Note 1 - Beerenberg

Management report
The group’s 2-year management development programme
included around 200 employees last year. During 2012 a
total of 650 employees were involved in activities organised
by the company’s training and development department.
KPI measurements Targets are systematically monitored
in order to establish how the company meets and implements
key targets and strategies. Proactive monitoring of trends
in key areas such as HSE/Q, technology, finance, skills and
capacity, as well as staff and customer satisfaction provides
good trend data relating to the company’s development curve.
The group’s overarching goal of continually improving in key
business areas was reached in 2012. Expectations and targets
for further development in 2013 have been set out as part of
the strategy and budget planning processes.
Market and development Beerenberg estimates the
total value of the group’s order backlog at NOK 11.4 billion
(including the estimated value of options for contract extensions)
at the start of 2013, which is a radical increase on the
opening balance in 2012. On that basis the company expects
to see a significant increase in turnover in the coming years.
Growth in Beerenberg’s activities outside the NCS almost
doubled in 2012. Export volumes are expected to continue to
grow in 2013. This growth will predominantly be realised by
licensing technology and carrying out operations in various
geographical upstream regions such as Kazakhstan, the west
coast of Africa and GoM. Beerenberg’s in-house technology
segment is predicted to generate the bulk of the total operating
profit in 2013.
New finds in combination with extensive investment in
approved development projects and fields in production are
looking promising in respect of the expected level of activity
in the domestic market in the coming years. Beerenberg’s
position in the world’s largest offshore market (source:
Rystad Energy) provides realisable opportunities for continued
growth both in the domestic market and in the group’s
defined export markets.
Morten Walde
CEO
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