BERGEN GROUP

Presentation

1st quarter 2010

Oslo, May 12th 2010

Pål Engebretsen, CEO Bergen Group

BERGEN GROUP

DISCLAIMER

This quarter Presentation includes and is based, inter alia, on forward-looking information and statements that are subject to risks and uncertainties that could cause actual results to differ. Such forward-looking information and statements are based on current expectations, estimates and projections about global economic conditions, the economic conditions of the regions and industries that are major markets for Bergen Group ASA and its subsidiaries. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects", "believes", "estimates" or similar expressions. Important factors that could cause actual results to differ materially from those expectations include, among others, economic and market conditions in the geographic areas and industries that are or will be major markets for Bergen Group's businesses, oil prices, market acceptance of new products and services, changes in governmental regulations, interest rates, fluctuations in currency exchange rates and such other factors as may be discussed from time to time. Although Bergen Group ASA believes that its expectations and the information in this Presentation were based upon reasonable assumptions at the time when they were made, it can give no assurance that those expectations will be achieved or that the actual results will be as set out in this Presentation. Bergen Group ASA nor any other company within the Bergen Group is making any representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the information in the Presentation, and neither Bergen Group ASA, any other company within the Bergen Group nor any of their directors, officers or employees will have any liability to you or any other persons resulting from your use of the information in the Presentation. Bergen Group ASA undertakes no obligation to publicly update or revise any forward-looking information or statements in the Presentation.

BERGEN

BERGEN GROUP

AGENDA

Highlights in Q1, 10
Financial review
Operational review
Outlook

BERGEN GROUP

HIGHLIGHTS IN Q1 2010

Acceptable overall EBITDA-margin
Success in revitalization out market strength within Ro-Pax (Roll-On-Roll-Off-Passenger-ship/ferry)
Reduced operating revenue, but good performance in all major projects
The offshore-division suffer from temporarily activity reduction – but well prepared for an expected strong growth

Key numbers for Q1 -2010

Operating revenues of NOK 971
EBITDA of NOK 81 million
EBITDA margin of 8,3 %
Order backlog of NOK 3,4 billion
2x Cruise-ferries (Fjord Line) valued NOK 1,6 billion

BERGEN GROUP

Bergen Group on Oslo Stock Exchange

Bergen Group moved from OB Standard to OB Match in December 2009
Increased trade activity has continued through 2010
Two disclosures of large shareholdings given in Q1: Spring Capital Resources Inc and ODIN Forvaltning AS

Share performance of "BERGEN" last 12 months compared with OB Benchmark Index

BERGEN GROUP

FOCUS ON CORE BUSINESS

BERGEN GROUP

AGENDA

Highlights in Q4 09
Financial review
Operational review
Outlook

BERGEN GROUP
7

INCREASED MARGIN – REDUCED OPERATING REVENUE

Good performance and profit in all major projects
Low capacity utilization and temporarily reduction of the margins within offshore-division
EBITDA in Q1 2010 (8,3%) in accordance with last year record high EBITDA (8,1 %)

BERGEN GROUP
BERGEN GROUP

INCOME STATEMENT Q1 2010

CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT (UNAUDITED)

Figures in NOK MILLION	Q1 2010	Q1 2009	YTD 2009	YTD 2008 2)
Operating revenues	971	1 146	5 108	3 742
Other operating costs	(890)	(1 068)	(4 692)	(3 551)
Operating profit before depreciation	81	78	416	191
Ordinary depreciation	(13)	(11)	(45)	(35)
Excess depreciation and write down of goodwill 1)	(11)	(11)	(131)	(45)
Operating profit	57	56	239	112
Net interest costs	(24)	(7)	(81)	(93)
Profit before taxes	33	49	158	18
Net profit 3)	24	35	78	19
Earnings pr share (NOK)	0,50	0,76	1,67	0,44
Diluted earnings per share (NOK)	0,45	0,76	1,58	0,44
Weighted avg. no. of shares outstanding (mill)	48,07	45,88	46,56	43,12
Diluted Weighted avg. no. of shares outstanding (mill)	52,99	45,88	49,13	43,12

1) Depreciation of identified excess values related to acquisitions
2) Bergen Group Fosen is included from 16.07.2008
3) Tax in 2009 calculated based on a nominal tax rate of 28%

BERGEN GROUP

BALANCE SHEET

ASSETS

NOK million

EQUITY & LIABILITIES

NOK million

Equity ratio 38,1%, cash of NOK 445 million
Net interest bearing debt as at 31.03.2010 of NOK 494 million
Refinancing well in progress

BERGEN GROUP

AGENDA

Highlights in Q1 10
Financial review
Operational review
Outlook

BERGEN GROUP
BERGEN GROUP

BERGEN GROUP - FOUR BUSINESS AREAS

SHIPBUILDING:

Bergen Group FOSEN Rissa
Bergen Group BMV Bergen
Bergen Group SHIPDESIGN Trondheim

MARITIME SERVICE:

Bergen Group LAKSEVÅG Bergen
Bergen Group KIMEK Kirkenes
Bergen Group SKJØNDAL Bergen
Bergen Group SIJO Bergen
Bergen Group HALSNØY Halsnøy

OFFSHORE:

Bergen Group ROSENBERG Stavanger
Bergen Group KIMEK OFFSHORE Kirkenes
Bergen Group HANØYTANGEN Bergen
Bergen Group ENGINEERING Bergen

TECHNOLOGY

Bergen Group DREGGEN Bergen
Bergen Group VEST ELEKTRO Fitjar
Bergen Group SKARVELAND Sunde
Bergen Group AMIA, Poland

Strategic locations along the Norwegian Coastal line

BERGEN GROUP

PROFITABILITY BY SEGMENT - QUARTERLY DEVELOPMENT

EBITDA MARGIN - QUARTERLY DEVELOPMENT

Overall EBITDA in accordance with pervious quarters
Offshore expected to increase activity in 2nd half 2010
Strong margins in Shipbuilding in a challenging market

BERGEN GROUP

SHIPBUILDING - RESOURCES & FINANCIALS

SHIPBUILDING – Q1 09 to Q1 10

Order backlog per 31.03.10: NOK 3 043 mill*
* 2x cruise ferries to Fjord Line not included (NOK 1,6 million)

BERGEN GROUP
14

CONTINUED STRONG MARGINS IN SHIPBUILDING

High volume and strong margins
optimized yard capacity
EBITDA-margin of 13,5 % in Q1
Contract on two new cruise-ferries for delivery in 2012 about to be finalized
Increasing tender activity within core segments
Bergen Group ShipDesign will strengthen the yards market position for both Offshore, RoPax and Specialized Vessels
One delivery in Q1; the fifth high-end offshore vessel delivered to Volstad

BERGEN GROUP
15

BERGEN GROUP SHIPBUILDING - CORE SERVICES

Concept sales

Design

Steel fabrication

Outfitting

Increased demand for tailored assets and solutions requires increased interaction between ship owner and yard
Bergen Group cooperates closely with designers and ship owners to develop new concepts to fit the end user requirements

Design competence is critical success factor in ship building
Bergen Group has a strong in-house design environment consisting of 90 engineers and naval architects
Specialized design is further developed in the new company, Bergen Group Ship Design

Construction of steel hulls is outsourced to high quality hull yards in low cost countries
Bergen Group has developed strong relations with a selection of well reputed yards in Eastern Europe and Asia

Bergen Group is specializing in outfitting of highly advanced vessels
All outfitting is done at the yard facilities in Fosen and Bergen
The outfitting is completed in close cooperation with clients and selected suppliers

Covered by Bergen Group
Outsourced to low cost producers
Covered by Bergen Group together with strategic partners and ship owners

BERGEN GROUP

ORDER BACKLOG SHIPBUILDING PER 31.03.2010

	2008		2009				2010				2011				2012
	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
BN 123: Geo-Technical Multipurpose Vessel / Fugro
BN 163: DSV / Diving Support Vessel / Mermaid
BN 164: DSV / ROV / Offshore Construction Vessel / Island Offshore
BN 165: Seismic Vessel / Fugro
BN 166: ROV / Offshore Construction Vessel / Fugro
BN 167: DSV / ROV / Offshore Construction Vessel / Solstad
BN 82: Seismic Vessel / Volstad
BN 83: AHTS / BOA*
BN 84: AHTS / BOA*
BN 85: AHTS / BOA*
BN 86: AHTS / BOA*
BN 87: CRUISE FERRY / Fjord Line**
BN 88: CRUISE FERRY / Fjord Line**

BN 83-86 (BOA Offshore) has not yet settled the final fundings - and the time scale for these projects remain uncertain.
**BN 87-88: The FjordLine contract expected to be finalized within short time. Not yet in the order backlog.
Five advanced offshore vessels to be delivered through 2010 – one delivery in Q1
BN83-86: Customer funding still not complete - start-up time remain uncertain
BN 87-88: Fjord Line-contract expected to be settled within short time. The contract proves Bergen Groups competiveness within RoPax
Increased tender activity - both on new-builds and on re-building projects

BERGEN GROUP

OFFSHORE - RESOURCES & FINANCIALS

OFFSHORE – Q1 09 to Q1 10

NON mill.
Gross operating revenues
EBITDA

HANOYTANGEN: BG Hanøytangen

Order backlog per 31.03.10: NOK 155 mill.

*Order backlog does not include frame contract with ConocoPhilips or the LOI with Single Buoy Moorings Inc (SBM) for YME

BERGEN: BG Engineering

STAVANGEN: BG Rosenberg

BERGEN GROUP

OFFSHORE – PROMISING OUTLOOK

Expected low activity in 1st half 2010
Strong and reliable signals of market improvements – increased tender activity
Investments in increased project capacity and improved control systems - ready for expected growth
Frame contract with ConocoPhilips and LOI with SBM (YME) with good potentials
New unit to Hanøytangen in Q2 2010 (Deepsea Atlantic)

Deepsea Atlantic

BERGEN GROUP
19

STRATEGIC POSITIONED IN THE NORTH

The historical border agreement in the Barents Sea with a tremendous long term potential
Bergen Group with an well established position in the Northern Area
on both side of the Norwegian/Russian border:
Kirkenes
Murmansk
Harstad
Today Bergen Group is one of the largest private owned employers in Finnmark
Hammerfest-location under evaluation

BERGEN GROUP
20

ORDER BACKLOG OFFSHORE PER 31.03.2010

	2009				2010				2011				2012
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Statfjord Senfase / Aker Solutions
Gullfaks H2S / Statoil
Snorre Vigdís redevelopment / Statoil
Polar Pioner and Transocean Arctic/ Transocean
Songa Trym / Songa Offshore
Gullfaks C / Statoil
Statfjord B & C Kranfundament/ Statoil
West Epsilon / Seadrill
Ula RFO / Seawell
Sleipner A 10 Bar / Statoil
Eldfisk 2009- Structural Reinf / ConocoPhillips
Morvin Riser spools / Saipem
Yme Mopustar Early works / SBM Offshore 2)
P.NR BGH* SPS & MOD. of three units / Transocean
Ormen Lange / Statoil
Frame Agreement Greater Ekofisk Area /ConocoPhilips 1)
Modifications/Upgrades/Aker H6 units/ AkerSolutions

1) The Frame Agreement with ConocoPhilips has an optional extension of 2+2 years from 01.01. 2011.
2) The LOI with SMB Offshore regarding YME hookup-operation is expected to take place in Q3/Q4 2010.

Improved order backlog during April and May expected going forward
Increased project capacity and improved control systems – prepared for growth

BERGEN GROUP
21

TECHNOLOGY – RESOURCES & FINANCIALS

TECHNOLOGY – Q1 09 to Q1 10

NOK mill.
Gross operating revenues
EBITDA

Q1 09 Q2 09 Q3 09 Q4 09 Q1 10

DETAIL: BG Vest Elektro

BERGEN: BG Dreggen
SUNDE: BG Skarveland
POLAND: BG AMIA

Order backlog per 31.03.10: NOK 375 mill.

BERGEN GROUP
BERGEN GROUP
22

TECHNOLOGY – WELL PERFORMING BUSINESS MODEL

Core activity continue with healthy profit and satisfying order backlog
Bergen Group Dreggen established in Brazil and in Singapore – exiting market opportunities
Bergen Group Dreggen prequalified for direct deliveries to Statoil
Still positive synergy-processes to be carried out
Increased focus on innovation

BERGEN GROUP

MARITIME SERVICE - RESOURCES & FINANCIALS

MARITIME SERVICE - Q1 09 to Q1 10

NOK mill. Gross operating revenues EBITDA

Order backlog* per 31.03.10 : NOK 39 mill.

*Order backlog does not include frame contract with the Norwegian Navy

BERGEN GROUP

MARITIME SERVICE – A FOCUS AREA

Margins influenced by a very competitive situation
Bergen Group sees growth opportunities in the Maritime Service Segment - also internationally
The frame agreement with the Norwegian Navy important for knowledge development
Bergen Group ready to take part in structural changes within this market
New Vice President on place in Q3 - dedicated focus on further development of the division

BERGEN GROUP
25

SUMMARIZING ORDER BACKLOG PER 31.03.10

Order backlog of NOK 3,4 billion + 1,6 billion* by end of Q1 2010
Uncertain implementing-time for BOA-vessels
Strong possibilities in frame contracts, LOIs and options not included in the order backlog
Offshore order backlog expected to increase in Q2 and forward

BERGEN GROUP
26

AGENDA

Highlights in Q1 10
Financial review
Operational review
Outlook

BERGEN GROUP
27

Bergen Group Strategy

Improve operational and market synergies through constantly increasing efficiency, service and quality in the group structure
Increased focus on market orientation and product development
Develop a stronger product portfolio within the value chains
Stronger focus on concept development
Continued growth, primarily within the high-end technology and engineering business
Further strengthen the engineering capacity
Building long term relationships towards customers
Further strengthen the group's four business areas trough international integration/partnerships

BERGEN GROUP
28

OUTLOOK

A challenging market situation about to improve - order backlog expected to increase
Offshore-division with strengthened long term potential
RoPax-contract will boost the development of tailor-made ship design
Prepared for temporarily reduction in turnover – but maintain expectations of an acceptable profitability in 2010
Bergen Group well prepared for long term growth:
Strong offshore facilities with high capacity and core knowledge
Successful industrialization of the shipbuilding-process within our core segments
Ongoing process on focusing new geographical business areas and possible alliances.

BERGEN GROUP

QUALITY THROUGH SERVICE AND INNOVATION

THANK YOU FOR YOUR ATTENTION!

www.bergengroup.no

BERGEN GROUP

AI assistant

Endúr — Investor Presentation 2010

3593_rns_2010-05-12_e5b73913-ef15-4fd8-aba1-d54eb272e2b2.pdf

Presentation

1st quarter 2010

DISCLAIMER

AGENDA

HIGHLIGHTS IN Q1 2010

Key numbers for Q1 -2010

Bergen Group on Oslo Stock Exchange

FOCUS ON CORE BUSINESS

AGENDA

INCREASED MARGIN – REDUCED OPERATING REVENUE

INCOME STATEMENT Q1 2010

CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT (UNAUDITED)

ASSETS

EQUITY & LIABILITIES

AGENDA

SHIPBUILDING:

MARITIME SERVICE:

OFFSHORE:

TECHNOLOGY

Strategic locations along the Norwegian Coastal line

EBITDA MARGIN - QUARTERLY DEVELOPMENT

SHIPBUILDING - RESOURCES & FINANCIALS

CONTINUED STRONG MARGINS IN SHIPBUILDING

BERGEN GROUP SHIPBUILDING - CORE SERVICES

Concept sales

Design

Steel fabrication

Outfitting

ORDER BACKLOG SHIPBUILDING PER 31.03.2010

OFFSHORE - RESOURCES & FINANCIALS

OFFSHORE – PROMISING OUTLOOK

STRATEGIC POSITIONED IN THE NORTH

ORDER BACKLOG OFFSHORE PER 31.03.2010

TECHNOLOGY – RESOURCES & FINANCIALS

TECHNOLOGY – WELL PERFORMING BUSINESS MODEL

MARITIME SERVICE - RESOURCES & FINANCIALS

MARITIME SERVICE - Q1 09 to Q1 10

MARITIME SERVICE – A FOCUS AREA

SUMMARIZING ORDER BACKLOG PER 31.03.10

AGENDA

Bergen Group Strategy

OUTLOOK

QUALITY THROUGH SERVICE AND INNOVATION

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Endúr Investor Presentation 2010