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TTS Group ASA : New contract to TTS Group

03/12/2012 | 10:07am US/Eastern
TTS Group ASA in Bergen has signed a contract with Kleven Verft AS worth approximately NOK 65 million. The contract concerns delivery of a subsea crane. The contract also includes an option for two identical cranes.

TTS Group has signed the contract through its subsidiary TTS Energy AS, a company in the TTS Energy division. The Energy division supplies drilling equipment for offshore rigs, handling equipment for offshore vessels, as well as complete land rigs.

- This agreement is a result of a long term focus, and strengthen further our position in this market, says Johannes D. Neteland, President and CEO of TTS Group. After two demanding years 2011 was a turning point for the Energy divison, with significantly higher activity and profitability.

Energy divison turnover in 2011 was MNOK 1 228, a 72.5 percent increase compared to MNOK 712 in 2010.

- We are satisfied for having increased the sale of complete drilling equipment packages, cranes and other handling equipment for the offshore industry. TTS have succeeded in recruiting the competence needed to complete the projects with high quality, and within deadline, says Neteland.

The market outlook for the Energy division continues to be positive with continued high activity for both Drilling equipment and offshore handling equipment.

About TTS Group ASA
TTS Group ASA is an international group that develops and supplies handling equipment for ships, ports and offshore oil and gas installations. Operations are organised into the business areas Marine, Energy and Port and Logistics. TTS is among the worlds leading suppliers within its market segments.

At the start of 2012, the TTS Group had 1 300 permanent employees (not including associated companies), with a primary emphasis on engineering skills. The group has operative units in 15 countries: Norway, Sweden, Finland, Germany, China, Poland, the Czech Republic, Greece, USA, Canada, Brazil, South Korea, Vietnam, Singapore and Italy.

TTS Group ASA's head office is located in Bergen, Norway, and is listed on the Oslo Stock Exchange.

Johannes D. Neteland, President & CEO Tel.: +47 918 46 906
Arild Apelthun, CFO    Tel.: +47 918 19 265

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