Scana company awarded contract for deep-water riser system

19 Dec 2022 08:48 CET

Bergen, 19 December 2022: Scana-owned PSW Technology has signed an important
agreement with Northern Ocean Operations Ltd. (“Northern Ocean") for a
deep-water riser system.

The agreement involves the sale of a complete marine riser system to Northern
Ocean for Ultra deep-water operations. The work also includes project
management, inspection, repair and logistics of the marine riser system. Work
starts immediately and benefits from the company’s core services of logistics,
recertification, preparation, and maintenance. Equipment and services will be
delivered from PSW’s modern facilities at Mongstad. This is a substantial (2)
contract for the company.

“The agreement demonstrates PSW’s unique expertise and services related to well
control and drilling equipment for the rig market. PSW has collaborated with
international drilling contractors since 2010 on the maintenance of subsea and
drilling equipment. PSW is grateful for the trust, being the chosen supplier for
this important project,” says CEO in Scana, Styrk Bekkenes.

“The rig market is improving globally, and PSW Technology is well positioned to
service the growth and increases in activity levels. It is a great recognition
that Northern Ocean has awarded this contract to PSW Technology,” continues PSW
Technology’s Managing Director Tommy Johnsen.

“Together with PSW and its manager, Northern Ocean will be able to deploy one of
the world’s most advanced drilling units into an emerging Ultra deep-water
drilling market. We continue to leverage our strong, collaborative relationships
with companies who are solution oriented and allow us to deliver safe
performance on our rigs.” says Scott McReaken, CEO of the Northern Ocean group.

(1) A sizeable contract is defined to be between NOK 10 million and NOK 50
million. (2) A substantial contract is over NOK 50 million.

For more information, please contact:
Styrk Bekkenes, CEO, Scana ASA, +47 40 40 35 20
Tommy Johnsen, Managing Director, PSW Technology, +47 93 24 04 65

PSW in brief
PSW is a supplier of products, systems and services to energy companies and the
maritime industry. The group's multidisciplinary expertise, state-of-the-art
facilities and strategic partnerships enable us to meet industry requirements
and customer challenges with safe, dependable, and cost-effective solutions.
psw.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. Our vision
is to accelerate decarbonisation of the maritime and offshore sector by being a
driving force in electrification and emission reduction solutions. Scana’s
portfolio companies have a solid innovation and commercialisation history based
on core competence in selected niches. Scana is headquartered in Bergen and has
around 350 employees. www.scana.no

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