3 November 2017

Bergen Group ASA - Report for Q3 2017

Bergen Group ASA had a turnover of NOK 60 million in Q3 2017 and a positive operating profit before depreciation and amortization (EBITDA) of NOK 1.9 million.

Dryk dock and Quay facilities in Damsgårdsveien 229, Bergen

The book equity was further strengthened in the quarter to 73.2 per cent. The order books for the business areas Access Technology and Maritime Services in the civilian market has both increased, which has resulted in a net increase in the number of employees.

“The quarterly figures show profitable operations, although turnover is somewhat smaller than the previous quarter. We have used this quarter to build operational and administrative capacity necessary for future growth”, summarizes CEO Hans Petter Eikeland.

Bergen Group has gained access to additional docking and workshop capacity in the third quarter. In addition, the Group's subsidiaries have secured strategically important framework agreements that have opened up new opportunities.

"Overall, we are experiencing the platform for further growth as strengthened throughout this quarter. Now, focus is on implementing specific measures that will contribute to re-establish Bergen Group as an attractive industrial group in the western part of Norway "says Eikeland. He evident on maintaining a strong focus on alliances and cooperation with other companies that can provide positive synergies, increased market position and generate new market areas.

Eikeland is now prepared to take over as chairman of Bergen Group ASA as requested by the main shareholders of the company. This will be resolved at an extraordinary general meeting to be held on 8 November.

The CEO registers that the group's commitment to increase the capacity within some of the business areas already has given results.

"We see an exciting growth potential within the civilian part of maritime service and ship maintenance. Here, the order backlog has increased during the quarter. At the same time, we have strengthened our focus on further development of other activities in the Group towards new market areas. This is necessary in a time when we experience overcapacity in parts of the market we have been operating in. We are committed to constantly adjust the organization to an operation that is economically viable, although this may affect the Group's revenue figures for a limited period, "said Eikeland.

He is very pleased with the Group's new subsidiary Bergen Group AAK's performance in the market.

"This company has managed to increase its order reserves during the quarter, while maintaining positive earnings, although turnover due to the challenging competitive situation has shown a temporary decline. In addition, during the past six months, they have been able to enter into exciting strategically and operationally framework agreements”, CEO Hans Petter Eikeland points out.

The Q3 2017 Interim Report can be downloaded here.

Contact persons: 
CEO Hans Petter Eikeland, tel. +47 932 08 177 
CFO Nils Hoff, tel. +47 930 92 346 
SVP Corporate Functions & Communications Øyvind Risnes, tel. +47 480 48 561