NORWAY - Hitec, Aker Capital Fund and Camar bid for Bjørge ASA

The offer price of NOK 11 per share represents a premium of 45% on the last closing price, and of 48% on the weighted share price during the last three months.

The bid is made through the holding company Bokn Invest ASA. If the offer is successful, Aker Capital Fund will retain its current 39.9% stake, while Camar will reduce its 16.8% stake by 10% to meet Hitec's majority ownership requirement. Hitec will then hold a 50.01% stake.

The investors believe the company's future development is hampered by the current ownership structure, particularly in the challenging current market environment.

A supplier to the oil and gas industry, Bjørge offers pumps, valves, fiscal metering, instrumentation, automation, monitoring, fire and gas detection and extinguishing systems, as well as advanced surface treatment. Headquartered in Tanager, the company employs 570 people in total. In 2008 the business generated revenues of NOK 843m with an EBITDA of NOK 60m.

Arctic Securities and First Securities act as financial advisors.

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