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Oslo Brs (OMX Oslo) Norwegian Market Overview 26.03.2012 30.03.

2012
Week 13 in Oslo Stock Market was active, however, negative tone remained.This week is very similar to the previous. OSEAX Oslo index continued declining andfell by 0.61% from 492.79 to 481.84 points in a week time.The total turnover during the week reached 4 394 733 559.52EUR and it waslower by 13.64% than it was the week before.

Chart 1 OSEAX & Turnover in week 13. Source: oslobors.no

The biggest winner this week was Marine Harvest(MGH) with 6.0% gain in stock price, followed by Subsea 7 SA (SUBC) with its 1.75% gain. The third best performer was SCH (Schibsted) whose stock rose up by 3.64% in price. The biggest negative gain in stock prices had Storebrand ASA (STB), it dropped by 5.39%. This stock was followed by Renewable Energy Corporation (REC) which experienced a decrease of its share value by 3.54%. Sevan Marine ASA ,a specialist in design, engineering and project execution of floating units for offshore applications, became the biggest winner this week with an increase in stock value +6%. This Tuesday Statoil has awarded Sevan Marine a study of the potential application of a Sevan FPSO for Statoil's Skrugard. The study will be performed in the period from April 2012 to May 2013 and will be focused on further development of the Sevan FPSO. The recent study contract, as one of the events of the week, has the most valuablepositive impact on the companys value. The stock of Sevam Marine has been rising in a gradually progressive way since the beginning of March and there is a high possibility that such a positive tendency will remain in the nearest future.

Chart 2 Price development of Sevan Marine in week 13. Source: oslobors.no

Subsea 7 SA is once again the second best winner of the week in Oslo OMX stock market, with the stock rise +3.64%. Even though the company has ended up with a positive result, this week was an active one, as Subsea 7 has experienced ups and downs in the stocks value. On Tuesday the company has received the award of a SURF contract valued at approximately $100 million from Suncor Energy on the Terra Nova Field, situated 350km south east of St John's, Newfoundland, offshore Canada. This contract was not the only positive event this week, on Friday Subsea 7 has received another award of a SURF contract valued at approximately $175 million from ATP Oil & Gas (UK) Limited/Bluewater, the operator on the Cheviot Field, situated 120km East of Shetland. The events have a significant staid effect on the stock price, but due to the fall in value in the beginning of the week, the average increase is not that high as it could be.

Chart 3 Price development of Subsea 7 in week 13. Source: oslobors.no

This week among losers is Renewable Energy Corporation, a solar power company. REC produces silicon materials for photovoltaics (PV) applications and multicrystalline wafers, as well as solar cells and modules. The stock price declined 3.54% this week. The company has kept a positive trend until March 22th. Huge decrease started on March 28th; the same day the company from Great Britain Naked Energy developed a new product Virtu. It is revolutionary new and is much more efficient than old products. It is possible that the negative trend will continue in the nearest future.

Chart 3 Price development of Renewable Energy Corporation in week 13. Source: oslobors.no

To conclude, in week 13 Oslo stock has experienced a fall of the indexes. On March 22nd European Central Bank has stated that for more than 10 years it was underestimating oil price; neither of European markets was expecting recent skyrocketing prices that caused a decrease in markets activity. On Friday Norwegian government has reduced its $600 billion oil fund exposure to European equities and bonds to 41% from 54%, in a move aimed to secure future pension savings by tapping into the world's fastest growth regions. Therefore, in the nearest future Oslo markets activity will increase, thus all-share index will rise.
Review by: Margarita Cernova, Yauheni Hanchyts, Viktorija Juskevica