HAV Group ASA (HAV Group, OSE:HAV) reported revenue of NOK 198.8 million in the
first quarter of 2022 (Q1 2021: NOK 307.7 million), with an operating profit of
NOK 8.0 million  (Q1 2021: NOK 19.2 million ), corresponding to a margin of 4 %
(6.3 %) HAV Group reiterates the 2025 revenue outlook of NOK 1.3 billion, with
periodic fluctuations reflecting the project-driven strategy.

"HAV Group has a satisfactory start of the year with several important contract
wins and a good development in the addressable project pipeline. Short term, the
market and company performance are influenced by general uncertainty and
subsequently postponements, while the overall outlook remain firm. We continue
to see increasingly stringent environmental requirements and a global demand for
clean energy. We will continue to utilize and develop our knowledge, technology
and products in digitization and sustainability to meet these requirements for
the maritime industry," says Gunnar Larsen, CEO of HAV Group. 

The company reported revenue in the first quarter of 2022 of NOK 198.8 million
(307.7) with an EBIT of NOK 8.0. million (19.2), with a backlog of NOK 418
million at the end of the first quarter. The company had NOK 373 million (210.8)
in cash at the end of the period.
  
After the close of the quarter, HAV Group has been awarded a contract to deliver
ship design and integrated equipment package to Ørsted-bound methanol-fueled SOV
at a total value of approximately NOK 200 million, and has received Preliminary
Approval for the hydrogen-based energy system developed in the FreeCO2ast
project.

HAV Group will continue to pursue value accretive growth, both organic and
through consolidation, and HAV Group reiterates the 2025 revenue outlook of NOK
1.3 billion, with periodic fluctuations reflecting the project-driven strategy.

Short-term, the subsidiaries have outlined the following priorities:

HAV Design:
Leverage on market position, competence and customer references to enhance
growth within existing and new market segments.

HAV Hydrogen:
Developing the organization and products in collaboration with potential
customers. Following the Preliminary Approval, HAV Hydrogen will now enter into
the final design stage for its hydrogen-based energy system.

Norwegian Electric Systems:
Focus on international growth and expansion within Energy Design and smart
control. Utilizing the growing demand for technology enabling energy efficiency
and emission reductions.

Norwegian Greentech:
Optimization of sales and supply chain to leverage the BWMS growth, strengthen
life cycle services and develop new aquaculture offerings. Obtaining USCG
certification has given Norwegian Greentech access to a new, large market.


HAV Group will present the financial results for the first quarter of 2022 via
webcast on Tuesday 31 May at 08:00 CET. The presentation is given by Gunnar
Larsen, CEO, and Marius Koksvik, VP Business Developer, and can be followed on:
https://vimeo.com/event/2144422 

Questions can be submitted here during webcast: https://www.menti.com/6oike5fui7
   

The presentation and the board's report for the first quarter of 2022 are
attached.

For additional information, please contact:
Gunnar Larsen, CEO
gunnar.larsen@havgroup.no
+47 901 05 694

About HAV Group | www.havgroup.no
The HAV Group is an international provider of technology and services for
maritime and marine industries, listed on Euronext Growth Oslo under the ticker
code HAV. The group comprises four subsidiaries with several decades of combined
experience in the industry, in addition to special expertise in guiding the
marine and maritime industries through the green shift and towards the goal of
zero emissions.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation (MAR) and is subject to the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading Act. This stock
exchange announcement was published by Daniel Kopperstad, Head of Legal Affairs,
31 May 2022 at 07:00 CET.