Eqva ASA

M&A Activity • May 2, 2018

Havyard takes full ownership in Norwegian Electric Systems (NES)

Havyard takes full ownership in Norwegian Electric Systems (NES)

- Havyard Group ASA has signed an agreement for the acquisition of the remaining 49.5% of the high-tech company Norwegian Electric Systems, which means that the company is now fully owned by Havyard Group ASA.

'We have acquired full ownership of the company because we believe in both the company and in the segment NES represents, and because it enables us to realise increased synergies through a closer collaboration between NES and Norwegian Control Systems (NCS), which is fully owned by us, and other companies in Havyard Group ASA. We have taken a big step forward through our contracts for fully electric ferries to Fjord1, and we are now able to deliver the most efficient and environmentally friendly solutions for these types of vessels. NES is an important contributor to the continued development of these solutions, so we are certain that we have made a very good investment,' says CEO Geir Johan Bakke.

Please find attached Press release.

For further information, please contact:

Navn: Geir Johan Bakke, CEO Havyard Group ASA

Mobil: +47 481 80 011

Epost: geirjohan.bakke@havyard.com