27 February 2018

Bergen Group acquire integrated feed barge production and dry dock capacity.

Bergen Group ASA has entered into a share purchase agreement with Backe Bergen AS to acquire the company's dry dock with associated activities at Stamsneset located by Grimstadfjorden in Bergen.

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The Group thus strengthens its position towards the aquaculture industry by taking over a leading producer of integrated flea farms for the aquaculture industry in Norway.

Stamsneset is located south of Bergen City, by the fjord separating Bergen Airport and the naval base at Haakonsvern. Bergen Group will take over the property, which includes facilities such as a modern and upgraded dry dock of 22x90 meters, satisfactory crane capacity, a fabrication shop and an upgraded administration building.

"This dry dock gives us an opportunity to expand and develop our maritime business to also include product deliveries to the aquaculture industry," CEO Torgeir Nærø in Bergen Group ASA states. Nærø is pointing out that that the Group also will acquire the well-established operational business currently connected to Stamsneset, with extensive experience in the production of integrated feed barges for the aquaculture industry.

"We will acquire a production with a turnover of around NOK 50 million last year and with a full ongoing business. The market interest for these barges is considered favorable also in coming years, says Nærø, pointing out that there will also be synergies with the Group's existing operational activity related to engineering, fabrication and generators.

"This facility will also provide us with a long-term strategic capacity that if needed can be used by the group’s other maritime operations as well”, Torgeir Nærø points out.

Hans Petter Eikeland, chair of the Board in Bergen Group ASA, is pleased that they now have landed an important step in the ongoing process of further developing the Group.

"In our growth strategy, we have been clear that Bergen Group will grow into an attractive industrial group based in the western part of Norway. The acquisition of Stamsneset is an important and proper step in this ongoing process”, says Eikeland.

The closing of the acquisition is expected to take place in Q2 2018, and is subject to completion of the ongoing due diligence proses. A detailed stock exchange announcement will be distributed no later than Friday 2 March 2018 before the trade opening of the Oslo stock market, in accordance with the requirements of Continuing Obligations for listed companies.

Bergen Group ASA is a Norwegian industrial group based in western part of Norway, and a well-established supplier of products and services to the areas of Energy & Industry, Maritime, Defense and Access Technology. The Group's companies are based on extensive expertise and long experience in their business areas. The operational activity is carried out by the subsidiaries Bergen Group Services AS and Bergen Group AAK AS, with 200 employees. For further information: www.bergengroup.no

Backe Bergen AS is a part of Backegruppen, a Norwegian nationwide project and construction company based in Oslo. Backe Bergen AS has operated in Bergen and its surroundings since 1963. The company is a property developer with a focus on concrete constructions. Besides traditional construction activities, Backe Bergen has for over 40 years produced concrete feed barges, concrete floats and oil bags for the aquaculture industry, the oil / offshore environment, as well as public and private actors / builders. More information about Backe Bergen and Stamsneset is available at http://backegruppen.no/selskaber/backe-bergen  

For further information:  
CEO Torgeir Nærø in Bergen Group ASA, phone +47 922 00 778 
CEO Svein Eian in Backe Bergen AS, phone +47 951 80 690