan, Bergen Group Management AS will have the right to acquire any remaining shares from the current owners of AAK for a total price of NOK 2.5 million. The price shall be settled by way of cash payment by Bergen Group Management AS of NOK 1.25 million and a seller’s credit from the current owners of AAK of NOK 1.25 million. The seller’s credit can be settled by Bergen Group Management AS by (i) repayment within 12 months or (ii) by conversion of the amount due to shares in Bergen Group ASA.

AAK Energy Services is headquartered at Kokstad outside Bergen and are specializing in demanding access to vulnerable areas in challenging environments. Aak Energy Services AS is part of the AAK Group, which also consists of the associated company AAK IRV.

Bergen Group ASA its operational activities exercised by Bergen Group Services AS is an established supplier of products and services to areas of Energy & Industry, Maritime and Defense. The company builds on broad expertise and extensive experience in their business areas.

For further information:
CEO Hans Petter Eikeland in Bergen Group ASA, phone +47 932 08 177 
SVP Øyvind Risnes in Bergen Group ASA, phone +47 480 48 561