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TTS Group ASA: Increase in cost-estimates

TTS Group ASA has identified a significant increase in cost-estimates for
several projects in production.

A major part of the cost overruns are related to deliveries of offshore cranes
and hatches for yacht projects.

The increase in cost-estimates is caused by new information available
regarding conditions that existed at the end of 2013. Total effect of the
adjusting events, MNOK 90, has been recognized as increased cost in the 2013
Annual Financial Statements of the TTS Group ASA. The Financial Statements
will be published not later than 30 April.

As a consequence of the increased cost, the published interim results for the
4thquarter of 2013 will be adjusted accordingly. The negative EBITDA for
4thquarter of 2013 is therefore adjusted to MNOK 110. The negative EBITDA for
the full year 2013 is adjusted to MNOK 130.

TTS Group ASA is not in breach of its loan covenants following this

Bergen, 24 April 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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