AF Gruppen strengthens its position in decommissioning, life extension of
offshore installations, and offshore wind by entering into an agreement to
acquire all shares in Claxton, together with the company's senior executives.
Claxton has international operations, revenues exceeding NOK 1 billion, and
strong profitability.

The agreed enterprise value is GBP 63.5 million, corresponding to approx. NOK
800 million. The consideration will be settled in cash and financed from AF
Gruppen's liquidity reserves.

Founded in 1985, Claxton is today a leading global provider of technology driven
services and engineering, primarily within offshore decommissioning. The company
has a broad customer portfolio, with a large number of smaller projects that are
primarily settled on a day-rate basis. It owns and operates a substantial fleet
of surface and subsea risers, as well as equipment used in the installation of
offshore wind. The services are focused on late- and end-of-life assets,
combining specialist equipment with experienced people and proprietary
technologies, and the company also plays an important role across the offshore
energy transition. The company has 400 employees and reported average revenues
of approximately MGBP 82 in the period 2023-2025, with an operating margin of
around 14 per cent.

"Over more than 20 years, AF Gruppen has built strong expertise in removal and
recycling of offshore installations. By combining AF Gruppen's broad project and
execution capabilities with Claxton's innovative strength, equipment portfolio
and proprietary technologies, we will strengthen and expand our service offering
within offshore decommissioning, offshore wind and conventional energy," says
Amund Tøftum, CEO of AF Gruppen.

AF Gruppen seeks project-based companies that strengthen the service offering,
both within the core and at the periphery of our current services and
geographical footprint. The acquisition of Claxton will strengthen and
complement the existing offshore operations through the addition of expertise,
technology and equipment. At the same time, it provides a platform for further
development of the service offering towards new growth areas, including offshore
wind and adjacent markets. 

Claxton is headquartered in Aberdeen and operates facilities in Great Yarmouth,
with the North Sea as its main market. The company also has strategically
located hubs in Stavanger, Houma (Louisiana, USA), Singapore and Abu Dhabi. An
international presence in key offshore markets may serve as a gateway for AF
Offshore Decom into new geographies.

The seller is Acteon Group, a UK-based company. The transaction comprises the
operating companies Claxton Engineering Service Ltd. (UK), Probe Manufacturing
and Fabrication Ltd. (UK), Claxton Engineering Services Pte. Ltd. (Singapore),
Claxton Services Pty. Ltd. (Australia), Claxton Engineering Services LLC SPC
(Abu Dhabi), Claxton Engineering Services AS (Norway) and Claxton Services Inc.
(USA).

Claxton will operate as an independent business unit within the Offshore
business area of AF Gruppen.

The transaction is subject to approval by the Norwegian Competition Authority
and is expected to be completed during the second quarter of 2026.

For further information: 
CEO AF Gruppen, Amund Tøftum, tel. +47 920 26 712 
EVP Offshore AF Gruppen, Lars Myhre Hjelmeset, tel. +47 970 39 084