Interim report Q3 2010 Hexagon Composites

Oct 29, 2010

Hexagon Composites had a third quarter turnover of MNOK 237.7 million (225.7). This is the highest quarterly revenue in the group's history. Group operating profit before depreciation (EBITDA) was MNOK 42.3 (39.5). Operating profit (EBIT) was MNOK 20.7 (25.9).

Key events in the group since the last interim report:

* Ragasco received in July a large order of 300 000 LPG pressure cylinders in composite to Venezuela. The order was won after an international tender offered by PDVSA Services BV, which is the international, state procurement office of the state-owned oil company Petróleos de Venezuela, SA (PDVSA)
* Daimler AG signed a new agreement with Ragasco for the supply of high-pressure containers in composite. The contract covers the delivery of fuel tanks for natural gas to the next generation of today's gas-powered Mercedes-Benz B-Class. This is an environmentally friendly car model that has been well received by the market
* The market interest for TITAN(TM) CNG tanks is still high. Total backlog for high pressure area is more than doubled compared to the corresponding period last year.

For more information:

Erik Espeset, Group President, Hexagon Composites ASA
Telephone: +47 90 52 00 33 |

Tor O. Husø, CFO, Økonomidirektør, Hexagon Composites ASA
Telephone: +47 95 81 97 74 |

This information is subject of the disclosure requirements acc. to §5-12 vphl (Norwegian Securities Trading Act)