Bergen Group Finalizes Contract with Transocean for Rig Upgrades

Bergen Group ASA

Bergen Group Hanoytangen AS and Transocean Offshore (North Sea) Ltd NUF have signed a frame contract that covers upgrades to three rigs and also includes an option for modification work on a further unit.

The agreement is for upgrade and classification work concerning the units Transocean Searcher, Polar Pioneer, Transocean Arctic, as well as an option for corresponding work on a further drilling rig. Bergen Group's scope of work includes detailed project planning, purchasing, as well as involvement in overall project management. Bergen Group estimate the frame contract will have an expected turnover of more than NOK 500 million. The work commenced in September 2008 and will continue until the end of 2009, and will be carried out at Bergen Group's facilities at Hanoytangen outside Bergen.

The parties expressed ambitions regarding future cooperation during the contract signing.

"Bergen Group has convinced us with facilities, project experience and service mindedness in the contract process. We have extensive rig activity in the North Sea, and if Bergen Group performs, the potential for further cooperation is established," said Asbjorn S. Olsen, Operations Manager Asset, Transocean Norway.

"We will in the work for Transocean demonstrate our ability to complete large complex offshore projects for major international customers and thereby put the company at the map as a large offshore supplier," added CEO Pal Engebretsen in Bergen Group. He continued, "Our offshore division has a unique blend of competence -- system capital, production facilities and strategic locations -- to meet the expected growth rate in the oil and gas segment."