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Bergen Group : New international ownership at Hanøytangen

Bergen Group has decided to divest the company's rig-service activity at
Hanøytangen. Sale agreements have been concluded with Semco Maritime AS for
the operational activity and with Hellik Teigen AS for the real estate. The
total transaction price is set to NOK 245 million.

The well-established industrial area at Hanøytangen outside Bergen has for
many years been an important facility for the offshore division in Bergen
Group. Going forward, Bergen Group has concluded it strategically appropriate
to bring in new international ownership to take over the further development
of the rig-service activity at Hanøytangen.

"The offshore market has become more challenging, volatile and complex. An
increased international competition is expected, and this calls for a
substantial and flexible project capacity as well as future investments in
developing the yard. Bergen Group has in this respect evaluated various
strategic alternatives and financial measures for Hanøytangen. Based on a
comprehensive process, the board of directors in Bergen Group has concluded
on a sale of both the real estate and the operating assets as the best
alternative available", states Magnus Stangeland, chairman of Bergen Group

The parties plan a final closing within 3-4 weeks from today. The sale
agreement does not include the positive financial effect of the ongoing rig
project on Safe Bristolia, which is expected to be finalised by Bergen Group
around closing time.

When closing has taken place, Bergen Group will pass their position as a
well-established provider of rig service, maintenance and classing over to
Semco Maritime.

"Bergen Group has over many years worked with Semco Maritime on various
projects at Hanøytangen. We are satisfied with handing over the future
development of this unique offshore yard to such a well-established
international contracting and engineering company. We also see an exciting
potential in a future cooperation between Bergen Group and the new owners at
Hanøytangen, based on Bergen Group Services and their strong position within
industrial and maritime service", Stangeland comments.

Semco Maritime is looking forward to taking over the operational activities at

"The acquisition is an important strategic step for Semco Maritime in pursuing
our ambition to become the North Sea leader within projects, service and
maintenance for the rig market. Hanøytangen has excellent yard facilities and
is the deepest dry dock in Europe. It is a perfect match to our existing
facilities in Esbjerg and Invergordon. Hanøytangen completes our set up in
the North Sea triangle, thus enabling us to provide a very strong proposition
to our clients with one of the largest and strongest rig upgrades and service
facilities in Europe", says Steen Brødbæk, CEO of Semco Maritime.

In addition to the sale of the operational activity to Semco Maritime, Bergen
Group has also sold the company's real estate at Hanøytangen to Hellik Teigen
AS. This company has today a 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.

"Hanøytangen, with its location and facilities, is a unique site in a European
context, and we are very satisfied with this opportunity to expand our
ownership in the area. We look forward to welcoming such a strong and
reputable player as Semco Maritime on a permanent basis to Hanøytangen, and
are certain that they will succeed in realizing the full market potential of
the facilities", says Ring Tore Teigen, CEO of Hellik Teigen AS.

"We look forward to working with Hellik Teigen, who is a strong local partner,
on the future development of the Hanøytangen facilities, where we see major
possibilities. We enter this engagement to establish a strong third leg in
our North Sea rig upgrade and service business and we are confident that we
can transfer know how, procedures and best practice from our other units and
tap into the market potential to make Hanøytangen successful and profitable",
says Steen Brødbæk.

After the sale of Bergen Group ASA's properties and operating assets at
Hanøytangen, the Group's remaining operational activity is 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. The sale transaction enables
Bergen Group to further strengthen the ongoing process of developing these
companies and their strong position within industrial and maritime service,
including prefabrication and service assignments towards the oil and gas
industries. The order backlog for the Services-segment has during 2014
increased from NOK 45 million to NOK 171 million. Earlier this year, Bergen
Group made an acquisition of the enterprise business at Fjell Industries AS
at Sotra as a part of the process of securing further growth in the Group's
continued business segment.

The proceeds from the transaction will be used to repay debt and to strengthen
the group's liquidity position. 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

The transaction of net operational assets 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.

A detailed announcement of sale agreements will be disclosed later this week,
pursuant to the Continuing Obligations for listed companies.

For further information, please contact:

Semco Maritime: CEO Steen Brødbæk, tel. +45 3038 6477
Hellik Teigen AS: Ring Tore Teigen, CEO, +47 414 46 000
Bergen Group ASA: Magnus Stangeland, Chairman of the Board, +47 916 61 010

Key info about the companies

Bergen Group

is a well-established Norwegian supplier of products, services and solutions
to the offshore and maritime industry. The core activities are focused on Rig
Service, Maritime Service and Subsea&Offshore Service. The group has over the
years developed an extensive capacity and competence within complex maritime
service operations. Bergen Group ASA is listed at Oslo Stock Exchange with
ticker BERGEN. See
www.bergengroup.nofor more information.

Semco Maritime

is an international contracting and engineering company. For more than 30
years we have been facilitating design, fabrication, service and maintenance
of our customers' assets, providing comprehensive project management across
all phases of energy projects. From turnkey engineering solutions to
operation support and delivery of components, systems and solutions - we make
sure our customers and partners in the energy sector experience safe,
cost-efficient operations. Semco Maritime is an international company with
2000 employees and branches in Denmark, Norway, UK, UAE, Singapore, Vietnam,
Australia, Central America and USA. For further information please see

Hellik Teigen Group

: The Hellik Teigen Group is one of Norway's largest and leading recyclers of
ferrous and non-ferrous metals. The family business was founded in 1901, and
has developed to become a modern, nation-wide recycling and industrial
enterprise. Hellik Teigen Group also operates within the business of
dismantling and environmental treatment of buildings and industrial on- and
offshore structures. The group
a portfolio of industrial properties managed for its own use and third party
rental. The Hellik Teigen Group, which is headquartered in Hokksund, Norway,
has a workforce of about 150 employees and branches in several key locations
in Norway. For further information please see

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


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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