Bergen, 10 January 2024:  Scana-owned PSW Technology has signed a contract to
divest well control equipment to an international oil and gas company. The
transaction is expected to be conducted through a cash settlement and is of
substantial value (2), with the sales amount at the higher end of the value
range. The delivery of the equipment is expected to take place in Q1 2024, and
the profit will be recognized upon delivery of the equipment. 

Assuming the transaction is completed, the Board of Directors of Scana ASA will
convene an extraordinary general meeting proposing the distribution of
extraordinary dividends of NOK 0.05 per share. The remaining proceeds from the
sale will be considered for repayment of up to NOK 50million of its long-term
debt and investments in accretive growth opportunities. 

"With this contract, PSW Technology do not only generate free cash flow but also
has the opportunity to further develop similar well control equipment in our
possession, hence expanding our market position," says Richard Cornell, Managing
Director in PSW Technology.

"The transaction is a continuation of unlocking cash potential in our balance
sheet, as previously demonstrated by the sale of Scana Korea. We are pleased
that we can both enhance our liquidity and distribute funds to our shareholders
and in addition strengthen our delivery capabilities in well control services,"
says Pål Selvik, CEO in Scana.

(1) A sizeable contract is defined to be between NOK 20 million and NOK 50
million. 
(2) A substantial contract is between NOK 50 million and NOK 150 million. 
(3) A large contract is over NOK 150 million.


For more information, please contact:
Pål Selvik, Chief Executive Officer, Scana ASA, +47 970 46 502
Richard Cornell, Managing Director, PSW Technology AS, +47 952 31 652


PSW in brief
PSW is a supplier of products, systems and services to energy companies and the
maritime industry. The company's multidisciplinary expertise, state-of-the-art
facilities and strategic partnerships enables the company to meet industry
requirements and customer challenges with safe, dependable, and cost-effective
solutions. psw.no

Scana in brief
Scana is a listed industrial owner company in the ocean industries creating
value through active ownership in market-leading portfolio companies. Scana is
headquartered in Bergen and has around 500 employees. www.scana.no

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© Oslo Bors ASA, source Oslo Stock Exchange