TTS - Contract to Offshore handling Equipment - exercise of option

Reference is made to statement to Oslo Stock Exchange, dated 12 March 2012, regarding the contract signed with Kleven Verft AS.

Through its fully owned subsidiary TTS Offshore Handling Equipment AS, Bergen-Norway, TTS Group ASA has been awarded the first of two options. The called option is worth between 65 - 70 MNOK.

The contract with Kleven relates to new build no. 362 for delivery to Olympic Shipping AS. TTS will deliver a 250T active heave compensated crane for operations down to 3,000 meters depth.

TTS has long traditions in serving the worldwide shipbuilding
and oil industry, where TTS Offshore Handling Equipment AS deliver offshore cranes and lifting equipment.

The delivery are scheduled for June 2013.

Bergen, 20^th June 2012

Contact persons:

Johannes D. Neteland                
President & CEO    
Tel +47 918 46 906

Arild Apelthun                             
CFO                      
Tel +47 918 19 265

TTS Group ASA