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 ofNOK 75 million and a profit before tax ofNOK 12 million in 2023. Mongstad Industrier was established in 1973 during the construction ofEquinor'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 theMongstad refinery . This collaboration has led to the identification of significant synergies best realized through PSW Technology ownership. The acquisition is effective from15 May 2024 . The acquisition is financed through internal funds and a seller credit ofNOK 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," saysRichard Cornell , Managing Director of PSW Technology AS. "Since we acquired the business fromCaverion 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," saysJan 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," saysPål Selvik , CEO of Scana. (1) A sizeable contract is defined to be betweenNOK 20 million andNOK 50 million . (2) A substantial contract is betweenNOK 50 million andNOK 150 million . (3) A large contract is overNOK 150 million . For more information, please contact:Pål Selvik , Chief Executive Officer,Scana ASA , +47 970 46 502Richard 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
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