Endúr — Investor Presentation 2010

Sep 2, 2010

Bergen Group

• prepared for international growth

Pareto's Oil & Offshore Conference
Oslo, September 2nd 2010

CEO Pål Engebretsen

BERGEN GROUP

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DISCLAIMER

This 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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AGENDA

• Highlights the last 12 months
• Growth potential within offshore
• Internationalization and future growth

BERGEN GROUP

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BERGEN GROUP - FOUR BUSINESS AREAS

SHIPBUILDING

• Offshore vessels:
• Seismic vessels:
• Research vessels:
• RoPax
• Specialized cruise ship
• Conversions
• Ship design

Gross revenue: 2 884
EBITDA: 234

MARITIME SERVICE

• Maintenance and overhaul of engines
• Authorized MTU – repair yard
• Maintenance and overhaul of civil and military vessels
• Docking

Gross revenue: 323
EBITDA: 33

OFFSHORE

New build:
- Offshore
- Onshore
- Subsea Installation
- Maintenance
- Modification
- Engineering

Gross revenue: 1 358
EBITDA: 103

TECHNOLOGY

• Offshore- and maritime cranes
• Installation of pipe systems
• Installation of electrical systems
• Manpower and project manning

Gross revenue: 600
EBITDA: 66

BERGEN GROUP
BERGEN GROUP

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STRATEGIC LOCATIONS

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

BERGEN GROUP

BERGEN GROUP

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FINANCIAL HIGHLIGHTS – STRONG PERFORMANCE

NOK 5,11 billion in operating revenue in 2009
(NOK 3,74 billion in 2008)

NOK 416 million in EBITDA in 2009
(NOK 191 million inn 2008)

EBITDA-margin of 8.1 % in 2009
(5,1 % in 2008)

EBITDA-margin of 8,6 % in 1st half 2010
(6,7 % 1st half 2009)

NOK 1 761 million in operating revenue in 1st half 2010
(EBITDA of NOK 152 million)

Paid back outstanding bonds of NOK 650 mill. Raised a new 3Y bond of NOK 330 mill, reducing future financial costs.

BERGEN GROUP
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EBITDA MARGIN - QUARTERLY DEVELOPMENT

• Overall EBITDA in accordance with previous quarters
• Continued strong margins in Shipbuilding

BERGEN GROUP

BERGEN GROUP

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QUARTERLY ORDER BACKLOG DEVELOPMENT

Historical number as of 30.06.09 is adjusted for cancellation of the two supertrawlers that took place October 2009.

BERGEN GROUP

BERGEN GROUP

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OPERATIONAL HIGHLIGHTS

- FOCUSING CORE BUSINESS

Four divisions focusing core business

• Non-core companies transferred to new organizational unit Business Development

Strengthening of the management

• Chairman of the board, Hans Olav Lindal
• VP Maritime Service, Mr. Terje Arnesen
• EVP Offshore and CEO BG Rosenberg, Mrs. Kristin Færøvik
• MD BG Engineering, Mrs Anita Høyen Haug

Strengthened project capacity

• Increased organizational flexibility
• Stronger project management
• Focusing innovative knowledge

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FOCUS ON CORE BUSINESS

BERGEN GROUP

BERGEN GROUP

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SHIPBUILDING - BEST PERFORMANCE EVER

• EBITDA-margin of 13,4 % in 1H 2010
  8,1 % all year 2009

• Still a future in RoPax
  Fjord Line contract finalized in May valued NOK 1,65 billions. Option for a 3rd cruise ferry

• Bergen Ship Design expanding
  Will strengthen the market position

• Five deliveries to take place in 2010
  All high end offshore vessels

• Long term growth expected
  More of the outfitting carried out abroad
  Continuous focus of high tech solutions

BERGEN GROUP
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AGENDA

• Highlights the last 12 months
• Growth potential within offshore
• Internationalization and future growth

BERGEN GROUP

BERGEN GROUP
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BERGEN GROUP OFFSHORE

• Well established facilities with unique track record
• Strategic geographical locations – both today and for the future
• Core competence on servicing the Norwegian continental shelf
• High project flexibility and capacity
• Increased focus on international cooperation

BERGEN GROUP

BERGEN GROUP

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BROAD SPECTER OF PRODUCTS AND SERVICES

FEED STUDIES, ENGINEERING, PROCUREMENT, PROJECT ADMINISTRATION, FABRICATION & INSTALLATION

Offshore & Rig	Newbuilds	Subsea	Onshore plants
• Drilling Unit
• Yard Stay / Classification (SPS)
• Maintenance and modifications of processes
• Plants (M&M)
• Major modifications and upgrades (EPCI)
• Precision prefabrication
• Complete process topsides
• Process skids and modules
• Transformer substations for offshore wind developments
• Concept development
• FEED studies
• Choke Bridge Modules
• Manifolds
• Templates
• Tie in spools
• Process plant modification and maintenance services
• Pipe racks and pre-assembled units (PAUs)

BERGEN GROUP

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HANØYTANGEN AS AN INDUSTRIAL CLUSTER

• Hanøytangen on its way to become an important industrial cluster for maritime and offshore operations.
• Investments of NOK 150 mill finished last year
• External companies ready to establish activity at Hanøytangen
• Hanøytangen prepared to facilitate other Bergen Group-activities in the future.

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BERGEN GROUP ROSENBERG – SOLID EXPERIENCE

Unique competence established through 30 years of offshore-deliveries within FEED studies, Engineering, Procurement, Project administration, Fabrication & Installation

Solid platform for many work scopes:
- FEED and Concept Development
- Subsea
- Newbuilds
- Offshore Maintenance & Mod.
- Onshore plants
- Renewable energy

New office facilities at BG Rosenberg by end of 2011

BERGEN GROUP

BERGEN GROUP

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BERGEN GROUP ROSENBERG

-one of the major contractors within the oil and gas market to the Norwegian Continental Shelf

A/S Rosenberg Mekaniske etstablished at Sandvigå

Bergesen buys Rosenberg from Norges Bank 1943

Kværner buys Rosenberg from Bergesen 1970

1896
1915
Established at Buøy

1920
Drydock for ships up to 12000 t

Kværner buys Rosenberg from Norges Bank 1943

1950
1974
First LNG Carrier

1979
1994
Heidrun LQ
Statfjord B - first offshore contract

2000
2001
VOC module

2002
VOC module

2006
Ula & Tambar modules

Alvheim modules

2000
2001
EPCI Snorre Vigdls Re-development

Bergen Yards buys 82% of the shares

July 9th
2007
2008
2009
2010
2010
2010
2010
2009
2008
2007
2008
2009
2010
2010
2010
2010
2010
2010
2010

GEAD frame agreement

BERGEN GROUP

BERGEN GROUP

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STRATEGIC LOCATED IN THE NORTH

• The historical border agreement in the Barents Sea in April 2010 with tremendous long term potential
• Bergen Group with a well established position and excellent facilities in the Northern Area. Activities on both side of the Norwegian/Russian border:
• Kirkenes
• Murmansk
• Harstad
• Hammerfest (under establishment)
• Today Bergen Group is one of the largest private owned employers in Finnmark

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MARKET OUTLOOK OFFSHORE

"We estimate E&P spending will increase by some 9% in 2010e and a further 10% in 2011e. As a result of the 10-20% cost declines we have seen in the oil services sector, this entails quite a substantial increase in activity" (Pareto Research, August 2010)

Pareto E&P spending and oil price forecast

Source: Pareto Research

"Investment estimates for the Ekofisk field are growing sharply with a suggestion that they could top NOK 125 billion in the next five years." (Offshore.no, Aug 27th2010)

Petrobras to invest NOK 200 billion in new offshore projects the coming years in the Santos og Campos reservoirs .

• Agreement of cooperation signed between Innovation Norway and Petrobras, August 27.th 2010.

BERGEN GROUP

BERGEN GROUP

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AGENDA

• Highlights the last 12 months
• Growth potential within offshore
• Internationalization and future growth

BERGEN GROUP
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OWNERSHIP AND INTERNATIONALIZATION

• In September 2009, Bergen Group opened up for diversified ownership as an possible tool for further growth.
• In August 2010, Spring Capital Resources Ltd flagged an possible future major ownership linked to a new convertible bond loan issued to Bergen Group.
• 10,5 % as of today – 25 % if conversion is carried out
• Process of mapping different alternatives for future cooperation to be carried out:
• complimentary business
• new strategic locations can generate growth
• internationalization of Bergen Group’s core knowledge
• partnership can strengthen the market position
• An open process to be concluded within next nine months
• Bergen Group with call options on the bond loan.

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SPRING CAPITAL RESOURCES LTD

• Spring Capital Resources Ltd is closely linked to Yantai CIMIC Raffles.
• Bergen Group and Spring Capital Resources Ltd are the two parts that now are mapping possible business opportunities

BERGEN GROUP

BERGEN GROUP

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BERGEN GROUP – READY FOR FUTURE GROWTH

• 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

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BERGEN GROUP
BERGEN GROUP
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BERGEN GROUP – READY FOR FUTURE GROWTH

• Increased visibility of the shareholder value
• Strengthened long term financing
• Substantial debt reduction

• Flexibility in use of future cash flow

• Continued growth, primarily within offshore

• International integration/partnerships with potential

• Will expand the market area
• Greater production capacity and flexibility
• Cost optimizing of all stages in the projects—more preproduction to be carried out abroad.

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OPERATIONAL GROWTH GOING FORWARD

2009

• SHIPBUILDING
• OFFSHORE
• MARITIME SERVICE
• TECHNOLOGY

FUTURE

• All four divisions well prepared for operational growth
• Offshore to increase their relative share of the revenues in Bergen Group

BERGEN GROUP

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