Bergen, Norway, October 28, 2024 – M Vest Water (EURONEXT: MVW), today announces progress for MVW’s technology in the Middle East Oil & Gas market.

On July 31, 2024, MVW announced the signing of an Agent Agreement with Energy Support Trading (EST) covering Saudi Arabia and Kuwait. Since then, in partnership with EST, MVW has fast-tracked the process of being qualified to submit tenders directly to all the major operators in the respective countries. As a result, MVW has significantly ramped up its tender activities towards these parties.

In the three months since MVW and EST signed the Agent Agreement, the cooperation has given MVW direct access to the major Oil & Gas operators to perform successful first-stage on-site demonstrations of our technology. This has led to MVW currently participating in three large tenders in Kuwait and one tender in Saudi Arabia. These tenders have significant potential for the NORWAFLOC® and NORWAPOL® solutions, representing a total treatment capacity of 140,000 m³/day of produced water.

Today, EST has approached MVW with the intent to extend the agent agreement to cover additional countries in the Middle East.

"EST has proved to be very proactive in their efforts to boost our footprint and sales in Kuwait and Saudi Arabia. We are impressed by the efforts of EST, and it is a testament to our NORWAFLOC® and NORWAPOL® solutions. We are looking forward to exploiting further opportunities in the Middle East," says Executive Chairman, Mr. Tor Olav Gabrielsen.

MVW's solutions for water treatment in the Oil & Gas industry and produced water are gaining more attention as authorities and operators seek more environmentally friendly and sustainable solutions due to concerns regarding groundwater reservoirs and environmental impact.

For further information, please contact:

Tor Olav Gabrielsen, Executive Chairman
 tog@mvestwater.com
+47 924 08 607

 Morten Hilton Thomassen, CFO
mht@mvestwater.com
+47 92 25 85 70

About M Vest Water AS:
M Vest Water is an environmental technology company which has developed unique products and solutions to the water treatment industry, both Industrial as well as the Municipal markets. The products are non-toxic, biodegradable and without any harm to the environment. It obtains the highest degree of purification in a cost-efficient arrangement.

M Vest Water is listed on Euronext Growth under the ticker MVW. For more information, visit www.mvestwater.com.

This information constitutes inside information pursuant to article 7 in the EU Market Abuse Regulation and is subject to disclosure requirements pursuant to section 5-12 the Norwegian Securities Trading Act.