Norway: CEO and Chairman of the Board Leave Bergen Group

June 2, 2011

Pål Engebretsen has informed the Company that he resigns as CEO of Bergen Group. As from today, Executive Vice President Terje Arnesen is constituted as acting CEO.

The withdrawal is based on a disagreement with the main shareholders about the strategy for further development of the Group.

“The corporate management and the board have had a close and good cooperation on the Group’s strategy so far. Now the main shareholders have signalized changes in strategy options. From my point of view, it is then natural to carry out this process in collaboration with a new CEO “, says Pål Engebretsen. Based on the same grounds, Mr. Hans Olav Lindal has today informed the Election Committee in Bergen Group ASA that he will not stand for re-election on the company’s Annual General Assembly scheduled later this month.

Pål Engebretsen took up his position as CEO of Bergen Group in September 2008. Engebretsen will be available for the group by request until 1 November 2011.

Acting CEO Terje Arnesen (49) has extensive experience from international offshore and maritime management positions in the last 25 years. Mr. Arnesen has been Executive Vice President in Bergen Group since August 2010.

[mappress]
Source:Bergen Group , June 2, 2011;