New CEO at Bergen Group Fosen

Company News - September 13, 2012

Anders Straumsheim is to take up the position of CEO of Bergen Group Fosen. The company's current CEO, Arnar Utseth, continues at the shipyard with new
assignments.

Mr Straumsheim (44) has extensive management experience from Norwegian and
international industries. For the last 12 years he has been CEO of the Flextronics Group's operations in Norway.

As CEO of Bergen Group Fosen, Mr Straumsheim will also join the management team of Bergen Group's Shipbuilding division.

"In recent weeks we have had a strong focus on identifying and implementing the necessary actions in order to regain the profitability at Bergen Group Fosen," said the company.

"An important step in this process has been to strengthen the management at the
shipyard. Now we have put in place a very accomplished economist with solid
industrial management experience.

"Mr Straumsheim will have an important role in the dedicated process of ensuring a continued positive improvement at the yard."

Last month, Terje Sjumarken was appointed Executive Vice President for Bergen
Group Shipbuilding. Mr Sjumarken, who is also the CEO of Bergen Group BMV,
said the group's divisional management will be further strengthened.

"We are also now establishing the position of CFO for Bergen Group Shipbuilding
to strengthen the financial management, project financing and the strategic
cooperation at the division level," he explained.

"The division's two newbuilding yards have experiencedstrong growth in their orderbooks, and the market outlook is perceived as positive," said the company.

Bergen Group will complete three large ships by next summer. The first of these, an offshore construction vessel, will be completed and delivered to the customer Volstad Maritime AS this autumn. In spring of 2013 the first cruise ferry for Fjord Line will be delivered. The hull of the second cruise ferry is under construction in Poland, and will arrive at Fosen for outfitting and completion in late fall this year. This cruise ferry will be delivered to the client in the summer of 2013.