Veidekke

Regulatory Filings • May 4, 2020

Veidekke ASA: Establishes Veidekke Infrastructure in Norway

Veidekke ASA: Establishes Veidekke Infrastructure in Norway

Veidekke's Norwegian civil engineering and industrial operations will, as of 1

May 2020, form a new unit named Veidekke Infrastructure. Together, the

operations will be able to serve customers in the Norwegian civil engineering

market in a more efficient and coordinated manner. The new business area will be

headed by Øivind Larsen, who has served as Executive Vice President in charge of

the Norwegian civil engineering operation.

The reorganisation brings together the operations serving the Norwegian

infrastructure market, and will result in a permanent co-organisation of the

civil engineering and industrial operations. This will ensure consolidation of

the expertise relevant to customers in the civil engineering sector, thus

helping to ensure that large Norwegian civil engineering customers receive a

more efficient and homogeneous customer service.

"Veidekke's construction and industrial activities in Norway have been organised

in three operational units; building construction, civil engineering and

industrial. The merger of the civil engineering and industrial operations will

ensure a coordinated and efficient interface with important public and private

customers in the Norwegian civil engineering market," says Jimmy Bengtsson,

group CEO of Veidekke ASA.

For the time being, the two units' business areas will be maintained as they

are. The coordination work will start immediately and will be completed by

yearend 2020. The improvement programs already initiated in Veidekke Civil

Engineering and Veidekke Industrial will continue with unabated strength in the

coordinated operations.

"There are many similarities between the current Veidekke Civil Engineering and

Veidekke Industrial business areas, and much of the professional expertise is

similar. The new organisation will enable us to further capitalise on economies

of scale by jointly organising staff and support functions - and achieving

shared utilisation of expertise, which will benefit both operations, says Øivind

Larsen, Executive Vice President, Veidekke Civil Engineering.

Veidekke Industrial is a subsidiary of Veidekke ASA. The company is Norway's

largest asphalt contractor and second largest producer of aggregates. The

company also has significant activity related to the operation and maintenance

of Norway's public roads system. Veidekke Civil Engineering currently executes

civil engineering projects for private and public customers around Norway

related to roads, railways, power plants, industrial plants and airports.

Veidekke Infrastructure will have about 2,400 employees, and the total revenues

of the operations in 2019 amounted to NOK 9.8 billion.

For more information, please contact:

Jimmy Bengtsson, group CEO, ph. +47 984 70 000, jimmy.bengtsson@veidekke.no

Øivind Larsen, EVP, ph. +47 905 82 351, oivind.larsen@veidekke.no

Lars Erik Lund, EVP, ph. +47 413 31 369, lars.lund@veidekke.no

This information is subject to the disclosure requirements pursuant to section 5

-2 of the Norwegian Securities Trading Act.

Veidekke press photos  (https://veidekke.fotoware.cloud/fotoweb/archives/5028

-Pressebilder-Veidekke/)

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Veidekke is one of Scandinavia's largest construction and property development

companies. The company undertakes all types of building construction and civil

engineering contracts, develops residential projects, maintains roads, and

produces asphalt and aggregates. The company is known for its involvement and

local knowledge. Its annual turnover is NOK 39 billion, and half of its 8,600

employees own shares in the company. Veidekke is listed on the Oslo Stock

Exchange and has always posted a profit since it was founded in 1936.