M Vest Water Announces Progress in the Middle East Oil & Gas Market

28 Oct 2024 11:23 CET

Bergen, Norway, October 28, 2024 – M Vest Water (EURONEXT: MVW), today announces
progress for MVW’s technology in the Middle East Oil & Gas market.

On July 31, 2024, MVW announced the signing of an Agent Agreement with Energy
Support Trading (EST) covering Saudi Arabia and Kuwait. Since then, in
partnership with EST, MVW has fast-tracked the process of being qualified to
submit tenders directly to all the major operators in the respective countries.
As a result, MVW has significantly ramped up its tender activities towards these
parties.

In the three months since MVW and EST signed the Agent Agreement, the
cooperation has given MVW direct access to the major Oil & Gas operators to
perform successful first-stage on-site demonstrations of our technology. This
has led to MVW currently participating in three large tenders in Kuwait and one
tender in Saudi Arabia. These tenders have significant potential for the
NORWAFLOC® and NORWAPOL® solutions, representing a total treatment capacity of
140,000 m³/day of produced water.

Today, EST has approached MVW with the intent to extend the agent agreement to
cover additional countries in the Middle East.

"EST has proved to be very proactive in their efforts to boost our footprint and
sales in Kuwait and Saudi Arabia. We are impressed by the efforts of EST, and it
is a testament to our NORWAFLOC® and NORWAPOL® solutions. We are looking forward
to exploiting further opportunities in the Middle East," says Executive
Chairman, Mr. Tor Olav Gabrielsen.

MVW's solutions for water treatment in the Oil & Gas industry and produced water
are gaining more attention as authorities and operators seek more
environmentally friendly and sustainable solutions due to concerns regarding
groundwater reservoirs and environmental impact.

For further information, please contact:

Tor Olav Gabrielsen, Executive Chairman
tog@mvestwater.com
+47 924 08 607

Morten Hilton Thomassen, CFO
mht@mvestwater.com
+47 92 25 85 70

About M Vest Water AS:
M Vest Water is an environmental technology company which has developed unique
products and solutions to the water treatment industry, both Industrial as well
as the Municipal markets. The products are non-toxic, biodegradable and without
any harm to the environment. It obtains the highest degree of purification in a
cost-efficient arrangement.

M Vest Water is listed on Euronext Growth under the ticker MVW. For more
information, visit www.mvestwater.com.

This information constitutes inside information pursuant to article 7 in the EU
Market Abuse Regulation and is subject to disclosure requirements pursuant to
section 5-12 the Norwegian Securities Trading Act.

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