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2015-04-15

Bergen Group : Detailed announcement regarding new international ownership at Hanøytangen

This detailed stock exchange announcement is published in accordance with
section 3.4 of the Continuing Obligations for listed companies, with
reference to the announcement published on 13 April 2015 titled "New
international ownership at Hanøytangen".

Bergen Group's divestment of the real estate at Hanøytangen is based on a
Share Purchase Agreement ("SPA") made between Bergen Group Offshore AS
("BGO") as seller and Hellik Teigen AS and Hellik Teigen Eiendom AS (jointly
referred to as "Hellik Teigen") as buyers.

Bergen Group's divestment of the operational activity at Hanøytangen is based
on an Asset Purchase Agreement ("APA") made between Bergen Group Hanøytangen
AS ("BGHT") as seller and Semco Maritime AS ("Semco") as buyer.

Under the SPA, Hellik Teigen will acquire BGO's shares, corresponding to 100 %
of the aggregated share capital, in Bergen Group Hanøytangen Eiendom AS.
Under the SPA, Hellik Teigen will also acquire BGO's shares, corresponding to
50 % of the aggregated share capital, in Hanøytangen AS. The companies Bergen
Group Hanøytangen Eiendom AS and Hanøytangen AS own the properties currently
utilized by Bergen Group at Hanøytangen.

Under the APA, Semco will acquire all assets related to BGHT's operational
activity at Hanøytangen. This includes all machinery, equipment, inventory
and employees. This also includes any work in progress relating to a yard
logistics projects related to Technip, but excludes the ongoing rig project
on Safe Bristolia. The Safe Bristolia project will be finalised in Q2 2015 by
BGHT, independent of the closing date for the transaction.

The total transaction price (on debt and cash free basis) for the above
mentioned transactions is NOK 245 million. The purchase price will be paid on
closing date, but with a limited sum to be held in escrow to secure the
liability towards the buyers. The time for closing of the Transaction is not
defined, but is expected within 3-4 weeks from today.

The Board of BGHT consists of three shareholder elected directors; Bjørn Eirik
Klepsvik, Øyvind Risnes and Asle Solheim. Asle Solheim is CEO, and the
company had a total of 45 employees as of 31 March 2015.

The Board of Bergen Group Hanøytangen Eiendom AS consists of three shareholder
elected directors; Øyvind Risnes, Asle Solheim and Yngve Thuen. Øyvind Risnes
is the manager of the company. Bergen Group Hanøytangen Eiendom AS has no
permanent employees as of 31 March 2015.

The board of Hanøytangen AS consists of four shareholder elected directors;
Per-Kåre Hansen, Ring Tore Teigen, Hellik Teigen and Magnus Stangeland.

Bergen Group will by the APA transaction pass its position as a
well-established provider of rig service, maintenance and classing over to
Semco. The rig service activity has over years been fluctuating, with a
relatively short term order book. Bergen Group expects the rig service
market to become more challenging, volatile and complex in the years to come.
Semco, as an international contracting and engineering company, will provide
Hanøytangen with a substantial and flexible project capacity needed for an
increased international competition in the rig market.

Bergen Group will by the SPA transaction pass over all its real estate at
Hanøytangen to Hellik Teigen,one of Norway's largest and leading recyclers of
ferrous and non-ferrous metals. Bergen Group has a well-established relation
with this company, based on their strong foothold at Hanøytangen, both
through its ownership of Norscrap West, being the neighbouring company to the
offshore yard, and through its presence as a major landowner in the area.

Although Bergen Group now has concluded on a sale of both the real estate and
the operating assets at Hanøytangen, Bergen Group have ambitions to continue
its well-established relations with both Semco Maritime AS and Helik Teigen
AS, thus expecting Bergen Group to be a stable supplier of goods and services
to the new owners at Hanøytangen.

The net proceeds from the transaction will be used to repay debt and to
strengthen the group's liquidity position. Hence, the sale transaction
enables Bergen Group to further strengthen the ongoing process of developing
the Group's remaining operational activity related to the Services-segment,
consisting of Bergen Group Services and Bergen Group Skarveland. In 2014,
these companies with over 250 employees had in total revenues of
approximately NOK 400 million, and an order book which during 2014 increased
from NOK 45 million to NOK 171 million.

The revenues in 2014 related to the operations in BGHT and from the Group's
real estate at Hanøytangen (jointly defined as "Hanøytangen Group") were
approximately 22 % of Bergen Group ASA's total revenue in 2014. Net loss for
Hanøytangen Group in 2014 was approximately 5% of Bergen Group ASA's total
net loss. Details are provided in the attachments.

The share sales under the SPA (the property transaction) will result in the
following estimated accounting effects:

* An impairment loss of approximately NOK 145 million allocated to property,
plant and equipment's, to be recognized in the 2014 financial statements.
* A net reduction of approximately NOK 20 million related to deferred tax
asset, to be recognized in the 2014 financial statements.
* A net gain before tax of approximately NOK 20 million allocated to disposal
of investment in joint venture, to be recognized in the Q2 2015 interim
report.

The sale of operational assets under the APA will result in a net gain before
tax of approximately NOK 30 million allocated to disposal of net operational
assets, to be recognized in the Q2 2015 quarterly report.

EY have been the financial advisor for Bergen Group in the transaction
process.

In connection with closing of the Transaction, leading personnel will be
entitled to bonuses in an aggregate amount of up to NOK 1.5 million for
Bergen Group's account.

Key financial figures from Bergen Group's business activity at Hanøytangen
("Hanøytangen Group") is provided in the attachment (numbers in thousands
NOK).

For further information, please contact:
CEO Asle Solheim, phone +47 993 28 465
CFO Henning Nordgulen, phone +47 952 65 990
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.

Hanoytangen Group 2012-14
http://hugin.info/139079/R/1911280/681884.pdf

---------------------------------------

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#1911280

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