Hexagon Composites ASA had a fourth quarter turnover of MNOK 235.0 (184.4) and a operating profit before depreciation (EBITDA) on MNOK 23.7 (15.6). Operating profit (EBIT) was MNOK 2.1 (1.0). Profit before tax ended on -5.6 MNOK (0.8) in 4(th) quarter.

Key events in the group since the last interim report:

· Postponement of delivery of a greater order in Ragasco which caused weak results in fourth quarter

· Strategic breakthrough with an important contract on TITAN(TM) modules to Sime Darby in Malaysia

· Record sales of 122.0 MNOK in the high-pressure container business unit

· Redemption of bond loan resulted in increased financial flexibility

The annual turnover for the Group in 2010 ended on MNOK 846.0 (867.5). Operating profit before depreciation (EBITDA) is MNOK 111.2 MNOK (128,6). Operating profit (EBIT) ended on MNOK 36.2 (72.0). Profit before tax ended on 27.3 MNOK (86.4).

For more information:

Erik Espeset, Group President, Hexagon Composites ASA
Telephone: +47 90 52 00 33 | E-mail:erik.espeset@hexagon.no

Tor O. Husø, CFO, Økonomidirektør, Hexagon Composites ASA
Telephone: +47 95 81 97 74 | E-mail:tor.huso@hexagon.no

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.