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Strong quarter and good results for KONGSBERG

Kongsberg, 18 February 2010 - KONGSBERG continues to grow, reporting an EBITA of MNOK 473 in Q4 (MNOK 319). Operating revenues came to MNOK 3 881, up 14 per cent year-on-year. New orders aggregated some NOK 3 billion during the quarter (NOK 2.6 billion). Q4 2009 earnings per share came to NOK 2.58 (NOK 1.55).

In 2009, KONGSBERG had operating revenues of MNOK 13 816, an increase of 25 per cent from 2008. The EBITA totalled MNOK 1 376, a rise of MNOK 254 from 2008. New orders were valued at MNOK 17 605, up nearly NOK 3 billion compared with 2008. By year-end 2009, the backlog of orders totalled NOK 19.9 billion (NOK 16.7 billion). Earnings per share were NOK 6.83 (NOK 4.86) in 2009. The Board of Directors will propose to the General Meeting that dividends for 2009 be set at NOK 2.00 (NOK 1.375) per share, in line with the Group's dividend policy.

"We are reporting a strong year, with growth in operating revenues, profits and orders. We have strengthened our market-related, technological and financial positions. We won major contracts and achieved deeper market penetration on the defence side. The markets for offshore and maritime vessels were weak in 2009. Despite this, our maritime operations gained momentum and improved their performance. We also launched a number of new products and technological solutions during the year. Our platform for continued growth was strengthened in 2009", comments CEO Walter Qvam.

At the end of 2009, the Group had net cash reserves of MNOK 634, marking an improvement of MNOK 586 since Q3 and MNOK 2 073 since year-end 2008. KONGSBERG ended 2009 with an equity ratio of 30.1 per cent, compared with 28.4 per cent at the end of Q3 and 15.2 per cent at the end of 2008

The US Army has placed substantial orders under the CROWS II framework contract. Call-offs now account for nearly the full amount of the NOK 8 billion framework contract signed in August 2007. In late December, the framework was enlarged by 3 849 systems to a total of 10 349 systems. KONGSBERG's position as the market leader in this type of weapon control systems was thereby further reaffirmed.

The quarterly report is published at www.kongsberg.com and www.newsweb.no

For further information, please contact:

CEO Walter Qvam – telephone: +47 322 89510 – +47 905 25226CFO Arne Solberg – telephone: +47 322 89575 – +47 920 60011

This information is subject to disclosure requirements pursuant to §5-12 of the Norwegian Securities Trading Act.

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