Bergen Group Sells Its Rosenberg Yard in Stavanger, Norway

Bergen Group ASA has entered into an agreement with WorleyParsons to sell 100% of the shares in the subsidiary Bergen Group Rosenberg in Stavanger for a share value of NOK 1.088 million.

WorleyParsons is one of the world’s leading providers of professional services to the resources and energy sectors, and complex process industries. Based in Australia, it has 40,400 employees and operates from 165 offices across 41 countries.

The agreement has been approved and executed by the Boards of Bergen Group ASA and the WorleyParsons, and it is expected to finalise and close the transaction by end of next week.

Strategic measure for further growth

CEO Terje Arnesen of Bergen Group ASA pleased with the agreement said that WorleyParsons is the right partner for Rosenberg to take a step change as a major player in the Norwegian oil & gas industry. “Rosenberg has had a solid development during Bergen Group’s period of ownership. For some time we have mapped a range of strategic alternatives with significant engineering capacity that would contribute to further strengthening of this growth, from partnerships to more formal collaboration with other players. During this process several candidates developed a position to acquire shares in Rosenberg to create a stronger foundation for rapid growth. The agreement with WorleyParsons is considered very satisfying both for the Group and for Rosenberg,” says CEO Terje Arnesen.

He points out that the sale of Rosenberg provides an opportunity to enhance the sustainable growth within the Group’s other offshore-related activities: “Bergen Group will continue to be an attractive supplier of products, services and solutions for both the offshore and the maritime industries. The Rosenberg transaction will release funds to support further growth at Hanøytangen and developing a “one stop shop” offshore service cluster in a strongly growing market“, CEO Terje Arnesen states.

Will strengthen the positive development

CEO Kristin Færøvik of Bergen Group Rosenberg pleased with joining the WorleyParsons Group said: “Rosenberg can show a healthy and strong development that has improved our market position noticeably during the past few years. The new ownership will give us a unique and exciting opportunity to strengthen the positive development further. The combination of the global support of WorleyParsons and the local Norwegian experience of Rosenberg will enable us to continue to expand support to our clients.”

Ernst &Young, represented by Mr. Kjell Stenersen, has acted as financial advisor for Bergen Group in the transaction.

Bergen Group Rosenberg is a well-established supplier of major projects to the Norwegian Continental Shelf. The company has an extensive experience supplying the Norwegian maritime and offshore oil and gas industry with engineering solutions, and has more than 650 employees, of whom more than 230 are engineers. The company has grown considerably during the last years, and is one of the main suppliers of offshore maintenance and modification projects in Norway.

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Press Release, February 21, 2013