Grenland Group Boasts 'Continuously Good Performance'

In the second quarter of 2009, Grenland Group generated revenues of NOK 438 million and an EBITDA of NOK 25.8 million. The EBITDA margin was 5.9 % in the quarter, compared to 4.7 % in the second quarter of 2008.

"We are pleased to announce continuously good performance of Grenland Group. The liquidity and equity situation is also good," said CEO Hallgeir Skogen in Grenland Group.

The market has been challenging during the second quarter, due to the global economic downturn. The order backlog totaled NOK 862 million
at the end of the quarter, compared to NOK 1 110 million at the end of the previous quarter. However, the company has been awarded several contracts in the second quarter that form a good basis for further development. Market signals are positive, a large amount of bids are outstanding and the bidding activity into the third quarter is high.

"Last quarter, we achieved a breakthrough in the Chinese rig market through the contract with COSL Drilling, and we expect an increase in rig-related activity going forward. The company was also awarded a contract with StatoilHydro for 11 modification studies on the Norwegian Continental Shelf, and a number of minor orders within the well intervention market," added CEO Hallgeir Skogen.