Reference is made to the announcement on 15 December 2020, where Dwellop AS ("Dwellop") informed that it would transfer two Lynx Wire Line Masts and related contracts and two Advanced Tension Frames to a new subsidiary, Robust Rental AS ("Robust Rental"). 

The transfer of the assets (and related debt obligations) to Robust Rental was successfully completed today, by the extraordinary general meeting of Robust Rental resolving on a share capital increase by contribution in kind. Registration of the share capital increase with the Norwegian Register of Business Enterprises is expected to take place during the first week after Easter.

The Lynx Wire Line Masts defines a new industry standard in terms of efficiency and improved working environment. The Advanced Tension Frames is Dwellop's lifting frame concept for well intervention operations on floaters. The main purpose of Robust Rental will be to lease such equipment to the oil and gas industry, primarily for well operations.

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For further information, please contact:
Helge Hustoft, Chief Executive Officer
E-mail: helge.hustoft@dwellop.no
This information is published in accordance with the disclosure requirements set out in the Continuing Obligations for companies with shares registered on the NOTC-List.