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TTS Group ASA: Implements cost reductions in Norway and Germany

TTS Group has decided to implement measures to reduce costs in Norway and

Due to a weaker market than expected in the offshore and heavy lift sector,
the Group will during the first half of 2014 implement a workforce reduction
of approx. 10% of the total workforce in the group. Today the total workforce
consists of approx. 1,100 persons.

The cost reduction is a consequence of cost- and capacity adjustment to the
current market situation, as well as an extensive benchmarking and process
evaluation. The efforts are expected to provide a gradual improvement in
profitability in the second half of 2014.

The downsizing process has been initiated and is expected to be finalized
during the 2ndquarter.

Bergen, 2 May 2014


Tel.: +47 55 94 74 00 / Fax: +47 55 94 74 01


Contact persons:

Björn Andersson

M: +47 911 33 671

Arild Apelthun


M: +47 918 19 265

Miao Reinlund

VP, Communications

M: +47 900 65 883

This information is subject of 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: TTS Group ASA via Globenewswire


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