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Bergen Group ASA: Q1 2016 with positive operating result and an increased order book

Bergen Group's continuing operations has in Q1 2016 a recorded turnover of NOK
53 million and a profit before depreciation and amortization (EBITDA) of NOK
2 million. The order book has in the quarter increased by NOK 39 million.

CEO Hans Petter Eikeland is pleased with the fact that the extensive
structural and organizational changes made in 2015 have given the expected
impact in Q1 2016.

"Bergen Group has been through a tough and difficult restructuring process
that has been challenging for the employees, our suppliers and shareholders.
We are humble and grateful for all the constructive and solution-oriented
measures which are in place. We are now working diligently to establish a
platform that provides a strengthened basis for profitable operations in the
coming quarters", says Eikeland.

He points out in this context that the Group has an ongoing process with
creditors and capital sources in order to finally establish the company's
balance sheet and capital structure so that it will ensure adequate liquidity
and a more robust financial situation going forward.

The CEO can also rejoice at the fact that the order book has increased by over
25% during the quarter, and is now at 186 million. However, he points out
that the market situation in parts of the company's business areas are still
expected to be challenging in the coming quarters.

"Bergen Group will consider project-based alliances and forms of cooperation
that can strengthen the Group's market position as a major supplier for the
offshore, industrial and marine environment in Norway. In this respect, the
remaining operational activity of the group is considered to have an
attractive competence and a satisfactory capacity. Hence, we should be an
asset in possible forms of cooperation with other actors", says Eikeland.

Reference is made to the attached interim report for Q1 2016 for further

Contact persons:
CEO Hans Petter Eikeland, tel. +47 932 08 177
CFO Nils Hoff (finance), tel. +47 930 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.

Bergen Group Q1 2016


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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