Havyard Leirvik win important contract with a new customer

20 Jan 2023 07:25 CET

Havyard Leirvik, which is owned by listed Eqva ASA (OSE: EQVA), has signed a
contract for the conversion of the ferry M/F Vannes. The ferry which is owned by
Boreal Sjø will be modified to meet requirements from the Norwegian Maritime
Directorate so that it can operate in an extended traffic area.

For Havyard Leirvik and for Eqva, this is an important contract for several
reasons. The shipyard focuses particularly on projects related to conversion and
upgrading of existing ships. The contract with Boreal Sjø is confirmation that
this investment is yielding results.

“The contract with Boreal Sjø is also important because most of the work will be
produced locally and carried out at the yard, and we will have the opportunity
to get to know a new customer. We are looking forward to this collaboration and
are committed to making this the beginning of a long and good collaboration for
mutual benefit,” says Sales Manager Silje Smådal.

“Good and demanding customers are important for us to develop further, and we
are looking forward to performing this project together with Boreal Sjø. We are
observing a good trend and see more orders within service and maintenance, and
with two major projects in the order book, we have secured a strong foundation,”
says Managing Director Tor Leif Mongstad. The second project concerns engine
replacement on the ferry M/F Veøy.

The conversion of M/F Vannes is a typical conversion project, of which there
will likely be many more in the coming years. The contract value of such
contracts are normally between NOK 10 and 20 million, and they require three to
four months to complete. Havyard Leirvik is part of the Eqva ASA group's
business area "Maritime services".

About Havyard Leirvik AS
Havyard Leirvik AS has been a cornerstone company in Leirvik in Sogn since 1918.
Over the years, the shipyard has delivered many new buildings of various types.
Today, the yard is particularly focused on the market for ship conversions,
servicing and maintenance. Demand for such projects is high, driven not least by
the industry's focus on more climate-friendly and sustainable solutions. The
yard has well-proven project management and quality assurance systems and highly
qualified employees who can take on the most demanding projects.

The company is part of Eqva ASA group, a knowledge-based active owner of
industrial service companies that contribute to the green transition in
maritime, power intensive and renewable industries. Eqva ASA is listed on the
Oslo Børs (OSE: EQVA).

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