Bergen, 15 May 2024: Scana-owned PSW Technology AS has signed a contract to
acquire its longstanding partner, Mongstad Industrier AS. The transaction has an
estimated value in the upper range of a sizeable contract(1). Mongstad
Industrier delivered revenues of NOK 75 million and a profit before tax of NOK
12 million in 2023.

Mongstad Industrier was established in 1973 during the construction of Equinor's
refinery at Mongstad and is a provider of high-quality steelworks and
prefabrication services. The company today has 45 highly skilled employees. PSW
Technology will for the time being run Mongstad Industrier as a separate
company, serving a combined customer base. The collaboration between PSW
Technology and Mongstad Industrier was driven by jointly bidding on the
maintenance contract for the Mongstad refinery. This collaboration has led to
the identification of significant synergies best realized through PSW Technology
ownership.

The acquisition is effective from 15 May 2024. The acquisition is financed
through internal funds and a seller credit of NOK 10 million.

"I've had the pleasure of collaborating with Mongstad Industrier and its current
owners, and I'm confident that we share a common commitment to deliver high
quality to our customers. We are both committed to developing our employees
while prioritizing safety and maintaining a strong commercial perspective," says
Richard Cornell, Managing Director of PSW Technology AS.

"Since we acquired the business from Caverion in 2018, we've been focused on
building a solid workplace with a strong dedication to our customers. With both
employees and customers in mind, we have sought the right local partner to
continue our work, and we see great potential for further development of the
business through the sale to PSW Technology," says Jan Helge Rikstad and Leif
Ståle Vabø, the sellers of Mongstad Industrier.

"With the acquisition of Mongstad Industrier, Scana demonstrates its strong
belief in increased activity in the Mongstad and Fensfjord basin, while also
showing our ability to identify and execute value-creating transactions within
Scana's business areas," says Pål Selvik, CEO of Scana.


(1) A sizeable contract is defined to be between NOK 20 million and NOK 50
million. 
(2) A substantial contract is between NOK 50 million and NOK 150 million. 
(3) A large contract is over NOK 150 million.


For more information, please contact:
Pål Selvik, Chief Executive Officer, Scana ASA, +47 970 46 502
Richard Cornell, Managing Director, PSW Technology AS, +47 952 31 652


PSW Technology in brief
PSW Technology is a supplier of products, systems and services to energy
companies and the maritime industry. The company's multidisciplinary expertise,
state-of-the-art facilities and strategic partnerships enables the company to
meet industry requirements and customer challenges with safe, dependable, and
cost-effective solutions. www.pswtechnology.no


Scana in brief
Scana is a listed industrial owner company in the ocean industries creating
value through active ownership in market-leading portfolio companies. Scana is
headquartered in Bergen and has above 500 employees. www.scana.no