Nekkar ASA: Syncrolift awarded large upgrade contract

15 Dec 2022 08:56 CET

15.12.2022 08:56:09 CET | Nekkar ASA | Additional regulated information required
to be disclosed under the laws of a member state

15 December 2022 - Nekkar ASA's wholly owned subsidiary Syncrolift AS has
received a letter of award to upgrade two shiplift systems at an undisclosed
maritime zone in the Middle East.

The total contract value is approximately USD 10 million. The final contract is
expected to be signed within December 2022.

Syncrolift will conduct engineering and project management from its
headquarters in Vestby, Norway. The physical upgrade work of the two third-party
shiplift systems will be conducted in 2023 and early 2024.

"Strategically this is a very important contract to us. We have talked a lot
about generating more service revenue from our own installed base, but this
award demonstrates that our specialist competence and technology can be applied
to third-party shiplift systems too," says Ole Falk Hansen, CEO of Nekkar.

In 2019, Nekkar initiated a project to generate more aftersales and service
revenues from Syncrolift's extensive global installed base of shiplifts and
transfer systems. In 2020 this generated service order intake of NOK 28 million,
rising to NOK 73 million in 2021. In the second half of 2022 alone, Nekkar
signed shiplift upgrade contracts worth USD 15 million, or approximately NOK 150
million.

"Our shiplift technology is constantly evolving and we know that it offers
substantial efficiency and cost benefits to our clients. Contracts such as this
confirm that we have a highly competitive product," says Rolf-Atle Tomassen,
managing director of Syncrolift AS.

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act.

CONTACTS

* Ole Falk Hansen, CEO, +47 988 14 184, ir@nekkar.com

ABOUT NEKKAR ASA

Nekkar (OSE: NKR) is an industrial technology group offering impact technologies
combined with high-end software solutions. The group combines 50 years' heritage
from the world's number one shiplift company, Syncrolift, with new investments
into sustainable, digitalised technology businesses that aim to unlock growth
within ocean-based industries such as offshore energy, renewables and
aquaculture.

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