Blom : REPORT FOR 3rd QUARTER 2011

In a number of countries where Blom operates, the macroeconomic conditions are still challenging, especially in Southern Europe. The company's revenues and earnings have been impacted negatively during the quarter as a result of turbulence in the financial markets, as well as unfavourable operational circumstances that have postponed the fulfilment of orders already placed from the 3rd quarter to a later point in time.

In order to improve profitability under the current market conditions, Blom has focused on market niches where the company has a competitive advantage and geographic regions that have an increasing need for the company's products and services, as well as continued implementation of cost saving measures. The quarter's personnel costs were NOK 8 million lower than the same quarter last year, and NOK 24 million lower to date in 2011. Other operating expenses have been reduced by NOK 3 million during the same period and by NOK 16 million to date in 2011. These measures have helped keep the EBITDA positive this quarter in spite of the challenging macroeconomic and operational conditions.

The company posted revenues of NOK 129 million in the 3rd quarter, compared with NOK 165 million for the same quarter in 2010. EBITDA for the quarter was NOK 0.6 million, compared with NOK 33 million for the corresponding quarter in 2010. This corresponds to an EBITDA margin of 0.4 per cent, compared with 20.1 per cent in the 3rd quarter of 2010. The operating loss for the quarter was NOK 15 million, compared with a profit of NOK 10 million for the same period in 2010.

For further information please contact the CEO, Dirk Blaauw, on tel. +47 22 13 19 20 or CFO Lars Bakklund on tel. +47 22 13 19 34.