Endúr — Regulatory Filings 2011

Jan 13, 2011

Bergen Group awarded contract with Sartor Offshore for the construction of three vessels with total value of NOK 1 billion

Bergen Group BMV has been awarded contracts from Sartor Offshore AS for the

construction of three multi-purpose offshore vessels with a total value of about

NOK 1 billion. The newbuilding program has a strong focus on environmentally

solutions based on high safety and flexibility.

The contract for the first vessel has a value of approximately NOK 330 million,

and the vessel is scheduled for delivery in 3 quarter 2012. The ship will then

go into a 10-year lease agreement with Statoil for operations in the North Sea.

This contract is made subject to final funding to be solved before end of

January 2011.

The contracts on the other two ships have a value of approximately NOK 670

million, and require final funding in place during the 2 quarter of 2011. Both

these vessels are to be delivered within the end of 2012.

"These contracts confirm our strong market position in constructing advanced

offshore vessel for a demanding international market. We look forward to

delivering environmentally friendly and future oriented ships to an well

established company known for setting high standards of quality", says CEO Terje

Sjumarken at Bergen Group BMV.

Next-generation rescue vessel

Sartor Offshore's extensive renewal project of their fleet has a strong focus on

environment, safety and flexibility. All three ships have a very low fuel

consumption compared with the corresponding tonnage, and the vessels are

equipped with fuel catalyzers that reduce the NOx emissions by 90 percent. The

design layout is optimized for operations under demanding conditions.

The first ship to be delivered Sartor Offshore is characterized as the next-

generation multi-purpose offshore emergency rescue and response support vessel.

The ship is a multifunctional vessel of design type VS 465 MK II, developed by

Wärtsilä Ship Design in close cooperation with the shipping company. The ship

has a length of 74 meters and is specially designed to protect both emergency

preparedness operations as well as demanding rescue operations. The ship is an

improved version of the VS 465, a design that is used in the company's currently

newest ship which will operate for Gaz de France on the Gjøa field in the North

Sea west of the Norwegian town Florø. The two other ships contracted are based

on a VS 480-design. These ships have a length of 80 meters.

"Development and renewal of the fleet of ships is crucial when we negotiate with

our clients. The company has ambitions to be one of the leaders in oil-spill

preparedness. It will be established a new standard in this area with the ships

we have in our fleet renewal plan for the next year, "said CEO Roy Wareberg in

Sartor Offshore. The company has emphasized on equipping the vessels with top

modern installations and facilities needed to serve the regulations and

specifications expected from an offshore emergency rescue and response support

vessel. The ship will have residue recuperation equipment for oil and chemicals,

special radars that measure pollution levels, oil skimmers and similar

equipment. The ships are also outfitted with advanced equipment for fire

protection and fire fighting.

About the companies:

Sartor Offshore AS is headquartered at Sotra, west of Bergen. The company owns

and operates vessels in several different market segments, and has several long-

term agreements with major international players in the offshore industry. The

company has approximately 650 employees and operates a fleet of 25 offshore

vessels, mainly multi-functional rescue vessel (MRV) and supply vessels (PSV).

More information about the company can be found at www.sartor.no.

Bergen Group BMV is one of two shipbuilding yards owned by Bergen Group ASA, a

maritime industrial group listed on Oslo Stock Exchange. Bergen Group BMV has a

strong international position in the market for the construction of advanced

offshore vessels and other specialized vessels requiring high quality and

complex technological outfitting. The company has about 250 employees and is

located in Bergen. More information about the company can be found at

www.bergengroup.no.

Contact persons:

Mr. Terje Sjumarken, CEO Bergen Group BMV, tel 47 957 37 239

Mr. Øyvind Risnes, VP Communication Bergen Group ASA, tel +47 480 48 561

Mr. Roy Wareberg, CEO Sartor Offshore AS, tel +47 918 95 626

Attachment - illustrations:

The picture shows CEO Terje Sjumarken at Bergen Group BMV (to the left) and CEO

Roy Wareberg at Sartor Offshore AS after the contract signing.

The illustration is of the VS 465 MK II design, to be used on the first ship

Bergen Group BMV will construct for Sartor Offshore. The design was developed by

Wärtsilä Ship Design, in close cooperation with the shipping company.

This information is subject of the disclosure requirements acc. to §5-12 vphl

(Norwegian Securities Trading Act)

[HUG#1479392]