The business area Technical services comprise services related to contracting, security systems, installation, electrical safety and guarding. For the first nine months of 2007 the business area reports a turnover of NOK 947 million.

 

- This represents an increased focus on the business area Technical Services and strengthens the basis for profitable growth in a changing market. Hafslund creates value by building strong operations and allowing them to develop, says Christian Berg, the CEO of Hafslund.

 

Hafslund will retain majority ownership in the new company, and promote further development through active ownership.

- Hafslund Infratek's market position is significantly strengthened over the last few years through increased efficiency, organic growth and strategic acquisitions. A separation of the business area as an independent listed company provides opportunities for further value creation and contributes to increased visibility in the market. This will strengthen our opportunity to become the preferred turn-key supplier within developing, operating and securing critical infrastructure. A separation of the operations further strengthens the opportunities for growth, also within markets which yet are not opened to competition, and become a preferred partner for the public sector's purchase of third party services, says Bjørn Frogner, Group Senior Vice President, Technical Services and CEO of Hafslund Infratek.   

 

Hafslund Infratek already expands geographically in Norway with clear growth ambitions in the Nordic region.

 

- Operational, strategic and financial flexibility are key to players operating in a market in change. The Board of Director's decision to prepare Hafslund Infratek for an IPO provides the basis for a strengthened development both of the Hafslund Group and Hafslund Infratek. An IPO will benefit both employees, customers and owners, says Christian Berg. 

 

The plans to IPO Hafslund Infratek will be explored at today's 2007 third quarter presentation, taking place at 09.00 am at Hotel Continental, Stortingsgaten 24/26.

 

 

Hafslund ASA

Oslo, 26 October 2007

 

 

For further information:

 

Heidi Ulmo, Vice President Investor Relations, tel. +47 90 91 93 25, e-mail heidi.ulmo@hafslund.no

 

Bjørn Frogner, Group Senior Vice President, Technical Services, tel. +47 913 79 505, e-mail bjorn.frogner@hafslund.no

 

 

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of Hafslund Infratek in the United States, nor shall there be any sale of these securities in any state thereof in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.  The securities of Hafslund Infratek may only be offered and sold in the United States pursuant to an effective registration statement filed with the United States Securities and Exchange Commission or pursuant to an exemption from the registration and prospectus delivery requirements of the United States Securities Act of 1933, as amended.  Any public offering of the Hafslund Infratek's securities in the United States will be made only by means of a prospectus that may be obtained from Hafslund Infratek and that will contain detailed information about the Company and management, as well as financial statements and other information relevant to investors.