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1PROSPECT TURNAROUNDPORT PROJECT

NORTH CAPE TURNAROUND PORT

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ContentsIntroduction ................................................................................................................... 3Organization, goals and background Organization ......................................................................................................... 4 Project Management ........................................................................................ 4 Close partners .................................................................................................... 4 Goals ..................................................................................................................... 5 History ................................................................................................................... 5 DM brochure ........................................................................................................ 6 Market background ............................................................................................ 7 What is a turnaround port? .............................................................................. 8 Cabotage regulations ......................................................................................... 8 Continuation of work at NCTP ......................................................................... 9 The market today ..............................................................................................10 Marketpotentialandrippleeffects ..............................................................11Infrastructure and logistics 2015 Seawalk ................................................................................................................13 Localization Lakselv/Hamnbukt.....................................................................14 Sailing route .......................................................................................................14 Port, road, and airport .....................................................................................15 Port ............................................................................................................16 Road ............................................................................................................16 Airport ........................................................................................................17Progress plans NCTP Investment requirements January 2014 to May 2015 .............................19 Organization NCTP ..........................................................................................19 Financial .............................................................................................................19 The operating company ..................................................................................20 Organization 2014 ............................................................................................20 Budget .................................................................................................................20 Budget comments ............................................................................................20 Objective .............................................................................................................21 Goals and visions ..............................................................................................21 2015-2030 ..........................................................................................................21Conclusion ....................................................................................................................22Contact ..........................................................................................................................23Appendix .......................................................................................................................23

Porsangerkommune

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Introduction A turnaround port for cruise ships is a docking solution, which in combination withanairportallowspassengersontheshipdisembarkingtobeflownhome,while new passengers arriving at the same airport may embark on the same ship. A turnaround with an approximate 2000 passengers can be carried out in 10 to 14 hours.

Porsanger municipality (PK), including the North Cape Region Port Authority IKS (NCR Port) have since 2012 worked on establishing a turnaround port for cruise ships at Lakselv, together with the commercial company “Porsanger i Utvikling” PIU (Porsanger in Development). The objective is to enable a week’s cruise in the Land of the Midnight Sun, in line with market demands, thus contributing to a positive development in the number of cruise ship visits to northern Norway.

PIU will continue the project with a focus on marketing and collaboration with partners and key stakeholders to facilitate logistics solutions.

To actualize the turnaround port by the summer of 2015, the North Cape Tur-naround Port AS (NCTP) has now been established. NCTP will own and operate the docking solution «Seawalk» and eventually other infrastructure in Hamn-bukt, Lakselv.

The Spanish company Pullmantur is booked in with two port arrivals in June 2015.Thegoalistohavethewharfandinfrastructurereadyforthefirstvesselarriving in early June 2015. In this prospect, we provide a review of the project from its commencement in 2012. We go into the investment needs and bud-gets. Finally, we look at the organization of the NCTP.


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Organization NCTP was founded in December 2013. The Interim Board consists of Chai-rman Per Amundsen (also Chairman at PIU), deputy Helge Nicolaisen (also assistant Municipal Executive and Finance Manager in PK) and Knut Roger Hansen (also Mayor in PK).

Wedefinetheperiodfrom01/12/2012toJune2015asapilotprojectphase.The pilot project is led by Porsanger municipality’s commercial company PiU since December 2012.

Project ManagementAlf Emil Paulsen Managing Director (until 01.03.2014)Hege Jernsletten Project team - Marketing Fred Persen Project team - Finance (until til 31.12.2013)

The project’s Steering Committee

Knut Roger Hanssen, Mayor PK Per A. Amundsen, Chairman PIULeif Gustav Prytz Olsen, North Cape Region Port MasterSteinar Solheim, Airport Manager, Lakselv Airport, BanakGunnar Lillebo, Municipal Executive PK

Close partners- The Cruise Industry represented by the European Cruise Service AS

(ECS) and Norway Tourism Development AS / Arthur Kordt.- Politicians and management in Porsanger Municipality, essentially the

Municipal Executive and the Mayor (both members of the steering committee),andfinallythechieftechnologyofficer.

- NCRPort,financing,operation,andweeklydialogue.- The Sámi Parliament and the Finnmark County Council. Financer of the

pilot project.- The tourism industry, for adapting the project to shore expeditions

(ShoreEx).- Avinor Lakselv Airport, Banak, with member of the steering committee

and airport manager, Steinar Solheim. - Innovation Norway Finnmark (INF) and Innovation Norway (IN) central-

ly with their senior advisor and cruise manager Tor Johan Pedersen. - Cruise Northern Norway & Svalbard (CNNS) with manager director Erik

Joachimsen. - The Norwegian Coastal Administration NCA through committee mem-

ber Leif Gustav Prytz Olsen.

Theprojecthasastrongfocusontheflowofinformationtofuturefunders,stakeholders, contributors, and media, as well as regional politicians.

Goals - Together with the industry to succeed in expanding its sales and mar-

keting of the turnaround port as a logistic solution, as well as Lakselv as the turnaround port for northern Norway (pilot project).

- Receive over 20 bookings during the project period (long term goal).- Conduct basic funding work before the NCTP is founded.- Contribute to the creation of the NCTP who shall continue the project

throughout the project period until the end of April 2015, with the possibility of extension. NCTP must also complete a minimum of two successful turnaround operations during the summer of 2015.

HistoryIn 2012, the PIU was contacted by Stig Hansen at Nordkapp Næringshage and harbour master Leif Gustav Prytz Olsen. They introduced the concept of «The North Cape Turnaround Port» which was designed by the cruise ship community in Bergen in collaboration with Arthur Kordt.

“The cruise ship industry has designated Lakselv as the proper location for a tur-naround port in northern Norway. It is close to the North Cape, a market leading cruise ship destination, combined with a logistical unique position with an inter-national airport without restrictions and in close proximity to port facilities.”

- PIU applied early in 2013 to N & P Port, Finnmark County Council, and the Sami Parliament for a total of NOK 2.7 million - to conduct a 24-month pilot project to do research on the market potential and start the project. ECS was asked to have an active mentor part to provi-de access to the cruise industry. All funders and other partners joined the project.

- April 2013: Hege Jernsletten was appointed to the Project Team.- June2013:ThefirstinspectionwasconductedatLakselvfortheSpa-

nish company Pullmantur.- July2013: FredPersenwasappointed for threemonthsasfinance

officer,withanextensionuntil31/12/2013asofmid-October.- October 2013: Pullmantur books 2 cruise ship calls in June 2015.- October 2013: PK purchases the property Hamnbukt from owner

Frank Liland and re-regulated the property in line with national guide-lines.

- Several investors have expressed interest in the project. Inner Finn-mark Investment Company and N & P Port has allocated funds.

- In November / December DNB assists in the development of a new budget for the realization of the NCTP 2015.

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ORGANIZATION, GOALS AND BACKGROUND


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Rådhuset | 9712 Lakselv Norway

+47 907 26 [email protected]

Quick and easy logistics

10 min transport

International airport

Europe - Northern Norway123 km from the North Cape a turnaround port for

cruise ships is at the planning stage. The project is to be completed in the spring of 2015. You will find practical

solutions by following the QR Code.

Follow the project on: www.nordkapphavn.no/turnaroundport

Show your interest in the project:

MurmanskTromsø

Lofoten

Bergen

Norway Sweden Finland Russia

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International airport

Midnight sun

During the summer months, the midnight sun shines over the Porsangerfjord and bathes the turnaround seaport and airport in a beautiful light.

Close to the airport you may play golf on the world’s northern-most links course.

National parkAmazing nature

Porsanger is the ideal place in northern Norway to establish a full-fledged turnaround port, where airport and seaport conditions are taken into con-sideration.

When the vessel leaves the North Cape you start your journey into the world’s northern most archipe lago. On your way along the arctic fjords you will experience a rich flora and fauna on a myriad of small islands, islets and reefs. In the midst of nature’s diversity, a dolomitic vein pops up creating incredible formations and rare plant life.

Porsanger is where it all comes together. Sea, mountains, and heath lands combine and open up possibilities for unique nature and cultural experiences.

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Market background Globaltourismoncruiseshipshasduringthepastfiveyearshadanannualincrease of between 6 and 7 percent. In Norway, the increase is even grea-ter. The industry has doubled in 10 years, and the industry expects a new doubled increase over the next 10 years. Meanwhile, market trends have changed.

1. Trends. There is a demand for shorter cruises; 7 days or less. This accounts for about 80 % of all cruise ship visits today.

2. Increased environmental regulations- Emission Controlled Areas (ECA regulations). Shipping has been imposed, during the period 2010 to 2020,toreducetotalgreenhouseeffectpollution(basedontheuseof fossil oil for existing ships) with at least a 25 % reduction of sulphur emissions (SOx).

3. Rising Fuel costs. Ship-owner’s strategy in meeting this challenge is re-

ducing vessel speed down to 12 knots. This is to achieve a more reaso-nable operation economy.

Overall cruise related revenues in Norway in 2013 was approx. NOK 2.5 bil-lion. Cruise tourism accounts for just fewer than 13 % of foreigner’s annual totaltourismconsumptioninNorway,andthereisnoconsistentdifferenceinconsumptionlevelsbetweendifferentports.

- In destinations with interesting attractions and experiences, much of the turnover goes to land based operators.

- In destinations without major attractions the tourists spend their mo-ney directly and personally ashore.

Cruise passengers’ average conduct *- Travelling on board a cruise ship: 7.4 days- Number of days in Norway: 5.4 days (two days travel to / from Norway)- Number of ports visited: 6.6 ports - 1.2 ports per day- Expecting to land in 66 % of the ports visited- Expecting to attend 2.7 activities ashore - actual participation 1.7 acti-

vities

* Source: Ministry of Trade and Industry

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What is a turnaround port?Hurtigruten (The Norwegian Coastal Ferry and Tourist Service), with the exchange of tourists in Bergen and Kirkenes, may be an example of how one uses the turnaround concept. What is important is that each destination is associated with functional and large airports. Some passengers even use charteredflightstoandfromthesedestinations,butmostmakeuseofregu-larflights.Furthermore,severalindividualguestsdisembarktotravelaroundthe region on their own.

Suchanitinerarymaybedefinedasaturnaroundcruise,butonamuchlar-ger scale. There may be a total numbers of passengers ranging from 400 to around 2500 on such an “expedition cruise.” This in turn may be multiplied by two, arriving ships and arriving aircraft. In this way you get a realistic overview of the passenger volume in one single turnaround operation.

Read more about this ripple effect analysis – appendix 2, page 1.

Cabotage RegulationsCruise Ship owners are currently regulated by Cabotage Regulations, which dictate that for a turnaround in Norway the vessel must leave Norwegian waters within 24 hours. This makes it more applicable with a new turnaround in the north to facilitate more turnarounds. Especially not to lose more of the traffictotherestofNorthernEurope,(cf.trendsandtendencies).Thismakesit possible for vessels up north to exit Norwegian waters and continue to Murmansk, Arkhangelsk or Spitsbergen.

Illustration: Norconsult

Continuation of work within the NCTPHegeJernslettenwashiredasanemployeeinApril2013.Thefirstphasewasfor her internship at European Cruise Service (ECS) in Bergen, after which she went straight on to the primary task- to make «The North Cape Turnaround Port» visible to the cruise industry. The project has so far been successful and has become a foundation for realization of the NCTP before the summer of 2015.

Research has started on ascertaining airlines’ interest and opportunities for moreregularflightsintoLakselvAirportBanaktomeetfutureneedsaimedat the cruise industry.

In addition, a dialogue has been initiated with tourism operators to facilitate future and better shore excursions (ShoreEx) in the region.

The project will in December 2013 deliver an interim report for the project. Thereportwillshowresultsandaccountingfortheproject’sfirstphase.Esti-mated resource use per 21/11/2013 was about NOK 1,000,000.

This project, as well as project work, is intended to be moved from PIU to NCTP on the establishment of the company.

09Illustration: Øyvind Lauvdahl


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Passenger arrivals totally in NorwayPassenger arrivals in Northern Norway

fredag 10. januar 14

The market today Thegraphbelow*showsthetrendincruisetraffictoNorwayoverthepast5years. The division between north and south is at 62 degree latitude.

Development of the cruise ship industry in Northern Norway during the period 2009 - 2013

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Cruise ship arrivals in south and west of NorwayCruise ship arrivals in Northern Norway

søndag 12. januar 14

2009 2010 2011 2012 2013Passenger arrivals totally in Norway 1.522.054 1.532.612 1.761.313 2.200.417 2.592.576Passenger arrivals in Northern Norway 278.001 288.499 279.244 372.918 390.270

2009 2010 2011 2012 2013Cruise ship arrivals totally in Norway 1.203 1.297 1.382 1.649 1.788Cruise ship arrivals in Northern Norway 369 350 297 417 399

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Cruiseanløp totalt in Bergen Cruise ship arrivals in Northcape

fredag 10. januar 14

The West Coast Fjords, with their proximity to the major markets in Europe, has doubled the cruise revenue during in the period 2003-2013. North Cape as a destination, on the other hand, had a static frequency and has not taken part in neither global nor domestic growth, this partly due to the combinati-on of market trends (shorter cruises) and the long geographical distance to markets in southern Europe.

Market potential and ripple effects ThecruiseshipindustryinEuropeandNorwayisexpectedtogrowsignifica-ntly towards 2025. This is due to more new and larger vessels in operation, and even more are under construction. Few people, in fact, only 1 % of all Europeans, have been on a cruise ship holiday. In addition, the cruise ship industry experiences «repeaters» who want to experience new destinations. ParalleltothistheharboursintheMediterraneanarefillingup,andboththeRussian and the Asian markets are developing positively.

Predictions show an 8-10 % annual growth in northern Europe, or a doubling of passengers by 2023. A 2012 EEC survey shows that the cruise ships, crew and passengers spent approx. 2.3 billion NOK in Norway in 2011. One third of this amount came from the entire stretch of the North Cape cruises.

The cruise industry may be able to provide 5 billion NOK in market value in 2025.

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 159 164 155 139 152 160 138 173 195 192 210 226 246 249 231 254 260 241 264 322 311 98 105 98 97 97 78 82 99 110 83 88 112 103 103 100 108 104 97 82 112 98


Cont.

* Sourse: Cruise Norway and CNNS

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In order to facilitate prolongation and continued growth of the cruise ship industry to northern Norway, it will therefore be essential to establish a tur-naround port in the north.

A turnaround port in northern Norway for International cruise ships can be an engine of development of international tourism in the region. Data from the ECS shows that the market for Norway and the fjords has almost dou-bledoverthepasttenyears.Asonecanseefromtherippleeffectanalysis,Appendix 2, page 30, the turnaround concept at Lakselv may provide a total revenue in Norway of NOK 177 million, of which 51 % will be allocated to northern Norway.

AturnaroundportinFinnmarkmustberealizedifthecruiseshiptrafficistoremain at current levels and to be increased in the future. If we fail, the fra-mework changes could have serious consequences for the region in general, and for the North Cape in particular.

Figuresfromtherippleeffectanalysis(Appendix2)

- The national value added amounts to NOK 254 million annually after fiveyears.

- The northern Norwegian ripple effect amounts to NOK 142millionannuallyafterfiveyears.

- ThelocaladdedvalueamountstoNOK64millionannuallyafterfiveyears.

- Total expenditure for ships, crew, and passengers totals NOK 1,400 per passenger in turnaround / turnaround port.

Theturnaroundconceptcanalsoprovideexternaleffects.Thereiscurrently,among other things in connection with the turnaround concept, a hotel and conference centre being planned at Lakselv. There is also a positive trend in the establishment of tourist-based industries, and the council in the PK has decided that the municipality should invest actively in tourism. Construction of a wharf will provide the opportunity for other commercial activities in the harbour. An extension of Lakselv Airport Banak will facilitate development and more enterprises.

Illustration of the planned hotel at Lakselv Airport by architekt Jappe Nielsen.

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Seawalk The project has found «Seawalk» as the best docking solution. This is a fol-dingfloatingdock.Benefitsof«Seawalk»ratherthantraditionaldocksystemsare: lower cost, environmentally friendly, short delivery time and it is possible to move to other locations. The solution may also be partly made at a shipy-ard in Finnmark.

Cruise Venture AS is now designing a completely new type of «Seawalk», 7 meters wide for NCTP, so that it can handle both passengers and luggage. There are currently two «Seawalks” in Norway, one in Skjolden and one in Geiranger (see picture below).

NCTPhasinJanuary2014receivedanofferfromCruiseVentureASforSea-walk, with birthing and luggage handling, at a price of NOK 42.5 million.

Seawalk Geiranger ASPhoto: Frank Stenersen

INFRASTRUCTURE AND LOGISTICS 2015

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Localization Lakselv / Hamnbukt Hamnbukt stands out as the best option, primarily because it is the port of Lakselv. The inland waterway leads straight there, the site already has some infrastructure and the area is regulated for maritime activities. The cruise industry also wants, due to logistics and cost consideration, a minimum dis-tance between turnaround port and airport.

Sailing route

Hamnbukt today. See also future wharf area on the front page; drawn by Øyvind Lauvdahll.Photo: Alf-Emil Paulsen

Illustration: Porsanger i utvikling

The inland waterway from North Cape to Hamnbukt is about 321 km long. The Norwegian Coastal Administration is now planning extra navigation mar-king in the area with great emphasis on depth information. The inland water-way runs through one of the most beautiful and perhaps most undiscovered Norwegian fjords. The fjord stands out from «Fjord Norway» because of its arctic climate and dolomite formations. There are no restrictions in the fjord.

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Port, road and airport Thepurposeofaturnaroundistoprofessionalizeatime-andcost-effectivelogistical solution, to move passengers and baggage from aircraft to ship and vice versa.

Hamnbukt is approx. 10 minutes driving distance by bus to Lakselv Airport Banak.Thenextthreepagesilluminatebrieflyhowthelogisticswillworkingeneral, at the port, road and airport.

Video and 3D animation about «Seawalk» as technology and turnaround port as a concept:

www.nordkapphavn.no/turnaroundport

Illustration: Trykkeriservice AS


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Port “Seawalk” is folded out to the cruise ship and the passengers disembark on one side of the dock, while luggage is taken onto the other side of the dock.Passengers arrive into the port area and will be referred to the coaches on the north side of the terminal building. Luggage handling takes place on the south side of the terminal and will be transported directly to the correct air-craft, or handed out to individual passengers.

Arriving coaches release new passengers into the terminal building that lar-gely works on par with an airport check in. The logistics are locally adapted, partly modelled from Malmö and Trondheim.

Illustrasjon: Norconsult AS

Road The passengers will travel by bus between Lakselv Airport Banak – Hamn-bukt and vice versa, a distance of 9 km each way, and the bus journey takes approx. 10 minutes. The whole stretch of road is paved. The project mana-gement has been in contact with the Norwegian Public Roads Administration concerning any improvements to the road. Approx. 50 – 60 % of the passen-gers will also do excursions in the area. Regional transport companies will cover the need for the number of buses the logistics will require.

Photo: European Cruise Service

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Airport

Development plans – Lakselv lufthavn, Banak – 2013-2020

• Rebuilding the terminal - increasing capacity for security control

• Establish temporary T2 - Lavvo (depar-ture hall)

• Adding new asphalt/concret on the run-way

• Installing new runway edge- and center court-lights

• Establish turnaround area in the south (for A330 – B747)

• Extend TWY A to 23m (A330-340 - B747) • Extending the apron to the south• Establish freight buildings - External

company• Establish new apron and taxiway to

cargohall (for B747)• Expansion of the terminal and baggage

hall• Newairtraffic-tower• Establish deicing platform• Establish hangars for GA / airlines. (Exter-

nal company)

Illustration: Avinor


Cont.

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The logistics at Lakselv Airport Banak will be important for turnaround ope-rations to work in a professional manner. The airport managment together with PK and PIU have had meetings with the central management of Avinor regarding the project. Local airport management has been visiting Malmö to see the extent of the cruise facility in reality. There is good cooperation and communication between project management and Avinor locally. Avinor has given clear signals that they will expand capacity to facilitate the number of bookings the NCTP will receive.

Lakselv Airport Banak is a charter airport in Finnmark, with a runway length of 2,788meters.Theairportisdefinedasa«wide-bodyairport.»Ithasminimalrestrictions, delivers high regularity and is weather wise very stable. Today, the airport has only approx. 67,000 travellers annually through the civilian terminal. In addition, the airport has somemilitary traffic. It is exactly thedifferencebetweenairportsize,combinedwithlowtrafficanddevelopmentplans, that makes Lakselv Airport Banak specially devised for large turnaro-und operations.

The airport will, if prognoses are correct, get a high increase in activity during the summer. Can this project help to create further growth and focus on the region’s largest airport? See also Appendix three; «Presentation of the turnabout project with the airport in focus.»

Photo: Fred PersenPhoto: Avinor

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Investment requirements January 2014 to May 2015Estimated costs initial workAcquisition of land kr 3 750 000Demolition and preparation kr 1 000 000Conversion of remaining structures kr 3 000 000Fencing and security kr 500 000Plumbing, well drilling and sewage kr 750 000Foundation and paving kr 5 000 000Electrical arrangements kr 2 000 000Unforeseen costs kr 3 000 000SUM Investments phase I kr 19 000 000

Estimated costs Seawalk with assemblySeawalk 7m width kr 40 000 000Mooring kr 2 500 000SUM Investments kr 42 500 000

Organization NCTPNCTP’s ambitions for the owner constellation are:

- The cruise ship industry in Norway with, amongst others, Travel Invest AS- Rica Hotels AS (Billingstad)- The North Cape Region Ports IKS (Honningsvåg)- Porsanger Municipality (Lakselv)- Private investors- Inner Finnmark Investment AS (Lakselv)

Financing- PK purchased the property Hamnbukt in December 2013. In addition,

the council provided NOK. 3,750,000 - in share capital. As per 1 Janu-ary this is the company’s share capital.

- The NCR Port provides NOK. 4.000,000 share capital.- The Cruise Industry, Travel Invest AS in January 2014 confirmed a

seven-figuresuminsharecapital.- The Inner Finnmark investment company provides NOK 1,000,000.

Concerning the other funders, the company as of 1 January has no binding agreements. The share emissiondeadline is April 1, and final organizationmust be ready in May 2014. There may be changes in organization, when the company meets with, among others, Finnish investors, as well as the Ministry ofTransportinJanuary2014.Thecompanyaimstofullyfinancethe«Seawalk»investment.

PROGRESS PLANS NCTP

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The operating companyThe NCR Port is the natural operating company and the company that current-ly accepts bookings from the North Cape cruise lines. The port company has agreed to take responsibility for bookings and arrivals. The port company is willing to change this system when the Company is ready to take this job itself.

Organization 2014The NCR Port takes responsibility for port-related issues in relation to regula-tions, international standards and infrastructure.

PKisresponsibleforthecompany’sfinancesandthefinancingof“Seawalk”and infrastructure, including applications and the other issues arising from this work.

Turistutvikling AS makes its expertise available for whatever the limited company requires.

PIU by the Chairman takes responsibility for shares and organization. The project is to be completed according to the project plan.

BudgetA three-year budget prepared by DNB and NCTP AS is attached on the USB memory stick, Annex No. 1. The budget is encoded and can be changed.

Budget commentsThe budget for NCTP has its assumption. NCTP is working in accordance with a model where the investment in «Seawalk» is fully funded by equity and the company is granted a research grant from IN.

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ObjectiveNCTP will own and operate “Seawalk” and other infrastructure at Hamnbukt. Thegoalfor2015istohavetheinfrastructurereadyforthefirstshipsarri-vingduringthespring.PIUenvisionsthecompanyinthefirstphasewillberenting out the infrastructure to the North Cape and Porsanger Port Autho-rity IKS, which currently is the company that accepts bookings from cruise lines. It is up to the board of the NCTP to determine the ultimate purpose of operations, leases, and work area.

Goals and visions- Full funding of “Seawalk” by March 2014.- Complete shares and organization of the limited company by May

2014.- Establish logistic solutions by the spring of 2015, and complete a mini-

mumoftwosuccessfulturnaroundoperationsthefirstsummer.- Together with the industry succeed in expanding its sales and marke-

ting turnaround logistical solutions so that the number of cruise ship callsishighenoughtocreateprofitabilityfortheRealEstateCompanyby 2020.

- To create the world’s best infrastructure solution for turnaround ope-rations.TheNCTPmustbeeffective,flexibleandforward-looking.

- To build a customer satisfaction level contributing to annual repurcha-se and a good reputation of both the turnaround logistical solution and northern Norway as a tourist destination.

- Tocontributetoastrongincreaseincruisetrafficinandtotheregion.- To help create a new product in pace with market changes, a weeklong

cruise to the Land of the Midnight Sun in collaboration with the most important ports in northern Norway.

2015-2030The new port facilities and airport development creates growth. This can provide great opportunities for the NCTP. Porsanger can become a logistical centre for northern Norway for oil and gas, defence and general tourism, with the right strategy and good cooperation between the port, airport, va-rious industries and municipalities.

PIU requests that in the future the NCTP analyses the possibilities of a new terminal,yachtmarina,aconcretedockandinthelongterm-electrificationof the dock. This is to deal with the possible markets for oil and gas, security, emergencypreparednessanddefence.Electrificationisrequiredduetothemarket’s focus on costs and the environment.

PROGRESS PLANS NCTP

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Conclusion Most Norwegian ports are publicly owned, often through municipal enterpri-ses.Therearehoweversomeprivatecompaniesthatoffermaritime infra-structure. Polar Base AS in Hammerfest is a north-Norwegian example.

NCTPwillintheshortandlongtermgivefinancialreturns.Intheshortterm,they will be working deliberately to achieve a satisfactory share of public support,sothatthedebtratiowillnotbetoohighinthefirstfivetotencriti-cal operating years.

Should the cruise market collapse, unlikely considering northern Norway as a destination, the large investment costs in our concept are still realizable. “Seawalk” is a device that can be disposed of and other destinations that are not experiencing market failure would be willing to pay the right price for the facility. In this manner the owners’ investments are thereby secured.

Are you an investor who exists within the “travel market,» whether in Trom-sø, the Lofoten Islands, Svalbard, the North Cape, Kirkenes / Murmansk or Lapland? Then the NCTP is an interesting investment by strategic considera-tions. This project will create new tourism in northern Norway.

It should be noted that there will be changes in the project and that the pro-spect will be continuously revised.

Photo: European Cruise Service

Would you like to be a part of making history creating an i ternational tourism adventure in the Land of the Midnight Sun?

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AppendixTo give you an even better idea of the project, we have included the following:

1. Budget and costs2. TheRippleEffectAnalysisbyHorwathConsulting3. Airport data

For further information about the project, please contact us by phone or email.

You will find the appendices on the USB board

Hege Jernsletten - Marketing [email protected] • +47 907 26 619

Contact Turnaroundport Project, PIU

Fred Willy Persen - IR [email protected] • +47 932 88 300

Contact NCTP AS

Prospect; edition 7, July 2014

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