Endúr ASA: Continued operations in Endúr Industrier AS secured

Endúr ASA: Continued operations in Endúr Industrier AS secured

Endúr ASA has entered into an agreement with the bankruptcy estate for a buyback of Endúr Industries AS, which is a subsidiary of the bankrupted Endúr Energy Solutions AS. Thus, the operations of Endúr Industries AS are secured together with the company's close to 30 employees. 'Endúr Industries AS delivered strong and profitable operations in 2019, with a quarterly revenue of MNOK 15 on average. In our opinion, this subsidiary of bankrupted Endúr Energy Solutions AS has an attractive position that we now have the opportunity to further develop in the Group' says CEO Hans Petter Eikeland in Endúr ASA. Endúr Industries AS operate in both oil and gas, industry and renewable markets. Going forward, the company will focus on combining prefabrication with detail engineering, access engineering and additional services in complete solutions for both offshore and onshore installations. The Company is located on attractive premises centrally placed in Dusavik by Stavanger. The area contains one of the largess oil bases in the North Sea and is an important industrial hub both for on- and offshore deliveries. CEO Hans Petter Eikeland sees the clarified solution as positive and forward-looking. 'We have experienced a very constructive dialogue with Endúr Industry's existing customers through this process. We believe that they have a genuine desire that this manufacturing and expertise environment in Dusavik is to be maintained in order to carry out both existing and new projects. We are now looking forward to building this profitable company further together with the newly appointed Managing Director Rune Sele, whom we are confident of will contribute with attractive expertise and an extensive network of contacts', says Eikeland. Tom Lyngdal has over 25 years of leader experience where 20 of them within development of new business concepts in related areas on- and offshore. Rune Sele has an extensive network from many years of leading positions in the industry, including from Baker Hughes where he for several years had the positions as Chief Operating Officer for the company's activity in Norway. Sele holds an MBA from BI Oslo and is a resident of Stavanger. Contact: President and CEO Hans Petter Eikeland in Endúr ASA, tel. [phone] Enclosed: Photos of the production facilities in Dusavik outside Stavanger.