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2015-09-25

Bergen Group ASA : Bankruptcy petition of the subsidiary Bergen Group Hanøytangen AS

The board of directors of Bergen Group Hanøytangen AS (the company) has
resolved a petition for bankruptcy. The petition is being filed with
Nordhordland Tingrett today, 25 September 2015.

The company has over time experienced a strained liquidity situation due to
the ongoing dispute over the final settlement of the rig project Borgland
Dolhin completed in Q1 2015. Arbitration proceedings against the rig owner
were initiated on 28 August of this year, but the dispute will not be
processed by the arbitration court until Q2 2016.

The board of directors of the company, together with its external and internal
advisors, has made substantial efforts with the aim of reaching a stand still
agreement with the company's creditors, pending the final settlement from the
Borgland Dolphin project. These efforts were continued following the court
meeting of 8 September 2015, in which the hearing of the petition for
bankruptcy against the company served by Radøygruppen was postponed to 28
September 2015.

The process of reaching a stand still agreement has gained support from a
large number of the creditors, and Bergen Group is still of the opinion that
a stand still would be in the best interests of both the creditors and the
company. Unfortunately, the company must acknowledge that some credtitors
have objected to such stand still agreement, rendering it unlikely that an
out of court arrangement with the creditors will gain sufficient support.
The company has considered filing for debt settlement proceedings, however,
in light of the creditors' attitude and the pending petition for bankruptcy
against the company, this was not deemed as an appropriate action.

The board of directors considers that the conditions for opening bankruptcy in
the company as set forth in section 60, cf. sections 61, 62 and 66, of the
bankruptcy act are satisfied.

Bergen Group Hanøytangen AS is a wholly owned subsidiary in the Bergen Group
ASA group. The company has no employees, following the sale of the business
of the company to Semco Maritime in May of this year.

Contact person:
Hans Petter Eikeland, CEO Bergen Group ASA, mobile +47 932 08 177
Nils Hoff, CFO Bergen Group ASA, mobile +47 930 92 346
Øyvind Risnes, SVP Corporate Functions&Communications Bergen Group ASA, mobile
+47 480 48 561

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Bergen Group via Globenewswire

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