Nekkar ASA: FiiZK awarded contract for closed fish farming cages

22 Oct 2024 11:59 CEST

22.10.2024 11:59:13 CEST | Nekkar ASA | Non-regulatory press releases

22 October 2024 - Aquaculture industry supplier FiiZK, which is an associated
company of Nekkar ASA (Nekkar), has been awarded a contract to deliver two
large, closed fish cages to an undisclosed Norway-based fish farmer.

Under the contract, FiiZK will supply two of its "Protectus" closed fish cages.
FiiZK has not disclosed the value of the contract.

"We have spent the past 12 months further developing and enhancing our products,
streamlined our business to focus solely on closed and semi-closed fish cages,
and prepared our team to provide the best possible support to fish farmers that
have closed cages as part of their production strategy. We consider this
contract as a confirmation that this is the right strategy for FiiZK, says Jan
Erik Kvingedal, CEO of FiiZK.

PROTECTUS

The Protectus comes with a new specially designed floating steel collar with
long lifespan and high strength. A PVC tarpaulin bag is the main barrier, while
a net provides extra escape protection.

Six seawater intakes at 30 metres water depth provide lice-free water to the
closed fish cage. Water exits through an outlet at the bottom of the cage, while
faeces and waste feed are collected in a sludge trap in the outlet. A
comprehensive sensor network continuously monitors water quality inside the cage
and in the water column outside.

"We are experiencing strong and increasing interest for our closed cage systems.
Our concept contributes towards more sustainable aquaculture production, which
resonates with the demands and expectations of both our customers, authorities
and the end-consumer. We are proud to be part of this development," adds Jan
Erik Kvingedal.

SUCCESSFUL TURNAROUND

The first contract for FiiZK's Protectus closed fish cage marks a successful
12-month turnaround period for the FiiZK Group after Nekkar (39%) and BEWI
Invest (41%) in September 2023 invested to become the largest shareholders of
the company.

The turnaround included the sale of FiiZK Digital AS to seafood investor
Bluefront and divestment of FiiZK Protection AS' lice skirt business to
Icelandic company Hampidjan Group. Going forward, FiiZK will focus solely on the
sale of closed and semi-closed fish cages, with associated software, maintenance
and services.

"We are very pleased with the FiiZK team and how it has positioned itself for
what we believe will be a new wave of market interest in closed and semi-closed
fish cage technologies. FiiZK is the most experienced player in this market with
around 20 deliveries over the last years and the new solutions from the company
are, in our view, better than ever, building on both the Certus and Ecomerden
technology. As mentioned before, FiiZK has already made significant financial
improvements and we look forward to seeing how the company develops over the
coming months and year," says Ole Falk Hansen, chairman of FiiZK and CEO of
Nekkar ASA.

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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