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 ofScana ASA will convene an extraordinary general meeting proposing the distribution of extraordinary dividends ofNOK 0.05 per share. The remaining proceeds from the sale will be considered for repayment of up toNOK 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," saysRichard 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," saysPål Selvik , CEO in Scana. (1) A sizeable contract is defined to be betweenNOK 20 million andNOK 50 million . (2) A substantial contract is betweenNOK 50 million andNOK 150 million . (3) A large contract is overNOK 150 million . For more information, please contact:Pål Selvik , Chief Executive Officer,Scana ASA , +47 970 46 502Richard 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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