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Third quarter profit of MNOK 232

At the close of Q3 2003, Kongsberg Gruppen reports an EBITA of MNOK 232 (MNOK 343) on operating revenues of MNOK 4 625 (MNOK 5 138). The Q3 EBITA comes to MNOK 93 (MNOK 105).

"In isolation, that makes Q3 2003 KONGSBERG's second-best quarter ever", comments Chief Executive Officer Jan Erik Korssjøen.

"KONGSBERG's aggregate 2003 sales volume is down slightly from last year. This was expected, owing the unrest in Norwegian and international financial arenas in parts of 2002. Having put extensive cost-cutting measures into effect to sustain profitability, we're now seeing the performance trend we envisaged", continues Korssjøen.

"Maritime has had a satisfactory influx of new orders in 2003. We also expect Defence & Aerospace to have a good influx of new orders in Q4. A more compact cost base means KONGSBERG is well positioned for future profitability. We expect a good year for 2003 as a whole", concludes Chief Executive Officer Jan Erik Korssjøen.

KONGSBERG posted an operating profit of MNOK 164 at 30 September 2003, compared with MNOK 285 in 2002. The EBT at the same date came to MNOK 103, compared with MNOK 223 in 2002. The profit per share was NOK 2.40, compared with NOK 5.29 last year. The Group's backlog of orders remains high and stable. It had an estimated value at 30 September of NOK 5.6 billion, up from NOK 5.1 billion at year-end 2002.

Q3 2003 was characterised by the following highlights: - The Norwegian parliament's decision to buy five new missile torpedo boats (MTBs); KONGSBERG will be providing the command and control systems. - A MNOK 300 communications contract with Romania. - A MNOK 135 contract with Raytheon for the delivery of satellite data. - The strategic acquisition of the British instrument maker Brookes & Gatehouse (B&G). - Offshore & Ocean Science opened an office in Brazil. - Cost cuts boosted profits for Merchant Marine.

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For further information, please contact: Chief Executive Officer Jan Erik Korssjøen, telephone: ( 47) 920-60000 Chief Financial Officer Arne Solberg, telephone: ( 47) 920-60011

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