Bergen Group to sell Halsnøy shipyard

Halsnoy shipyardJANUARY 7, 2013 — Norway's Bergen Group ASA has signed an agreement with Halsnøy Dock AS for the sale of the operational activity in Bergen Group Halsnøy in Sunnhordland south of Bergen. Halsnøy Dock AS is controlled by Cinus AS, the main shareholder in Fjellstrand AS. The sale price is in the range of NOK 30 million, and the acquisition is expected to be accomplished in the first quarter this year.

Bergen Group Halsnøy had previously been a part of the Bergen Group's additional newbuilding capacity for construction of smaller offshore-vessel. For the last two years, the shipyard has focused on conversion projects and general maritime service as a part of the Bergen Group Services division.

The yard currently has 25 employees. They will be offered continued employment by the new owner.

"Bergen Group has over some time been working with different structural and organizational processes in order to strengthen the capacity utilization and profitability of the Group's activities within the maritime and industrial service. The sale of Bergen Group Halsnøy allows us to consolidate this part of the group`s activity in stronger devices that can help to further improve our competitiveness in this market", says Executive Vice President Sebjørn Madsen in Bergen Group Services.

Mr. Madsen points out that in the last year, the group's activities within marine and industrial service in the Bergen area has undergone an organizational coordination which already has generated positive results. In addition, strategic establishment at Hanøytangen will be carried out in order to further strengthen Bergen Group Services' position towards the offshore-related market.

Bergen Group Halsnøy currently has 25 employees. These will be offered continued employment from the new owner.

The agreement is subject to final board approval by both parties.

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