Endúr — Investor Presentation 2010

Jun 29, 2010

BERGEN GROUP

Bergen Group

Highlights

1. half 2010

Austevoll, June 29th 2010

Pål Engebretsen, CEO Bergen Group

BERGEN GROUP

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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

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HIGHLIGHTS 2009

• Operating revenues
• NOK 5 108 million in 2009
• NOK 3 742 million in 2008
• Record high EBITDA
• NOK 416 million in 2009
• NOK 191 million in 2008
• EBITDA margin
• 8.1 % in 2009
• 5.1 % in 2008
• Restructuring will strengthen the profitability and competitiveness
• Possible diversified ownership in process

BERGEN GROUP
3

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BERGEN GROUP – REVENUE GROWTH

• Considerably growth over the past years, both organically and through the acquisition of established companies such as Rosenberg Verft, Dreggen Cranes and Fosen Holding

Revenues (NOK million)

Revenue split by business area (%)

BERGEN GROUP

BERGEN GROUP

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HIGHLIGHTS IN Q1 2010

• Acceptable overall EBITDA-margin
• Success in revitalization our market position 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

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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

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SHIPBUILDING

Fjord Line contract finalized primo june:

• EURO 206 million for two ships
• option signed for a third ship

Five ship deliveries in 2010:

• two first delivered on time
• three in progress are on schedule.

General high tender activity

in both RoPax and Offshore/ specialized vessels

BERGEN GROUP

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OFFSHORE

Expected increase in activity:

• Lower activity in first half 2010 in accordance with previous guiding

Good project margins

High tech operation at Hanøytagenen

• Deep Sea Atlantic to carry out modification work during summer

New CEO at BG Rosenberg

Kristin Færøvik in office from May

Possibilities in the Barents Sea

Bergen Group strategic positioned

BERGEN

BERGEN GROUP

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BERGEN GROUP
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TECHNOLOGY

Good order backlog

• Contracts in new geographical areas

Non-core business separated

Brazil and Singapore

• Bergen Group Dreggen with established sales-offices in two high activity regions; an advantage for the whole group.

BECAN
BG Vest Elektro

BERGEN: BG Dreggen
SUNDE: BG Skarveland
BELANDE: BG AMIA

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MARITIME SERVICE

New VP Maritime Service

• Terje Arnesen in office from August 1st 2010.

Still potential in synergies

Further actions planned – and expected to be carried out next 6-9 months.

BERGEN GROUP

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GENERAL UPDATES

Refinancing

• New bond issue of NOK 330 million with maturity in July 2013

International integration/partnerships

• An issue on the agenda since September 2009
• Increased focus in 1. half 2010
• Issue still in process – with good progress

Share information

Visit from Spring Capital Resources in June
Share Price increase with 45%* since 31.12.09

*as of 25.06.10

BERGEN

BERGEN GROUP

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BERGEN GROUP

QUALITY THROUGH SERVICE AND INNOVATION

THANK YOU FOR YOUR ATTENTION!

www.bergengroup.no

BERGEN GROUP

BERGEN GROUP
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