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TTS Group sees Q1 improvements

May 15 - TTS Group posted an operating profit (EBITDA) of NOK600,000 (USD80,500) in the first quarter of 2015, compared with a loss of NOK38.4 million (USD5.1 million) in the same period of 2014.

Total revenues were NOK593 million (USD79.6 million), up NOK40 million (USD5.3 million) compared with the first quarter of 2014.

"The result is as expected for a quarter characterised by challenging conditions in the offshore market, in combination with lower activity in some marine segments as a result of normal seasonal fluctuations," said TTS Group ceo Björn Andersson. "We're still not where we should be with regard to profitability, but overall we came out stronger from a quarter proved very challenging for many players in the industry."

The greatest increases were seen in TTS Group's multipurpose and general cargo division, where revenue grew from NOK28 million (USD3.7 million) in the first quarter of 2014 to NOK94 million (USD12.6 million) in the first quarter of 2015.

Discussing the company's outlook, Andersson said: "The offshore market is expected to remain difficult, but we are very positive on the market outlook in our major marine priority areas. Although there are still low rates and overcapacity in parts of the container/bulk/tanker segment, there are positive signals in the market related to the contracting of container ships in the mega class and special ships/multipurpose ships."

TTS Group expected to see a strong market for car carriers, especially in South Korea. The company also sees positive development in the heavy lift segment, particularly in the Chinese market, and expects the market for ship lifts and tranfer systems to remain stable.

www.ttsgroup.com

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