Update regarding recommended voluntary cash offer by the Altrad Group to acquire all shares in Beerenberg AS

25 Aug 2024 20:30 CEST

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, INTO OR WITHIN, THE UNITED STATES, CANADA, AUSTRALIA, NEW ZEALAND,
SOUTH-AFRICA, HONG KONG, JAPAN OR ANY OTHER JURISDICTION IN WHICH THE
DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

Reference is made to the announcement 21 August 2024 ("Offer Announcement")
regarding the recommended voluntary cash offer by Altrad Investment Authority
S.A.S, or one of its wholly-owned subsidiaries (“Altrad”) to acquire all shares
in Beerenberg AS ("Beerenberg") not already owned by the Altrad Group (the
"Offer") at a price of NOK 41.5 per share.

Beerenberg and Altrad have received a letter from Pareto Securities informing
that a group of investors, representing 31.4% of the outstanding shares in
Beerenberg, are not planning to accept the Offer and has engaged Pareto
Securities with the aim to negotiate the Offer terms with Altrad. Altrad has
informed Beerenberg that it will not negotiate with the said shareholders and
that the Offer will be launched with the offer price of NOK 41.5 per share
subject to and in accordance with the terms negotiated and agreed with the board
of directors of Beerenberg as further set out in the Offer Announcement.

***

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act. This stock exchange notice
was published by Harald Haldorsen, CFO of Beerenberg, on the time set out
herein.

About Beerenberg

Beerenberg has delivered cost efficient solutions to a wide range of industrial
enterprises for 47 years. Beerenberg is one of the leading suppliers of
maintenance and modifications services on the Norwegian Continental Shelf as
well as a global provider of insulating products. The group´s expertise covers
the entire life cycle of the petroleum industry from field studies and newbuilds
to maintenance, modifications, and lifetime extensions. The operational
activities are organized in Beerenberg Services and its subsidiaries.
Headquartered in Bergen, Beerenberg has offices in Stavanger and Skien in Norway
and in Poland, UK, South-Korea, Thailand, Brazil, and Singapore. To learn more,
please visit www.beerenberg.com.

Important notice

The Offer and the distribution of this announcement and other information in
connection with the Offer may be restricted by law in certain jurisdictions.
When published, the Offer document and the related acceptance form will not and
may not be distributed, forwarded or transmitted into or within any jurisdiction
where prohibited by applicable law, including, without limitation, Canada,
Australia, New Zealand, South Africa, Hong Kong and Japan. The offeror does not
assume any responsibility in the event there is a violation by any person of
such restrictions. Persons into whose possession this announcement or such other
information should come are required to inform themselves about and to observe
any such restrictions.

This announcement is not an offer document and, as such, does not constitute an
offer or the solicitation of an offer to acquire the shares. Investors may
accept the Offer only on the basis of the information to be provided in the
Offer document. Offers will not be made directly or indirectly in any
jurisdiction where either an offer or participation therein is prohibited by
applicable law or where any tender offer document or registration or other
requirements would apply in addition to those undertaken in Norway.

This announcement contains certain forward-looking statements within the meaning
of the securities and laws and regulations of various international, federal,
and state jurisdictions. All statements, other than statements of historical
fact, included herein, including without limitation, statements regarding the
Offer, future plans and objectives of Beerenberg or the offeror are
forward-looking statements that involve risk and uncertainties. There can be no
assurances that such statements will prove to be accurate and actual results
could differ materially from those anticipated in such statements.

More information:
Access the news on Oslo Bors NewsWeb site

626151_2024-08-25 Announcement re update on Offer.pdf