TTS -Profit warning

TTS warns of a weak result in the fourth quarter, due

to considerable allocations and provisions on the

balance sheet at the end of the quarter.

The provisions amounts to approximately NOK 70m, and

is partly due to reduction of stock value and partly

due to cancelled contracts.

Furthermore there has been considerable cost overruns

in the Marine Cranes division on big offshore cranes

during the quarter. The results from the other

divisions in TTS are as expected.

The preliminary review of the results for Q4 forecast

is a turnover of NOK 900m and a negative EBITDA of

NOK 65m.

Write-down of goodwill will not be required on the

2009 accounts. The company received a waiver from the

bank's covenants in December, and will not be in

breach with the covenants in the bond loan. Net

interest bearing debt was reduced by approximately

NOK 100m in the quarter.

TTS will give the details of circumstances regarding

the profit developments during fourth quarter at the

announced presentation of the Group's results at

Grand Hotel, Oslo 26 February 08:15.

Bergen 19 February 2010

Contact persons:

Johannes D. Neteland

President & CEO

Tel +47 918 46 906

Mette Henriksen

CFO

Tel +47 907 79 360

TTS Group ASA

Tel.: +47 55 94 74 00 / Fax: +47 55 94 74 01

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