Scana ASA - Process update

15 Dec 2024 17:44 CET

Bergen, 15 December 2024: With reference to the stock exchange notices of 1
September 2024 and 2 October 2024, the Board of Directors (“BoD”) of Scana ASA
(“Scana” or the “Company”) provides the following update regarding the intention
to launch a voluntary offer by MIG Finance Namibia (Pty) Ltd. (“MIG”) to
purchase the shares in Scana: Since the receipt of the offer letter, the BoD and
the management of Scana have actively engaged in discussions and sought
clarification concerning MIG’s financing for the potential purchase of shares.
As of now, no confirmation has been received that the required financing is in
place.

Furthermore, while the Letter of Intent (LOI) with MIG concerning the purchase
of the capping stack (announced in the stock exchange notice of 1 September
2024), remains valid, Scana’s subsidiary PSW Technology AS has yet to receive
the agreed prepayment of 10%. As a result, PSW Technology AS will continue
marketing the capping stack for rental and/or sale.

Going forward, the Company’s main strategic priority is the completion of the
ongoing strategic review for PSW Power & Automation AS (previously communicated
in the stock exchange notice of 21 August 2024). The Company expects this
process to be concluded within the first half of 2025. A significant portion of
the proceeds from a potential sale will be considered for distribution as
dividends to the shareholders of Scana.

The Company will continue to explore and develop the market opportunities
identified for Scana in Namibia alongside the development of the remaining
companies. The ongoing initiatives and processes are aimed at creating a secure
foundation for value generation, in line with the Company's strategic goals.

For more information, please contact:

Pål Selvik, CEO, +47 970 46 502


Scana in brief
Scana is an active industrial owner of technology and services to both the
energy and offshore industries. With an industrial history dating back to the
early 1900s, Scana has evolved to become a leader in technology and innovation.
This journey has provided a unique position to shape solutions for tomorrow,
driven by extensive industrial experience combined with quality and value
creation. Scana is headquartered in Bergen and has above 600 employees.
www.scana.no

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