Fosnavåg, 16 November 2022: During the third quarter, Eqva (formerly Havyard
Group ASA) made significant strategic progress towards becoming a fully
integrated service and maintenance supplier for the Norwegian landbased and
maritime industry. The group's new name reflects the new strategic direction.
Further steps have been taken in the fourth quarter, such as initiating a
process to establish a separate real estate division, with the aim of achieving
better visibility of substantial underlying value of these assets.

Eqva reported revenues of NOK 125.2 million and an adjusted EBITDA* of negative
NOK 1.1 million in the third quarter 2022. Pro forma year to date revenue and
adjusted EBITDA* was NOK 452 million and NOK 12 million, respectively.
 
Eqva has delivered solid operational performance in its two segments so far this
year, partly offset by general overhead cost at group level. Maritime Services,
which consists of the company Havyard Leirvik, reported an EBITDA result of NOK
8.4 million year to date (pro forma). The EBITDA year to date for the segment
Products, Solutions & Renewables, consisting of the companies BKS and Fossberg
Kraft, is at NOK 9.4 million (pro forma). 

The company's strategic shift in its maritime segment from newbuilding's to
service and maintenance means that key financials are not directly comparable to
previous years. The acquisition of HG Group was completed in June 2022 and is
reflected in the financial statements as from 1 July 2022.

"The strategic shift in Maritime Services has resulted in a revenue base which
is less volatile and more resilient to market cycles. With the current
geopolitical uncertainty and macroeconomic outlook, this strategy has served us
well. Nevertheless, we have seen some projects in our pipeline being put on hold
and delayed due to the turbulent times", said Erik Høyvik, CEO of Eqva.

The segment Maritime Services has been hit by the general market uncertainty in
the maritime sector, but still delivered a quarter with solid underlying
operational performance. One of the key projects in the third quarter was a
large ferry electrification project, which is expected to be completed in the
beginning of 2023. 

The segment Products, Solutions & Renewables delivered a quarter with solid
operational performance, despite some delayed projects and inflationary pressure
on input factors. One of the key projects in the quarter was BKS' deliveries to
a new, innovative hydrogen fuel cell project on the west coast of Norway. The
company expects to see an even higher activity level and order intake in this
segment in the fourth quarter and 2023. 

"Despite market headwinds, we made good progress in our projects during the
quarter and delivered solid operational performance in both segments. We are
confident that our commitment to strong partnerships with key customers and our
deep market knowledge will create growth opportunities going forward and we are
well positioned towards key macro drivers", said Erik Høyvik, CEO of Eqva.

*Operational expenses/EBITDA are adjusted for non-recurring cost items amounting
to NOK 13 million YTD Q3 2022 due to transaction and restructuring costs.

A presentation of the results will be held by CEO Erik Høyvik and CFO Eirik
Sævareid. The presentation will be available on the company's web site
www.havyard.com  (soon: www.eqva.no) and
https://vimeo.com/webinars/events/9be5893b-bb24-4b3c-baf6-de3fdb9787d0  from
09:00 CET

For more information, please contact: 
Erik Høyvik, Chief Executive Officer: +47 916 83 173
Eirik Sævareid, Chief Financial Officer: +47 992 74 637


Eqva ASA in brief
Eqva ASA is a knowledge-based active owner of engineering, construction and
service companies that contribute to the green transition in maritime, power
intensive and renewable industries. It aims to become a fully integrated service
and maintenance supplier for the Norwegian landbased and maritime industry.

The group has a well-diversified product and market portfolio, and further
growth will be established through a combination of company-based development,
utilization of synergies between the companies in the group and value-creating
M&A activities.

Key companies in the group are Havyard Leirvik, BKS Industri and Fossberg Kraft,
each building on decades of experience and widely recognised by clients in a
broad range of industries.

Read more on www.havyard.com (soon: www.eqva.no )
  
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act.

This stock exchange announcement was published by Eirik Sævareid, CFO at Eqva
ASA, on 16 November 2022 at 07:00 CET.