BLO: REPORT FOR 4TH QUARTER 2014

Profitable and cash flow positive

In 2014 the company's focus and resources have been 
aimed at maintaining and developing the company's 
profitable operations. At the same time, the company 
has sought growth opportunities by exploiting its 
existing expertise in new business areas.

The company's principal operations are focused now 
on the Nordic region and the UK, where the company 
has had a strong market position over time. Through 
a more concentrated focus on special products and 
customer segments, the company will seek to provide 
growth that will deliver better margins and more 
predictable earnings. In the 4th quarter, the 
company delivered a result that confirms that the 
company's strategy has started to show results. 
Total revenues of NOK 51 million gave an EBITDA 
result of NOK 3.4 million and a margin corresponding 
to 7 per cent.

The company's greater focus on a broader application 
of sensor technology has opened up new market 
opportunities. The contract for 2015 for ice 
monitoring in the Kara Sea was terminated in 
November 2014 due to the political sanctions 
implemented against Russia. The company received 
compensation to cover costs and lost earnings in 
2015. The company will continue to develop services 
for monitoring in Arctic regions and areas with 
environmental challenges.

The company reported revenues of NOK 51 million for 
the 4th quarter of 2014, compared with NOK 41 
million for the same quarter in 2013. The pre-tax 
profit was NOK 4 million, compared with a loss of 
NOK 5 million for the corresponding quarter in 2013. 
The pre-tax profit for the 4th quarter of 2013 
included a net positive non-recurring effect of NOK 
9 million.

The company reported revenues of NOK 234 million for 
2014, compared with NOK 200 million for 2013, 
adjusted for the sale of intangible assets totaling 
NOK 20 million. The pre-tax profit was NOK 6 
million, compared with a loss of NOK 52 million for 
2013. The pre-tax profit for 2013 included a net 
negative non-recurring effect of NOK 11 million.

The company has shown overall good growth for 
continued business and the company's balance sheet 
has improved after the restructuring implemented.

The equity ratio is 50 per cent, the current ratio 
is satisfactory, and the company has no ordinary 
interest-bearing liabilities. The net interest-
bearing cash position is NOK 50 million.

F or further information please contact the CEO, 
Dirk Blaauw, on tel. +47 22 13 19 20