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2014-04-10

Bergen Group: NorYards AS awarded contract for outfitting of new offshore vessel

NorYards AS has signed a contract with NFDS 2 Offshore AS for outfitting and
commissioning of a new and modern anchor handling tug supply vessels (AHTS).
The project will be carried out at NorYards Fosen (formerly Bergen Group
Fosen), generating outfitting activity at the yard from Q3 this year until
delivery in Q2 2015.

NFDS 2 Offshore AS is a subsidiary of The Nordenfjeldske Dampskibsselskap AS,
which is majority - owned by BOA Offshore AS. The contract value is in excess
of NOK 650 million.

"This is an important milestone for NorYards. The contract is the first
NorYards has achieved with an new international ownership in place", says CEO
Johannes D. Neteland in Noryards AS.

NorYards AS consists of NorYards BMV and NorYards Fosen. These two Norwegian
shipyards have until now constituted the shipbuilding division of Bergen
Group. Now these yards will be transferred to NorYards with the international
company Calexco S.a.r.l as the new majority owner. The contract is
conditional that the agreement between Bergen Group ASA and Calexco S.a.r.l.
is finalized as planned. It is expected that this transaction is completed
during the month of April.

"NorYards has a strong position in the value chain of modern shipbuilding;
from basic design through to completion of advanced offshore vessels for a
demanding international market. The foundation for future growth in the
construction of advanced offshore vessels and specialized vessels are
expected to be strong", says John D. Neteland.

The modern anchor handling vessel, which NorYards AS now has been awarded
contract on, is a sister ship of the anchor handling vessel currently being
outfitted at NorYards Fosen and due for delivery in Q2 this year. The vessel
is a VS 491 CD AHTS design, with an overall length of 91m, a breadth of 22m
and a bollard pull of minimum 285t and with a ROV hangar.

The hull of the new anchor handling vessel will be completed at the Nantong
Mingde Heavy Industries in China this summer, and is expected to arrive Fosen
in September. The delivery date of the completed vessel is set to Q2 2015.

For further info:
Johannes Neteland, CEO NorYards AS, telephone + 47 918 46 906
Anders Straumsheim, CEO NorYards Fosen, mobile +47 932 41 519

An illustration of the vesselis attached this message.

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

Illustration VS 491 CD AHTS
http://hugin.info/139079/R/1776212/605938.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

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