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2016-02-26

Bergen Group ASA: Interim Report for Q4 2015

"Bergen Group's results for Q4 2015 are mainly influenced by the fulfilled
restructuring process in the group, combined with a challenging market in the
oil and gas sector. We are now looking forward to see the impact and positive
results of a challenging restructuring period. The foundation for a
profitable operation and new growth is in our opinion already present in the
current quarter", says CEO Hans Petter Eikeland.

Bergen Group's continuing operations in Q4 2015 had revenues of NOK 37 million
after intercompany eliminations and an operating loss before depreciation
(EBITDA) of NOK 12 million. The Group's liquidity situation is still
strained. The group works with processes with an aim to establish a capital
structure intended to improve the liquidity situation and provide a more
robust and long-term financial situation.

The remaining operations in the Group, which is now exercised by its
subsidiary Bergen Group Services AS, has a strong order backlog primarily
related to the company's expertise in complex maritime service project. This
business area has been profitable even through the turbulent previous year.

Hans Petter Eikeland is satisfied that the company in Q4 was rewarded new and
important framework agreements from strong industrial partners within
maritime services.

"This will provide the company with an additional activity growth in 2016",
says the CEO who strengthen the order book with another NOK 70 million this
week,. This is related to the Armed Forces decision of a one-year extension
on the contract for ship maintenance on the Navy frigate class.

"It is considered positive that the military maintains a comprehensive
maintenance program at a time when much of the industry is affected of lower
activity levels within the oil and gas sector. In times like this, it is
vital that the industry are able to uphold their expertise built up over many
years", says Eikeland.

Bergen Group Services AS will continue to maintain a strong focus on maritime
service combined with service and prefab deliveries into the onshore
industry. The company has also taken steps in order to expand current
activity in the oil and gas industry to also include a market covering the
whole energy sector.

"Bergen Group Services has over time built up a solid expertise in complex
maritime service project. Much of this expertise and experience have
potential to be utilized towards the innovative "green" energy market. In
addition, alternative markets and cooperation opportunities that can
contribute to further growth will be assessed", says CEO Hans Petter
Eikeland.

For further details, reference is made to the attached interim report for Q4
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

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

Interim Report Q42015
http://hugin.info/139079/R/1989744/730818.pdf

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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

HUG#1989744

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