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2015-04-14

TTS Group ASA: Breakthrough marine package equipment order signed in China

TTS Group ASA has, through its new 50/50 joint venture company TTS-SCM Marine
and Offshore Machinery Co., Ltd. in China, entered into a strategically
important contract for delivery of marine equipment packages, consisting of
heavy lift cranes, hatch covers and winches to six new multipurpose heavy
lift vessels. The package equipment approach brings the total order value up
to approx. 270 MNOK for the six vessels.

The contract is signed with Shanghai Shipyard Co., Ltd., and is related to
their order for six 28.000 DWT multipurpose heavy lift vessels that is going
to be built as part of the ongoing fleet extension program of China Ocean
Shipping Group Company (COSCO).

- The order represents a further belief in the strategic model
TTS has chosen for the important Chinese market, says Björn Anderson, CEO of
TTS Group ASA. - Localization of critical business projects in combination
with key account ship type packages ensures the successful roll-out plan for
TTS growth strategy, Andersson ads.

Each ship is equipped with proven heavy lift cranes designs TTS NMF type DK
II, two SWL 350t and one SWL 100t lifting capacity. COSCO already operates
eight identically constructed vessels with cranes delivered by TTS. In
addition, TTS will deliver hatch covers and winches from the 50/50 joint
venture company in China, TTS Hua Hai.

TTS-SCM will offer marine cranes from 100 to 800 tonnes, suited for a range of
heavy lifts and project cargo, as well as lattice boom cranes up to 1500
tonnes for various offshore work boats and supply vessels. The company will
carry out development, design, manufacturing and assembly of cranes.

The new joint venture is located in Guangzhou, the capital and the largest
city of the Guangdong province in South China and an important trade and
industry hub.

The delivery of the first ship will be in May 2016.

Bergen, 14th April 2015
TTS Group ASA

Tel.: +47 55 94 74 00 / Fax: +47 55 94 74 01
http://www.ttsgroup.com

Contact persons:

Björn Andersson
CEO
M: +47 911 33 671

Henrik Solberg-Johansen
CFO
M: +47 982 06 438

Miao Reinlund
VP, Communications
M: +47 900 65 883

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

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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: TTS Group ASA via Globenewswire

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