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    Fosen Yards to become part of Bergen Group

    Yard News // May 2, 2008

    A Letter of Intent has been signed between the majority shareholder in Bergen Group, Magnus Stangeland, and the shareholders in Fosen Holding, concerning acquisition of 100 per cent of the shares in Fosen Holding.

    The purchase price has been fixed at NKr 200 million. The transaction, which will be a part of Bergen Groupís announced listing on Oslo BÝrs, implies that the Fosen Yards will become a part of Bergen Group.

    "The yards will become part of Bergen Groupís initiatives within special-purpose vessels for the offshore sector and other offshore installations," said CEO Roger Simmenes, who also noted that the company wants to†develop a design company for offshore/special-purpose vessels as well as an offshore/engineering department.

    Fosen Yards consists of two yards, Fosen Mekaniske Verksteder and Landskronavarvet in southern Sweden. Together these yards have 310 employees, as well as (currently) 360 hired personnel.

    Four offshore vessels, as well as other offshore modules, are currently being built at the yards.

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