The board of directors of Endúr Energy Solutions AS (the company) has concluded
that there is no longer any basis for continued operations and has tonight
resolved a petition for bankruptcy. The petition will now be filed with
Stavanger Tingrett.

The board of directors of the company, together with its advisors and resources
in the group, has over time worked on alternative structural and financial
solutions that could provide a positive operation in the company, but without
success. Significant deterioration in operating results during the fourth
quarter has made this work difficult. In addition, the new corporate management
which took office in November 2019, evaluates the value of the company's order
reserves to be significantly lower than estimated by previous management.

Preliminary accounting figures for Endur Energy Solutions AS for 2019 indicate a
turnover of NOK 116 million and a loss of NOK 20 million. The preliminary
accounting figures in the fourth quarter of 2019 alone, indicate a loss of NOK
15 million.

In sum, the Board of Directors of the company considers that the conditions for
opening bankruptcy in the company as set forth in section 60, cf. sections 61,
62 and 66, of the bankruptcy act are satisfied.

Hans Petter Eikeland, Chairman of the Board of Endúr Energy Solutions AS and CEO
of the parent company Endur ASA, strongly regrets that the Board now finds it
necessary to file a petition for bankruptcy in the Stavanger-based company,
headquartered at Forus and with a permanent staff of 41 people.

“Endur Energy Solutions AS joined the group one year ago, and had several
framework agreements related to maintenance and modification assignments in the
offshore market. Unfortunately, one has failed to materialize these framework
agreements to provide satisfactory activity and profitable operation. Nor has
the company succeeded in acquiring new assignments of importance from either the
on- or offshore market during this year. All in all, this has imposed a burden
on the company that no longer defends the basis for continued operations”, says
Eikeland.

Endur Energy Solutions AS currently has two subsidiaries; Endur PMAE AS and
Endur Industrier AS. Endur PMAE AS will also be called for bankruptcy as the
operations of this company are directly related to personnel-hire to the parent
company. This company has as per today 50 employees. When it comes to Endur
Industrier AS, it will be up to the administrators in bankruptcy of Endur Energy
Solutions AS to decide on the future of this company.

“Endúr Industrier AS, based in Dusavika outside Stavanger, has delivered a solid
operation throughout 2019. In our opinion, this subsidiary of Endur Energy
Solutions AS has an attractive position that we believe can be further developed
with new owners”, says Hans Petter Eikeland.

Contact person:
Hans Petter Eikeland, CEO Bergen Group ASA, mobile +47 932 08 177