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Bergen Group : Interim Report for Q1 2014

In the 1st quarter of 2014, Bergen Group had a turnover of NOK 585 million,
and an operating profit before depreciation and amortization (EBITDA) of NOK
3 million. The order backlog in the Maritime Service and Offshore has shown a
strong increase since last year-end, while the Group's involvement in
shipbuilding has been significantly reduced.

CEO Asle Solheim considers the Q1 results as a clear step in the right
direction when it comes to regaining a healthy profitability and at the same
time establishing a foundation for new growth in the Group's future priority
areas within Maritime Service and Offshore.

"Bergen Group has registered a growing interest in the Groups commitment to
Hanøytangen. We are pleased to see that this industrial area is considered
attractive for far more business than just rig service", says Ale Solheim. So
far this year, Hanøytangen has increased its customer base and order volume
as a consequence of beeing awarded several new offshore related projects.

"We feel we are on track in our efforts to ensure Hanøytangen a wide range of
maritime and offshore - related activities that may provide a profitable and
stable activity platform independent of the fluctuations in the rig market.
At the same time, we are working with specific measures to strengthen
Hanøytangen as an internationally competitive centre for larger rig
assignments", says Solheim.

He points out that the new business-areas now being established at
Hanøytangen already have resulted in projects that have given a foothold
towards new customers.
"Hanøytangen will be further developed into a strong centre for rig services,
as well as maritime services, subsea and offshore services and demolition
projects", the CEO states.

Bergen Group has during the quarter reduced the Group's exposure within
shipbuilding. The revised agreement with Calexco increases Calexco's
ownership in NorYards AS from 51% to 70 % when the transaction is completed
within short time. In addition to that, Bergen Group will during the summer
complete its two remaining shipbuilding projects.

"The sale of the shipbuilding division makes it possible for us to increase
our focus on the Group's future business in Offshore and Maritime Services -
related activities. Here we already have a strong platform with a great
potential for future growth", says Solheim who is satisfied with the fact
that the Services division at the end of Q1 had a record high order backlog
of NOK 151 million. A significant part of this is linked to long-term
framework contracts which contribute to further developing the Group's
expertise and capacity related to complex maritime projects.

CEO Bergen Group, Asle Solheim, tel. 993 28 465
CFO Bergen Group, Henning Nordgulen (finance), tel. 952 65 990
SVP Corporate Functions&Communications Bergen Group, Øyvind Risnes (media),
tel. 480 48 561

Regarding the presentation of the report for the 1st quarter of 2014
In connection with the publication, we invite to a teleconference today,
Wednesday May 21stat 09:30 CET. The teleconference will be headed by CEO Asle
Solheim and CFO Henning Nordgulen. The presentation material is available for
download atwww.newsweb.noandwww.bergengroup.no.

Teleconference details:
From Norway: tel. 800 888 60 and code: 323 076 + #

From other countries: + 47 23 18 45 00 and code: 323 076 + #
This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

BERGEN Q1 2014 presentation
BERGEN interim report Q1 2014


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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