Endúr — Earnings Release 2010

May 12, 2010

Improved profit margin for Bergen Group

Bergen Group deliver an improved profit margin in the

first quarter 2010 compared with the same period last

year. The turnover has been reduced because of less

activity in parts of the group's business areas.

"The market outlook for the group has strengthened

through the quarter", states an optimistic CEO Pål

Engebretsen.

Bergen Group had a satisfactory profit margin at

group level in the first quarter 2010, even through

turnover is down somewhat. At NOK 971 million,

operating revenues are down NOK 175 million on the

same quarter last year, while, at NOK 81 million,

operating profit before depreciation and write-downs

(EBITDA) has improved by NOK 3 million in relation to

the corresponding quarter the year before. The

quarter's operating margin (the EBITDA margin) of 8.3

percent is up compared with the first quarter 2009

and is in line with the group's average operating

margin of 8.1 per cent for the whole of 2009.

Good basis for future growth

CEO Pål Engebretsen is satisfied with both the

performance and future prospects:

- On corporate level the performance of 1 quarter is

considered satisfactory. Shipbuilding, Maritime

Service and Technology have operating results that

are considered acceptable in the current market

situation. The Offshore division achieved

satisfactory margins in both ongoing and completed

projects, but the quarterly result is characterized

by a low capacity utilization affecting margins. This

situation will not change significantly until 3

quarter, "said Engebretsen. The CEO considers the

further development of this market as fundamentally

positive, and points out that Bergen Group has a

targeted effort to further develop and enhance the

capacity and skills in preparation for an expected

activity increase.

"Our expectations for growth in offshore in the

coming years has been strengthened during the

quarter. In the long run, the clarification on the

border in the Barents Sea generates very exciting

opportunities. Bergen Group is strategic positioned

for this future, with well established businesses in

Kirkenes and Murmansk", says Engebretsen.

Fjord Line contract opens up new markets

Bergen Group Shipbuilding produced in 1st quarter

strong margins. During this year five newbuilds will

be delivered, all very advanced offshore vessels. In

addition, Bergen Group is about to get a significant

activity increase in the RoPax-market (roll on/roll

off passenger). The contract with Fjord Line for the

production of two modern cruise ferries is expected

to be finalized shortly, and will increase the

Group's order backlog from NOK 3.4 billion to NOK 5

billion.

"This contract will reinforce the Group's position in

an international RoPax market with exciting growth

opportunities," says CEO Pål Engebretsen. He also

points out that the contract will be an important

contribution to the further development of the

Group's increasing focus on innovative design

solutions for offshore vessels and combined car /

passenger ships.

Long-term growth potential

"Bergen Group has prepared for a lower turnover in

2010 compared with 2009, due to the general market

situation in the last year. Bergen Group has,

however, a goal to maintain acceptable profitability

in 2010. The Group also maintains a strong focus on

actions and processes that will ensure the long-term

growth potential. Bergen Group estimate the outlook

for 2011 and beyond as the fundamental positive

within all the Group's business areas", CEO Pål

Engebretsen concludes.

The report for the first quarter 2010 is enclosed.

Contact persons:

CEO Bergen Group Pål Engebretsen, phone: +47 911 17

369

CFO Terje Iversen (IR/financial), phone: +47 932 40

359

VP Communication Bergen Group Øyvind Risnes (media),

phone: +47 480 48 561

This information is subject of the disclosure

requirements acc. to §5-12 vphl (Norwegian Securities

Trading Act)