President and CEO Terje R. Venold is delighted with the good results, particularly as most of the improvements are due to internal processes focusing on interaction with customers, quality at all stages and higher productivity.

"These are historically high figures we are presenting," says Mr. Venold. "The profit for the third quarter alone was NOK 269 million, which is NOK 90 million higher than the same quarter in 2004. There has been a general improvement in profits throughout the Group, and a good construction market and the good housing market in Scandinavia have naturally also made an important contribution," he adds.

The greatest increase in profit was achieved by the Property Division. However, construction operations in Norway also showed stable progress. For Veidekke's operations in Denmark and Sweden, this was another quarter with an improvement in profits. Here, Veidekke has understood the challenges involved in strengthening margins, but with a well-developed organisation and healthy order books, it should be possible for this positive development to continue into the next quarter.

"We have now laid the foundation for success in our efforts to become a leading Scandinavian contractor and property developer," says President & CEO Terje R. Venold. "For five years, we have been following a brick-by-brick strategy, and by securing capable leaders with local roots and market knowledge, we can now see good opportunities ahead."

The Group's order books show a record-high total of over NOK 10.8 billion. This gives Veidekke room to reinforce its market position in all three Scandinavian countries and allows it to be selective in its choice of projects in the time ahead.

The Group has also consolidated its financial standing. Net interest-bearing liabilities have been reduced to NOK 114 million; profit performance has shown continuous improvement, and cash flow from operations is highly satisfactory. This has led Veidekke's Board of Directors to propose an extraordinary dividend of NOK 12 per share (see separate press release).

Reference is also made to the Board of Directors' Report for the Third Quarter 2005, which is enclosed with this presentation.

For further information please contact:

Terje R. Venold, President and CEO,  tel. +47 21 05 77 01, mobile +47 905 82 323

Arne Giske, Executive Vice President & CFO, tel. +47 21 05 77 80, mobile +47 905 89 526

Jørgen G. Michelet, Director, Finance and Investor Relations,

tel. + 47 21 05 77 22, mobile +47 917 43 856

Kai Krüger Henriksen, Executive Vice President, Communication,

tel. +47 21 05 77 04, mobile +47 905 19 360