Nekkar — Earnings Release 2013

Apr 24, 2014

TTS Group ASA: Increase in cost-estimates

TTS Group ASA: Increase in cost-estimates

TTS Group ASA has identified a significant increase in cost-estimates for

several projects in production.

A major part of the cost overruns are related to deliveries of offshore cranes

and hatches for yacht projects.

The increase in cost-estimates is caused by new information available regarding

conditions that existed at the end of 2013. Total effect of the adjusting

events, MNOK 90, has been recognized as increased cost in the 2013 Annual

Financial Statements of the TTS Group ASA. The Financial Statements will be

published not later than 30 April.

As a consequence of the increased cost, the published interim results for the

4(th) quarter of 2013 will be adjusted accordingly. The negative EBITDA for

4(th) quarter of 2013 is therefore adjusted to MNOK 110. The negative EBITDA for

the full year 2013 is adjusted to MNOK 130.

TTS Group ASA is not in breach of its loan covenants following this adjustment.

Bergen, 24 April 2014

TTS Group ASA

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

http://www.ttsgroup.com

Contact persons:

Björn Andersson

CEO

M: +47 911 33 671

Arild Apelthun

CFO

M: +47 918 19 265

Miao Reinlund

VP, Communications

M: +47 900 65 883

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1779522]