Bergen Announces Update on the Sale of Rosenberg Yard, Norway

Bergen Announces Update on the Sale of Rosenberg Yard

Reference is made to announcement of 21 February 2013. Bergen Group ASA through its wholly owned subsidiary Bergen Group Offshore AS (Bergen Group) has entered into a share and purchase agreement (SPA) with WorleyParsons Norway AS (WorleyParsons) on 20 February 2013.

WorleyParsons’ liabilities and obligations under the SPA have been guaranteed by WorleyParsons Limited. Under the SPA, WorleyParsons will acquire Bergen Group Rosenberg AS, including Rosenberg’s ownership stakes in the subsidiaries Rosenberg Services AS (100 %) and Origo Process AS (60 %) (Rosenberg) for an agreed acquisition price of NOK 1,088,032,534.

The entire purchase price is payable in cash. In connection with the closing of the Transaction, Bergen Group will repay all outstanding long term debt to Rosenberg (approximately NOK 108,500,000). The time for closing of the Transaction is not defined, but is expected within the end of this week.

Rosenberg is a supplier of products, services and solutions for the offshore industry. The Board of Bergen Group Rosenberg AS consists of four shareholder elected directors, Terje Arnesen, Sebjørn Madsen, Ståle Rene and Bjørn Eirik Klepsvik, and three directors elected by and among the employees, Helga Skjeie, Ove Iversen and Thor Henry Fjeldstad.

The CEO is Kristin Færøvik. Rosenberg had 674 employees as of year-end 2012. The impact of the transaction for Bergen Group is that it will realize significant sales proceeds. By the Transaction Bergen Group has sold its largest investment in the offshore industry.

Bergen Group will seek to capitalize on its position in the shipbuilding industry as well as remaining investments in the offshore industry going forward. In 2012, Rosenberg constituted 43% of Bergen Group’s consolidated revenues. Rosenberg had a net profit of NOK 102 million in 2012. Bergen Group’s consolidated net loss was NOK -694 million in 2012. Key adjusted figures are taken from the Company’s published financial report for Q4 2012. In connection with closing of the Transaction, certain employees in the management of Rosenberg and Bergen Group Management will be entitled to an one time bonus in an aggregate amount of NOK 4,850,000, for Bergen Group’s account.

Press Release, February 27, 2013