Strong growth and improved margins First half 2008 best

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Strong growth and improved margins First half 2008 best Powered By Docstoc
					Strong growth and improved margins

First half 2008   best half-year ever
Disclaimer
 This Presentation includes and is based, inter alia, on forward-looking information and statements
 that are subject to risks and uncertainties that could cause actual results to differ. These statements
 and this Presentation are based on current expectations, estimates and projections about global
 economic conditions, the economic conditions of the regions and industries that are major markets
 for Bjørge ASA (including subsidiaries and affiliates) lines of business. These expectations,
 estimates and projections are generally identifiable by statements containing words such as
  expects , believes , estimates or similar expressions. Important factors that could cause actual
 results to differ materially from those expectations include, among others, economic and market
 conditions in the geographic areas and industries that are or will be major markets for Bjørge s
 businesses, oil prices, market acceptance of new products and services, changes in governmental
 regulations, interest rates, fluctuations in currency exchange rates and such other factors as may
 be discussed from time to time in the Presentation. Although Bjørge ASA believes that its
 expectations and the Presentation are based upon reasonable assumptions, it can give no
 assurance that those expectations will be achieved or that the actual results will be as set out in
 the Presentation.
 Bjørge ASA is making no representation or warranty, expressed or implied, as to the accuracy,
 reliability or completeness of the Presentation, and neither Bjørge ASA nor any of its directors,
 officers or employees will have any liability to you or any other persons resulting from your use.
 Bjørge ASA consists of many legally independent entities, constituting their own separate identities.
 Bjørge is used as the common brand or trade mark for most of this entities. In this presentation we
 may sometimes use "we" or "us" when we refer to Bjørge companies in general or where no useful
 purpose is served by identifying any particular Bjørge company.
Index



   Group update      Stig Feyling

  Financials         Frode Wathne

  Last acquisition   Stig Feyling

  Closing remarks    Stig Feyling

  QA                 Stig Feyling
Highlights Q2


   Strong performance in Q2
       Revenue of 472 mill. NOK
       EBITDA margin 8,7%

   Acquisition of Teamtrade AS

   First delivery of a Bjørge
   Eureka pump from Sørumsand

   Delivery of the (world s?)
   largest deluge skid ever
Q2 highlights per reporting segment




   Rotating Equipment               Flow Solutions           Safety & Automation
        Solutions                                                  Solutions

  First pumpdelivery from       Good order intake          Acquisition of Teamtrade
  own facility                  High activity especially   High activity and good
  High activity in ongoing      in the valve segment       order intake
  projects                      Awarded new strategic      Awarded new
  Awarded new strategic         frameagreements            international F&G
  frameagreements                                          contract
  Continued recruitment of personnel, 40 new employees during Q2.
  Continued good HSE results
Quarterly development (proforma)

                Operating revenue (proforma)                                     EBITDA (proforma)

               600,0                                                      60,0

                                                    506,9
               500,0                                                      50,0                               48,4



               400,0                                                      40,0




                                                            million NOK
 million NOK




                       325,2

               300,0                                                      30,0
                                                                                 24,5

               200,0                                                      20,0



               100,0                                                      10,0



                 0,0                                                       0,0
                       2Q07    3Q07   4Q07   1Q08   2Q08                         2Q07   3Q07   4Q07   1Q08   2Q08
Order Intake
Contract                                 Value (mill.)   Conctract                                                Value (mill.)

BP frameagreement valves                            45   Frame aggr. surface treatment                                           30
                                                         FMC Tech.
Firefighting   Pazflor FPSO                         30   Order back-log Teamtrade                                                80
4 Gen.sets     StatoilHydro GFC                     40   Other                                                                 260
LOI subsea monitoring Ormen                              Frame aggr. service and
Lange and Vega FMC                                  20   aftermarked pumps StatoilHydro
                                                                                                   Order intake
                                                                                          600,0
  Total order backlog of 767 million NOK                                                                                       505,0
  Order intake 505 million NOK                                                            500,0

                                                                                                  404,8
                                                                                          400,0




                                                                            million NOK
  SAAS System included from 1Q08
  Teamtrade included from June 2008 (80 mill. included as pr. 30.06.08)                   300,0


                                                                                          200,0


                                                                                          100,0


                                                                                            0,0
                                                                                                  2Q07    3Q07   4Q07   1Q08   2Q08
                      HSE results 2nd quarter 2008
                       Our objectives are :
                        no accident, damages or losses

                            Overall good HSE performance. No severe injuries
                            have been registered in the 2nd quarter.
                            The total absence due to sickness as per 2nd
                            quarter 2008 is 3,3 % compared to 3,8 % as per
                            2nd quarter 2007.

                                                                                                                     7
                      60                                                                              60

                                                                                                                     6
                      50                                                                              50
Number of in juries




                                                                                                                     5
                      40                                                                              40
                                                                                                           S-value




                                                                                                                     4
                      30                                                                              30

                                                                                                                     3
                      20                                                                              20
                                                                                                                     2

                      10                                                                              10
                                                                                                                     1

                       0                                                                              0
                           1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 A k k                    0
                                                                                            s is te                      2 00 1   20 0 2          20 03                2 0 04              2 00 5             20 0 6   20 07   A k k . s is te
                                                                                              12                                                                                                                                1 2 m nd
                                                                                                                                           Sh o r t t e r m a b se n c e   L o n g te r m a b s e n c e   Tota l
                                                Number of inj uries S -value                mnd
Index



  Group update       Stig Feyling

   Financials        Frode Wathne

  Last acquisition   Stig Feyling

  Closing remarks    Stig Feyling

  QA                 Stig Feyling
Consolidated income statement
                             amounts in million NOK          2Q07     3Q07     4Q07     1Q08     2Q08 30.06.07 30.06.08      2007
                              08          06             2
Official 2Q07 vs. 2Q08        Operating revenue              274,6    276,7    418,2    371,8    471,4     472,6    843,2 1 167,5
                              EBITDA                          19,5     19,1     31,7     19,0     41,0      27,0     60,0    77,7
 Revenue increased by         Depreciation                    -2,5     -3,9     -3,5     -4,0     -4,5      -4,7     -8,4   -12,0
 196,8 mill. NOK              Amortization                    -3,7     -1,8     -5,2     -3,9     -4,3      -5,0     -8,2   -11,9
                              Write down                                        -2,0              -0,5               -0,5    -2,0
 EBITDA more than doubled     EBIT                            13,2     13,4     21,1     11,1     31,8      17,3     42,9    51,8
                              Net financial items              0,9     -0,8      2,8      1,8     -0,9      -0,6      0,9     1,4
 EBITDA margin improved       EBT                             14,1     12,6     23,9     12,9     30,9      16,7     43,8    53,2
 by 1,6%                      Tax                             -3,9     -3,5     -6,5     -3,5     -8,5      -4,4    -12,0   -14,4
                              Profit cont. op.                10,2      9,1     17,4      9,4     22,4      12,3     31,8    38,8
 EPS increased by 0,28        Profit discont. op.                                                          226,8            226,8
 Teamtrade AS included in     Net profit (loss)
                            0-25
                                                              10,2      9,1     17,4      9,4     22,4     239,1     31,8   265,6
 figures as pr. 01.06.08      Allocated to majority           10,2      9,1     17,4      9,1     20,7     239,1     29,8   265,6
                              Allocated to minority                                       0,3      1,7                2,0
                              EBITDA margin                  7,1 %    6,9 %    7,6 %    5,1 %    8,7 %     5,7 %    7,1 %    6,7 %
Proforma 2Q07 vs. 2Q08        Earnings per share 1)            0,23     0,21     0,40     0,21     0,51      0,28    0,72     0,88
 Revenue growth by 56%
                              Proforma 2)
 EBITDA margin improved       Operating revenue               325,2    330,0    470,1    421,8    506,9     606,6   928,7   1 406,7
 by 2,0%                      EBITDA                           24,5     27,2     36,2     28,5     48,4      43,3    76,9    106,6
                              EBITDA margin                  7,5 %    8,2 %    7,7 %    6,8 %    9,5 %     7,1 %    8,3 %    7,6 %


                              1) Basic and diluted EPS from continued operations allocated to majority
Solid start of 2008           2) For analysis and comparison reasons proforma figures have been prepared
compared to 2007
   Rotating Equipment Solutions
                                                                     amounts in million NOK       2Q07        3Q07       4Q07     1Q08    2Q08    30.06.07   30.06.08    2007
              RES offers products, turn-                             07         09     3
              key solutions and other                                Operating revenue   37,9                     49,3   107,5    103,6   106,4     62,8       209,9    219,6
              services related to pumps,                             EBITDA               -0,8                     3,3    11,9      6,7     2,2     -2,6         8,9     12,6
              compressors, motors and                                EBITDA margin                 -2,1%          6,7%    11,1%    6,5%    2,1%     -4,1%        4,2%    5,7%
              generators                                             EBIT                           -1,0          2,0      9,3      5,0     0,4      -2,9         5,4     8,4
                                                                     EBIT margin                   -2,5%          4,1%    8,7%     4,8%    0,4%     -4,6%        2,6%    3,8%




                                                                                                                         2Q07 vs. 2Q08
                     EBITDA (proform a)                                        Order intake
                                                                                                                           Operating revenue increased by
                                                                                                                           68,5 mill. NOK
              14,0                                                  160,0                                                  EBITDA increased by 3,0 mill. NOK
                                   11,9                                     140,3
              12,0                                                  140,0                                                  EBITDA margin 2,1% in 2Q08
              10,0                                                  120,0

                                                                                                                         Development
million NOK




               8,0                                                  100,0
                                                      million NOK




                                          6,7
                                                                                                           85,7
               6,0                                                   80,0                                                  Steady activity
               4,0           3,3
                                                2,2
                                                                     60,0                                                  EBITDA reduced due to cost overruns
               2,0                                                                                                         in on-going projects
                                                                     40,0

               0,0                                                                                                         Order intake of 85,7 mill. NOK
                                                                     20,0
                      -0,8
                                                                                                                           contributes to an order backlog of
              -2,0
                     2Q07 3Q07 4Q07 1Q08 2Q08
                                                                      0,0                                                  190 mill. NOK
                                                                            2Q07    3Q07   4Q07   1Q08   2Q08
Flow Solutions
                                                                                2Q07
                                                             amounts in million NOK                           3Q07        4Q07     1Q08    2Q08    30.06.07   30.06.08    2007
                                                             07         09    3
 FLS offers products, turn-
                                                             Operating revenue 140,2                          127,0       186,5    153,2   203,5    232,5       356,7    546,0
 key solutions and other                                     EBITDA              10,5                           9,3        13,5     10,7    20,9     13,9        31,6     36,7
 services related to valves,                                 EBITDA margin                           7,5%       7,3%        7,2%    7,0%   10,3%      6,0%        8,9%    6,7%
 metering and analysis                                       EBIT                                     8,9           7,7    11,2      9,3    20,0     10,8         29,2    29,7
                                                             EBIT margin                             6,3%       6,0%        6,0%    6,0%    9,8%      4,7%        8,2%    5,4%




                                                                                                                          2Q07 vs. 2Q08
                                                                                                                            Operating revenue increased by
                                                                                                                            63,3 mill. NOK
                                                                                  Order intake
                             EBITDA                                                                                         EBITDA doubled
               25,0
                                                                       300,0                                                EBITDA margin 10,3% in 2Q08
                                                  20,9                 250,0
               20,0
                                                                       200,0                                187,2
                                                                                                                          Development
 million NOK




                                                         million NOK




               15,0                 13,5                                                                                    High activity in the quarter
                                                                       150,0   140,8
                                           10,7
                      10,5
                              9,3                                                                                           EBITDA margin increase as result of
               10,0
                                                                       100,0                                                the high activity
                5,0
                                                                        50,0
                                                                                                                            Order intake of 187,2 mill. NOK
                                                                                                                            contributes to an order backlog of
                0,0
                      2Q07 3Q07 4Q07 1Q08 2Q08
                                                                         0,0
                                                                               2Q07    3Q07   4Q07   1Q08   2Q08
                                                                                                                            263 mill. NOK
Safety & Automation Solutions (proforma)
                                                                                       2Q07
                                                                    amounts in million NOK                  3Q07        4Q07     1Q08    2Q08    30.06.07   30.06.08    2007
    SAS offers products, turn-                                      07         09    3
    key solutions and other                                         Operating revenue 116,1                 126,2       151,7    141,9   161,3    243,8       303,2    521,8
    services related to                                             EBITDA              13,3                 14,1        19,8     16,7    25,1     27,2        41,8     61,1
    fire & gas detection,                                           EBITDA margin                11,5%          11,2%    13,0%   11,8%   15,6%     11,2%       13,8%   11,7%
    fire extinguishing,                                             EBIT                          12,0          12,7     11,3     12,9    19,7     24,5         32,6    48,5
                                                                    EBIT margin                  10,3%          10,0%     7,5%    9,1%   12,2%     10,1%       10,7%    9,3%
    offshore- and ship
    automation and
    instrumentation.
                                                                                                                        2Q07 vs. 2Q08 (proforma figures)
                                                                                                                          Operating revenue increased by
                                                                                                                          45,2 mill. NOK
                     EBITDA (proform a)
                                                                               Order intake                               EBITDA increase by 89%
              30,0
                                                                    200,0                               187,4             EBITDA margin 15,6% in 2Q08
                                                                    180,0
                                               25,1
              25,0                                                  160,0

                                 19,8                               140,0                                               Development
              20,0
million NOK




                                                      million NOK




                                        16,7                        120,0                                                 High activity in the quarter
              15,0   13,3 14,1                                      100,0

                                                                     80,0
                                                                            85,1
                                                                                                                          EBITDA margin increase as result of
              10,0                                                   60,0
                                                                                                                          the high activity
               5,0
                                                                     40,0                                                 Order intake of 187,4 mill. NOK
                                                                     20,0                                                 contributes to an order backlog of
               0,0
                     2Q07 3Q07 4Q07 1Q08 2Q08
                                                                      0,0                                                 216 mill. NOK
                                                                            2Q07   3Q07   4Q07   1Q08   2Q08
Special projects and corporate overhead
                                                                                      2Q07
                                                                  amounts in million NOK                       3Q07        4Q07     1Q08     2Q08    30.06.07   30.06.08    2007
 Special projects incl.                                           07         09     3
 subsea monitoring,                                               Operating revenue    30,9                         27,5    24,4     23,1    35,7      67,4         58,9   119,4
 technical surface protection                                     EBITDA                1,4                          0,6    -9,0     -5,6     0,3       4,7         -5,3    -3,7
 and cranes and unallocated                                       EBITDA margin                      4,5%           2,2%   -36,9%   -24,2%    0,8%      7,0%       -9,0%   -3,1%
 group overhead                                                   EBIT                               -2,0           -1,1     -6,6    -6,8     -1,0       0,4        -7,8    -7,3
                                                                  EBIT margin                        -6,6%      -4,0%      -27,0%   -29,2%   -2,9%      0,5%      -13,2%   -6,1%




                                                                                                                           2Q07 vs. 2Q08 (proforma figures)
                                                                                                                             Operating revenue increased by
                                                                                                                             4,8 mill. NOK
                                                                                     Order intake
                             EBITDA
                                                                                                                             EBITDA reduced by 1,1 mill. NOK
                                                                       50,0
               25,0
                                                                       45,0
                                                                                                             44,8            EBITDA margin 0,8% in 2Q08
                                                  20,9                        38,7
                                                                       40,0
               20,0
                                                                       35,0
                                                                                                                           Development
                                                         million NOK
 million NOK




                                                                       30,0
               15,0                 13,5
                                                                       25,0
                                                                                                                             Increased activity in the quarter
                      10,5                 10,7
               10,0
                              9,3                                      20,0                                                  EBITDA margin improved as result of
                                                                       15,0                                                  the increase activity level
                5,0                                                    10,0
                                                                                                                             Order intake of 44,8 mill. NOK
                                                                        5,0
                0,0                                                     0,0
                                                                                                                             contributes to an order backlog of
                      2Q07 3Q07 4Q07 1Q08 2Q08                                2Q07     3Q07   4Q07   1Q08    2Q08            97 mill. NOK
 Cash flow
 amounts in million NOK             2Q07    3Q07         4Q07            1Q08                2Q08           30.06.07        30.06.08                  2007
 08              06             2
 CF from operating activities    -16,8       11,7         91,3             16,6 -40,8                        -40,2                  -24,2          62,8
 CF from investing activities   -130,9       -3,3        -20,2             -6,2 -149,2                       142,3                 -155,4         118,8
 CF from financing activities      2,1        7,9         -5,7            -46,7   47,4                        28,2                    0,7          30,4
 Increase in cash / -decrease   -145,6       16,3         65,4            -36,3 -142,5                       130,3                 -178,8         211,9
0-77
 Cash at beginning of period        310,0   164,3        180,7          246,1                209,7            34,1                 246,1           34,1
 Cash at end of period              164,4   180,7        246,1          209,7                 67,3           164,4                  67,3          246,1



       Negative CF from OP primarily
                                                           Bank overdraft                              Short term                                    Long term                               Total interest
       due to acquisition of Teamtrade                                                           interest bearing debt                            interest bearing                           bearing debt
                                                    70                                                                                                  debt
       Negative CF from investing                                                               35
                                                                                                                                                                                      250
                                                                                      58                                                    140
       activities the same                          60
                                                                                                30                   29     29      29
                                                                                                                                                                               129                                      216


       operational investments limited              50           46
                                                                        50                                                                  120
                                                                                                                                                  104
                                                                                                                                                                                      200
                                                                                                25   23       23                                          101                                      170
       to 5,2 mill. NOK in the quarter                                                                                                      100                                             163           159
                                                    40    36
                                                                                                20                                                               80                   150
       CF from financing activities due                                                                                                     80
                                                                                                                                                                                                                 114
                                                    30                                                                                                                  62
       to acquisition of Teamtrade and                                         23
                                                                                                15
                                                                                                                                            60                                        100

       payment of dividend                          20                                          10
                                                                                                                                            40

       Net interest-bearing debt                    10                                          5                                           20
                                                                                                                                                                                      50


       increased by 245 mill. NOK in
                                                    0                                           0                                            0                                         0
       quarter
                                                          2Q07

                                                                 3Q07

                                                                        4Q07

                                                                               1Q08

                                                                                      2Q08




                                                                                                     2Q07

                                                                                                              3Q07

                                                                                                                     4Q07

                                                                                                                            1Q08

                                                                                                                                    2Q08




                                                                                                                                                   2Q07

                                                                                                                                                          3Q07

                                                                                                                                                                 4Q07

                                                                                                                                                                        1Q08

                                                                                                                                                                               2Q08




                                                                                                                                                                                            2Q07

                                                                                                                                                                                                   3Q07

                                                                                                                                                                                                          4Q07

                                                                                                                                                                                                                 1Q08

                                                                                                                                                                                                                        2Q08
Assets
     amounts in million NOK               2Q07       3Q07      4Q07      1Q08     2Q08

     Goodwill                             184,3      184,3     156,0     156,3     221,2
     Intangible assets                     63,5       61,9     100,5      97,1     168,9
     Property, plant, equipment            74,6       73,8      77,3      78,7      81,7
     Other financial non-current assets     0,5        0,5                           0,4
     Inventories                           27,1       31,8      29,7      46,9      73,3
     Trade and other receivables          352,2      337,8     331,2     310,7     417,9
     Other financial current assets         0,1        0,1       4,5       6,8       6,5
     Cash and cash equivalents            164,4      180,7     246,1     209,7      67,3
     Assets                               866,6      870,8     945,3     906,2   1 037,1




         Total assets increased by 131 mill. NOK in the 2nd quarter
         The increase primarily a result of the acquisition of Teamtrade AS
Equity and liabilities
       amounts in million NOK                     2Q07     3Q07     4Q07       1Q08        2Q08
      0-56
       Shareholders equity                        439,6    448,8    466,2     475,3      408,1
       Minority interests                           0,0      0,0      3,8       2,6       36,8
       Interest-bearing non-current liabilities   104,1    101,0     80,0      62,0      129,3
       Other non-current liabilities               34,7     34,9     68,1      67,4       87,9
       Interest-bearing current liabilities        58,5     69,2     78,8      51,5       87,0
       Other current liabilities                  229,7    216,8    248,6     247,4      288,0
       Equity and liabilities                     866,6    870,8    945,4     906,2    1 037,1
      0-66
       Equity                                      439,6    448,8    470,0     477,9        444,9
       Equity ratio                               50,7%    51,5%    49,7%     52,7%        42,9%
       Net interest-bearing debt                    -1,7    -10,4    -87,3     -96,3        149,0
       Net current operating assets                169,9    168,3    138,7     132,9        231,1



             Equity reduced by 33 mil. NOK in quarter.
             Payment of dividend caused a reduction of 89 mill. NOK
             Equity ratio reduced from 52,7% to 42,9% due to net reduction in equity
             combined with increased total equity and liabilities as result of Teamtrade
             acquisition
             Net current operating assets increase primarily as result of acquisition
Index



  Group update        Stig Feyling

  Financials          Frode Wathne

   Last acquisition   Stig Feyling

  Closing remarks     Stig Feyling

  QA                  Stig Feyling
Acquisition of instrumentation market leader
 Bjørge ASA acquires 76,5 % of Teamtrade AS
 Teamtrade's management own the remaining 23.5 %.
 Acquisition gives Bjørge a leading position within instrumentation.
 Bjørge's merge section for instrumentation into Teamtrade
 Name of the company, Bjørge Teamtrade AS
 Number of employees, 55.
 Locations in Stavanger, Bergen and Porsgrunn
 Considerable industrial benefits
     Cost synergies
     Boosted distribution capabilities
     Cross sales potential
     Complementary product range
Products




                         Fittings           Valves, Manifolds        Regulators




                    Valves and actuators   High pressure valves   Instrument tubing



No.1 supplier of Instrumentation to Norwegian Continental Shelf

         Represent the world's leading manufacturer
Systems



          - Hydraulic & electro-pneumatic systems
          - Own design
          - In-house engineering
          - Assembling, testing & commissioning
          - Systems includes 80% own products
          - Considerable market for further growth
        After sales           ongoing projects




                                                                  Gjøa




                                                                Skarv Idun


Considerable after sales - frame agreements through installations lifetime
1. Strategic acquisition
                                                                III.    Expand core businesses into
                                                                       selected strategic related areas

2. Strengthen core business
                                                       II.   Strengthen core businesses


3. Market leader
                                               I.     Capture potential in core business
                                                                Current core businesses
4. Balance among capex and opex

5. Instrumentation close connected to other                            Overall strategy
   product/ system areas in Bjørge portfolio   I.      Capture full potential in current core
                                                       businesses
              OPEX   CAPEX                                - Organic growth
                                                          - Bjørge synergies
                                                          - Competence and systems

                                               II.     Strengthen core businesses through
                                                       selected acquisitions
                                                          - Build leading positions
                                                          - Strengthen technology, product
                                                            and competence platform

                             44 %              III.    Expand into related areas with strong
                                                       synergies with current core business (expand
                                                       core);
       56 %
                                                          - Strengthen own products platform
                                                         - Increase margin potential
                                                          - Strengthen customer positions
                                                          - Develop Bjørge uniqueness
Index



  Group update       Stig Feyling

  Financials         Frode Wathne

  Last acquisition   Stig Feyling

   Closing remarks   Stig Feyling

  QA                 Stig Feyling
Market Looking Forward


  Strong market continues in our key
  segments.
  Strong growth in the FPSO market
  Many prospects for on- and
  offshore developments in Norway.
  Continued high activity on ongoing
  major projects.
  Tight labour marked continues to
  be challenging.
Financial Targets


     2008 estimate

        Expect 15% organic growth in
        revenue
        EBITDA margin between 7 and
        8 percent
        Teamtrade revenue an add on
        to the organic growth guiding

     Expect 15% organic yearly growth
     in revenue

     Expect growth in EBITDA margin
     from 6,7 % in 2007 to 9% in 2010
Index



  Group update      Stig Feyling

  Financials        Frode Wathne

  Business areas    Stig Feyling

  Closing remarks   Stig Feyling

   QA               Stig Feyling
Appendix
Ticker: BJORGE
Share structure per 30.06.08                                               Share development from 2q 2007 to 2q 2008
             20 largest shareholder in Bjørge per 30.06.2008
17 518 861   39,9 %     AKER CAPITAL AS                              NOR
 4 189 200    9,5 %     CAMAR AS / JOHN A.ERTVAAG                    NOR
 3 505 000    8,0 %     ODIN OFFSHORE ODIN FORVALTNING AS            NOR
 2 299 000    5,2 %     BANK OF NEW YORK,BR BNY GCM CLIENT ACCOUNT   GBR
 2 246 500    5,1 %     MP PENSJON                                   NOR
 2 176 548    5,0 %     SAAS EIENDOM AS                              NOR
 1 680 952    3,8 %     STATE STREET BANK AN A/C CLIENT OMNIBUS F    USA
 1 000 000    2,3 %     HODNE HOLDING AS                             NOR
   946 961    2,2 %     STRAND ENTERPRISE AS                         NOR
   783 000    1,8 %     STOREBRAND LIVSFORSIKR P980,AKSJEFONDET      NOR
   657 500    1,5 %     NISTAD GRUPPEN AS                            GBR
   590 000    1,3 %     VERDIPAPIRFONDET DAN DANSKE FUND NORGE       NOR
   568 940    1,3 %     DAHLE BJØRN                                  NOR
   499 948    1,1 %     GOLDMANSACHS INT.-SECURITU CLIENT SEGR       GBR
   433 400    1,0 %     VERDIPAPIRFONDET NOR V/NORDEA FONDENE AS     NOR
   300 000    0,7 %     IVAR S LØGE AS                               NOR
   276 400    0,6 %     H-INVEST AS                                  NOR   Turnover figures
   206 500    0,5 %     LIVSFORSIKRINGSSELSK OBLIGASJONER/SERTIFI    NOR                        mill NOK   1000 shares   trades    days        turn o. ratio
   191 500    0,4 %     JPMBLSA NORDEA LUX LENDING A                 LUX                         MNOK      1000 aksjer   handler   dager        oms.hast

   172 193    0,4 %     LIEN HANS PETTER                             NOR   april                  33,06          1 843       133          17           50,3    22,00               april
                                                                           mai                    28,06          1 657        53          20           45,3    20,00               may
40 242 403   91,62 %                                                       juni                    1,69            106        30          13            2,9    21,00               june
                                                                           daglig snitt 2 kv.      1,00             57         3                                       daily average Q2
                                                                                                  69,02                   339,00    76,00           108,00 124,00
                                                                           daglig snitt            0,56                        3                                         daily average



                                                                                                                                               Figures from Oslo Stock reports
Financial calendar 2008




   28 February 2008 -          4th quarter 2007/
                               preliminary annual result 2007
   28 April 2008          -    Annual General Meeting
   29 April 2008          -    1st quarter 2008
   21 August 2008         -    2nd quarter 2008
   29 October 2008        -    3rd quarter 2008


   The dates may be subject to change