BERGEN 01: support from bondholders provides basis for implementation of the refinancing of the Group.

Bergen Group has today achieved the bondholder`s support for the proposed refinancing of the Offshore and Service divisions.

The group reported November 15th 2012 a breach the covenants in existing bond loan of NOK 330 million to Bergen Group ASA, established in July 2010. A bondholder meeting held today accepted changes in the bond loan terms until maturity in July 2013. Parts of the bond will now be repaid to bondholders, and Bergen Group will continue with NOK 200 million in bond-debt going forward and until the ordinary maturity on July 9th 2013. The bondholders have also given Bergen Group exemption from, and changes of, certain financial covenants. Bergen Group is also granted a possibly of repaying the loan before maturity (call option).

The acceptance from the bondholders is a condition in the new banking agreement with SpareBank 1 SR-Bank which will ensure refinancing of all existing debts in the two divisions Offshore and Services. This refinancing will lead to significant efficiency improvement in optimizing the working capital being used in the group.

CEO Terje Arnesen is very satisfied with the refinancing which now is being facilitated:

"We will with this establish a sound financial platform for Bergen Group going forward. Now we are looking forward to continue the work with operational and structural measures that can contribute to a continued growth and a strengthening of the Group`s market position", says Arnesen.

The previously announced sale of Bergen Group Dreggen to Palfinger AG has been approved by the Norwegian Competition Authority, and the sale has been completed in accordance with the information provided in the announcement on 30 October 2012. The sale has generated a positive cash effect for Bergen Group in the order of NOK 100 million.

Details of the revised terms of the Company's bond are available at www.stamdata.no

For any further information:
CEO Terje Arnesen, tel +47 906 89 130
CFO Ståle Rene, tel. +47 982 06 188