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A strong quarter for KONGSBERG

KONGSBERG reports a Q1 EBITA of MNOK 195, up MNOK 40 compared with Q1 2007. Operating revenues totalled MNOK 2 353, up MNOK 500 from 2007. "New orders rose by MNOK 1 200 in Q1 2008 relative to Q1 2007, while our backlog of orders increased by MNOK 1 601 during the quarter", reports CEO Walter Qvam.

"Kongsberg Defence & Aerospace and Kongsberg Maritime have both contributed to improved performance, and both have booked more new orders and have seen a growing backlog of orders. Kongsberg Defence & Aerospace saw a rise of MNOK 689 in its backlog, while the comparable figure for Kongsberg Maritime was MNOK 854. At the end of Q1, the Group's backlog was valued at MNOK 14 247", adds Qvam. At 31 March 2008, KONGSBERG had 4 396 employees, a net increase of 191 since year end.

Kongsberg Defence & Aerospace had a Q1 EBITA of MNOK 47 (MNOK 43), based on operating revenues of MNOK 927 (MNOK 793). New orders aggregated MNOK 1 616 (MNOK 1 052), and the backlog was valued at MNOK 7 921 at end-quarter (MNOK 7 232 at 31 December 2007 ). Four new countries: The Netherlands, Luxembourg, the Czech Republic and Portugal, signed contracts for the Protector Remote Weapon Station (RWS) during the quarter. Thus far, 11 countries have opted for this system for their armoured personnel carriers. "There are significant new opportunities on this market with a view to existing as well as new customers", comments Qvam.

Late in the quarter, the Group concluded a contract with Turkey for Penguin missiles valued at MNOK 210. This contract piggybacks on a contract option signed in 1999. Deliveries will take place over a three-year period.

Kongsberg Maritime had a Q1 EBITA of MNOK 145 (MNOK 111), based on operating revenues of MNOK 1 383 (MNOK 1 027). New orders aggregated no less than MNOK 2 235 (MNOK 1 638), and the backlog at 31 March added up to MNOK 6 187 (MNOK 5 333 at 31 December 2007).

Kongsberg Maritime has now commenced deliveries to the first rigs ordered during the so-called 'rig boom'. At 31 March 2008, Kongsberg Maritime had a backlog of orders in this market valued at some NOK 2 billion, and deliveries are scheduled to take place from 2008 to 2011.

"Kongsberg Maritime has a high delivery rate in all segments. Activities have expanded in the subsea segment, and the market for merchant vessels remains at a high level", concludes CEO Walter Qvam.