Kongsberg Concludes Acquisition of Evotec AS

Acquisition completes following July 4th announced agreement in principle.

Kongsberg Maritime AS, a wholly-owned subsidiary of Kongsberg Gruppen ASA, completed the acquisition of Evotec AS on Friday 30th September. Evotec AS develops and delivers technological management systems for the seismic, subsea and supply markets, among others. Within these sectors, the company has developed systems that have allowed it to carve out a position as one of the market's leading suppliers. In addition, Evotec is building up a Service and After-market Department that has recently concluded service/framework agreements with key players in the market.

Evotec AS is located in the Norwegian municipalities of Herøy and Ulstein and currently has about 55 employees. "The acquisition of Evotec is in line with Kongsberg Maritime's 'Full Picture Strategy' and will enhance our delivery scope for seismic and anchor handling vessels among others. Evotec is an innovative enterprise with good systems and skilled employees. It will be an important player in Kongsberg Maritime's further efforts in the markets that Evotec is involved in," comments Geir Håøy, president of Kongsberg Maritime.

Kongsberg Gruppen (OSE ticker: KOG) is an international knowledge-based corporation that supplies high-technology systems and solutions to customers engaged in the oil and gas industry, the merchant marine, and the defence and aerospace industries. In 2010, the Group had operating revenues of NOK 15.5 billion, and it currently has 6141 co-workers located in more than 25 countries. Kongsberg Maritime, a subsidiary of KONGSBERG, is an international technology enterprise that delivers innovative and reliable technical solutions to the maritime industry, including the merchant marine, offshore, subsea and naval segments. The company has production, sales and service facilities in 17 different countries, and its head office is in Kongsberg. In 2010, the business area had a turnover of NOK 6.3 billion.