21 November 2022 - Inin Group's wholly owned subsidiary Nordic Infrastructure
Group AS has signed an agreement and agreed to establish a joint venture (JV)
with Salcef Group, who is a global leader within construction and maintenance of
railroad infrastructure to target projects in the Nordic region, the JV will be
named "Salcef Nordic". 

Salcef Nordic will supply and operate large specialist heavy machinery for
maintenance of railways and tramways like tamping in the Nordic region, while
Nordic Infrastructure Group will provide manpower and market presence. 

Specially trained personnel have already been secured for the Nordic region. The
personnel and equipment will be active on railway lines in the Nordic region
from spring 2023.

The new JV company will be named Salcef Nordic AS. It will be jointly owned by
Salcef Group (60%) and Nordic Infrastructure Group (40%). 

"The Company will offer manned machines for track related work like ballast
cleaning, tamping, stabilizing and profiling services to the railway industry in
The Nordics meaning Norway, Sweden, Denmark and Finland, utilizing the
resources, capabilities and network relationship of the parties and
participating in both public tender procedures and private projects.  

Salcef Nordic will supply Nordic providers of railway infrastructure and
services with specialist heavy machinery and personnel. Instead of making large
capital investments in new machinery, which often remains idle between projects
and during the winter season, Nordic railway entrepreneurs can hire what they
need from Salcef Nordic. Such an approach is cost-efficient for our clients and
good business for us too," says Gjermund Sogn, CEO of Nordic Infrastructure
Group. 

The Salcef group has a wide range of highly specialized machinery with high
production efficiency for all types of track works and railway electrification.
The group's total fleet has more than 600 railway vehicles, including
track-laying trains, track renewal trains, ballast cleaners, tamping machines
and profiling machines.

"These machines are fundamental to speeding up and simplifying site operations.
They range from simple wagons for the transport of materials, to innovative
high-tech vehicles such as laying trains and rail grinders. Salcef Group already
has ongoing projects in Norway, but we believe teaming up with Nordic
Infrastructure Group will allow us to expand our presence more rapidly across
the Nordic region," says Stig Sørgård, head of Salcef's Norwegian operation. 

The main season for construction and maintenance of railway infrastructure in
the Nordic region normally runs from April to October. Outside this season,
Salcef Nordic intents to employ the machines on projects further south in
Europe. This secures higher utilization and better economy of scale for the
machines, which in turn allows even more competitive pricing on projects. 

"We see significant potential in this JV, and we target substantial revenue
growth going forward. These machines often cost several hundred million kroner,
so Salcef Nordic will be offering a capital-light and highly competitive
solution to the Nordic railway infrastructure providers," adds Gjermund Sogn. 

(ENDS)

Contact information:
Øivind Horpestad, CEO of Inin Group AS, Tel: +47 910 00 626

About Salcef Group
https://www.salcef.com/

About Inin Group AS
Inin Group is a provider of construction, maintenance, inspection, specialist
services and technologies with a focus on the Nordic infrastructure industry.
The group aims to create value by identifying investment opportunities within
selected niches, primarily in the Nordic infrastructure market and related
segments, working in close collaboration with portfolio companies to deliver
sustainable growth and superior profitability. Inin Group consists of three
business areas: INFRA - construction, maintenance, and specialist services