Johannes D. Neteland resigns as CEO 05.11.2013

The Board of TTS Group ASA has entered into an agreement with Johannes D. Neteland regarding termination of his position as CEO of TTS Group ASA effective from today, November 5th. The Board has decided to constitute Björn Andersson in the position until further notice.

The Board of TTS Group ASA will begin the search for a new CEO. Mr. Neteland has served as CEO since 1998 and has been vital in building up the company to a 3 billion NOK revenue company.

Johannes D. Neteland take states notice of the Board's decision. - I have had 16 good years in the company and I appreciate the cooperation with good colleagues and business partners during all these years, Johannes D. Neteland says.

- The Board is grateful to Johannes D. Neteland for his important contribution to TTS Group ASA. He has been essential in building the Company’s position within the Marine and Offshore markets, including the development of the very successful Joint Venture structure with the government owned shipyards in China, says Chairman of the Board Trym Skeie.

Björn Andersson is currently working with several internal projects in TTS Group targeting operational improvements. Mr. Andersson has extensive operational experience from different positions in TTS and MacGregor. He has also been acting as working Chairman of the Board in both TTS’ Joint Ventures in China; TTS Bohai and TTS Hua Hai.

TTS Group ASA November 5th 2013