NOK 1.1 billion bond issue in Segulah IV’s portfolio company Beerenberg

19 June, 2014

NOK 1.1 billion bond issue in Segulah IV’s portfolio company

Beerenberg, a Norwegian oil service company focused on ISS1 services on the NCS2 was
acquired by Segulah IV L.P. in February, 2013.

The list of customers includes oil majors, shipyards and MMO3 contractors, notably Statoil,
ConocoPhillips, Shell, Samsung Heavy Industries and Kvaerner.

The Company has a history of stable earnings built on a conscious decision to focus on
HSE4 critical maintenance activities on the NCS, where regulatory requirements and climate
conditions are amongst the most demanding in the world.

In 2013, Beerenberg’s revenue grew 39%, with continued strong development so far in
2014 on the back of a number of new frame agreements, which in combination with the
underlying momentum in the business provide significant revenue visibility over the coming
years.

As a result, it has been possible to refinance existing term debt as well as shareholder
loans with a NOK 1.1 billion bond issue which is scheduled for completion on June 27,
2014.

The bond, which has a four year maturity and coupon of 3 months NIBOR plus 500 b.p.
was placed with institutional investors from the Nordic region and the UK primarily.
“We are very pleased with this funding arrangement which suits our needs as a growing
company while at the same time introducing Beerenberg to a broad network of institutional
investors”, notes Beerenberg CEO Morten Walde.

The bond issue was arranged by Danske Bank and Pareto.

For further questions, please contact:
Lars Erik Larssen, CFO Beerenberg, mobile +47 46 69 59 00,
email lars.erik.larssen@beerenberg.com

Erik Thornell, Head of Banking Segulah, +46 708 49 38 42,
email thornell@segulah.se

1 Insulation, Scaffolding and Surface Treatment
2 Norwegian Continental Shelf
3 Maintenance, Modification and Operation
4 Health, Safety and Environment


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