Sif N : Update on expansion plans and license GS Entec

Press Release

29 July, 2022

Roermond, the Netherlands

Update on Investment Plans for Expansion of Manufacturing Facilities

Sif and GS Entec Korea enter Strategic Partnership

Roermond, 29 July 2022. Sif has gained manufacturing know-how and experience for more than two decades, during which monopile foundations for offshore wind farms have more than tripled in diameter to 9 meters. The next step-up in size is near and, supported by external technical and financial experts, we have made substantial progress studying the feasibility of expanding the manufacturing capabilities and capacity for offshore wind foundations from c. 220 to 500kton per annum.

Furthermore, the need to expand the production capacity for foundations, both in terms of size and quantity, continues to be obvious with increasing ambitions for offshore wind capacity based on strong political support.

Constructive and exclusive discussions with clients for a total of 400kton launching capacity are progressing with the aim to agree firm contracts this summer. These discussions with clients as well as other relevant parties, in combination with the uncertainties caused by the global economic and geopolitical situation, do require a longer period before a final investment decision can be taken. As such, we have decided to postpone our FID, initially scheduled for July this year. Further announcements will be made when appropriate.

In parallel to developing expansion plans for the European market, Sif continues talks with potential partners for local production outlets for foundations in Asia and the USA. For monopile foundation projects in the Asian region, Sif Holding NV ("Sif") and GS Entec Corp ("GS") from Ulsan, Republic of Korea, have now signed a Framework Agreement for a Strategic Partnership whereby Sif intends to grant GS a 10-year mutual exclusive license for the Asian region to use technology developed and applied by Sif, for the purpose of manufacturing monopiles foundations and transition pieces.

The licensed technology relates to the conversion of existing manufacturing facilities of GS in Ulsan to a monopile foundation and transition pieces manufacturing plant with the option, in a later stage, to develop a new monopile foundation and transition pieces manufacturing plant elsewhere in Korea. The license includes both a fixed one-off license fee and a variable fee per manufactured and delivered monopile foundation.

CONTACT

For further information, please contact:

Sif Holding N.V.

Fons van Lith

[phone]

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[e-mail]

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Press Release

29 July, 2022

Roermond, the Netherlands

ABOUT SIF HOLDING N.V.

Sif is a total solutions partner that offers design engineering and excellent manufacturing of offshore foundations for wind farms, including logistics and marshalling services. Sif traditionally serves the North-Western European markets and is exploring its global presence. Sif combines two highly automated and flexible production facilities in Roermond and Rotterdam (Tweede Maasvlakte) with technology leadership in rolling and welding of heavy steel plates, which is based on almost 75 years of experience and innovative in-house developed techniques and processes. Sif primarily produces monopiles, transition pieces and piles that are used to anchor jacket foundations in the seabed for offshore wind turbines.

ABOUT GS Entec Corp

GS Entec Corp is a subsidiary of GS Global Corp. GS Group is strong in the energy sector, in particular, through a number of power generation companies such as GS EPS, GS E&R, GS Power and GS Energy. GS E&R operates as an onshore wind power company in Korea. Therefore, GS Entec's entry into the offshore wind power business is expected to contribute to the expansion of new and renewable energy throughout the group, and is expected to serve as a catalyst to spur GS Group's ESG management along with synergy with group companies

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