AF Group acquires ownership stake in Dr. techn. Olav Olsen AS

The AF Group has signed a letter of intent with the
owners of Dr. techn. Olav Olsen AS for the purchase
of at least 51 % of the company's shares.

Dr. techn. Olav Olsen is one of Norway's leading
structural engineering companies in the field of
construction and marine technology. Furthermore, the
company is a global leader in project planning for
offshore concrete constructions. In 2010, the company
had a turnover of 101 MNOK and approximately 80
employees.

- The AF Group is a very competent player with
several interfaces with our business. We strongly
believe that a tighter coordination between the
projecting and the performing arm will lead to the
development of more efficient solutions benefitting
our customers. For Dr. techn. Olav Olsen, it is
significant that we maintain our position as an
independent advisor. We will continue to work with a
variety of customers and projects, states Jan
Moksnes, chairman of the Board in Dr. techn. Olav
Olsen.

- Dr. techn. Olav Olsen is a recognised company
possessing engineering expertise in several of the AF
Group's core areas. The AF Group has the ability and
willingness to build on this platform, and together
we will seek new ways of creating value. Dr. techn.
Olav Olsen has shown that it has the ability to
engage in new and innovative thinking, and we believe
that our ownership in this company presents an
exciting opportunity. Dr. techn. Olav Olsen will
continue as an independent engineering entity within
the group, says CEO Pål Egil Rønn in the AF Group.


For further information please contact the following:

Pål Egil Rønn, CEO AF Group, +47 909 57 713
Sverre Hærem, CFO AF Group, +47 952 45 167
Jan Moksnes, Chairman of the Board Dr.techn. Olav
Olsen, +47 918 89 160
Olav Weider, Managing Director Dr.techn. Olav Olsen,
+47 901 89 024