Nekkar ASA: Subsidiary awarded maintenance contract

26 Feb 2024 11:01 CET

26.2.2024 11:01:12 CET | Nekkar ASA | Non-regulatory press releases

26 February 2024 - Syncrolift Pvt. Ltd, a company owned by Nekkar-owned
Syncrolift AS and Varya Pvt. Ltd., has been awarded a five-year contract for
ongoing maintenance of a ship transfer system currently installed at the Indian
Navy's naval ship repair yard in Karwar, India.

The total contract value is approximately NOK 23 million over the five-year
period. It is the third consecutive time the joint venture wins this maintenance
agreement.

Syncrolift Pvt. Ltd. was established by Syncrolift and Varya Pvt. Ltd. in 2023
to capitalize on India's growing market potential and tap into the country's
rich reservoir of talent and manufacturing competence. Syncrolift owns 80
percent of the shares in Syncrolift Pvt. Ltd., while Varya Pvt. Ltd. owns the
remaining 20 percent.

"Our Indian partnership company won this contract in competition with local
suppliers. This success serves as a testament to our unique combination of
global shiplift expertise and local execution capabilities," says Rolf-Atle
Tomassen, managing director of Syncrolift AS.

In 2019, Syncrolift initiated a project to generate more aftersales and service
revenues from its extensive global installed base of ship lifts and transfer
systems. In 2023, Syncrolift's service revenue accounted for 18 percent of the
company's total revenue - in line with the company's strategic priorities.

"This award secures stable local activity level over several years. We are
delighted to support the Indian Navy in ensuring that their repair yard
functions as cost-effectively as possible," adds Tomassen.

Syncrolift is the world's leading manufacturer of shiplifts and transfer systems
having won 60 percent of all shiplift contracts during the past ten years. The
company is a wholly owned subsidiary of Oslo-listed Nekkar ASA.

(ENDS)

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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