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10-Q - HAV Group ASA: First quarter 2025 financial results - Attachment: HAV_rapport_Q1 2025_Final.pdf

Company: HAV Group ASA Date: 2025-05-28 Language: English Register to download
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Q1 - QUARTERLY REPORT 2025

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# HAV G roup ASA

#### HAV Group ASA

*HAV is the Norwegian word for ocean.*

The HAV Group is an international provider of technology and services for maritime and marine industries.

The Group's vision is "A sustainable future at sea".

HAV Group was established in 2021 and comprises four subsidiaries with a leading position in supporting the marine and maritime industries towards the ultimate goal of zero emissions, all based on our Norwegian heritage, experience. quality focus and innovative solutions.

Our experience and expertise. as well as the focus on efficiency, safety, and sustainability, lays the foundation for developing and delivering highquality innovative solutions to our customers in the seafood, energy and transport sectors.

This insight provides our customers with a head start, increases their competitiveness and enables them to realize the green shift towards a sustainable future at sea.

The Group shall create shareholder value by contributing to its subsidiaries and projects through:

Extracting synergies through economies of scale and standardization of processes and systems

Stimulating intercompany business development and R&D processes

Pursuing value accretive growth – organic and through M&A

![](_page_1_Picture_17.jpeg)

Actively taking part in subsidary companies' strategic development to implement group strategy

## A SUSTAINABLE FUTURE AT SEA

vcx

# THE HAV GROUP

![](_page_2_Picture_2.jpeg)

Ship Design ENERGY-EFFICIENT. LOW- AND ZERO EMISSION SHIP DESIGNS

HAV Group advises customers regarding selection of vessel parameters and technologies that allow shipowners to increase their competitiveness and enable the green transition at sea.

It provides pioneering innovations in the design and construction of low and zero-emission vessels and energy-optimized ship designs.

This entails developing the most efficient vessels possible, covering every aspect of the vessel's functionality and performance, including environmental performance, through concept development, detail design, equipment selection, procurement, system engineering and integration.

Further, innovative simulation-based ship design enables analysis and documentation of real-life performance of a vessel – before it has been built.

In total, HAV Group possesses the competence and tools available to help shipowners design, develop and construct low and zero emission vessels, thereby supporting the global maritime industry in reaching its emission targets.

HAV Group's subsidiary HAV Design has a track record of more than 100 ship designs.

![](_page_2_Picture_10.jpeg)

Energy Design & Smart Control YOUR EXPERT IN ENERGY DESIGN AND SMART CONTROL SYSTEMS

HAV Group supplies low and zero emission energy, propulsion and control systems for the global marine market.

Detailed knowledge about vessel operations – from bridge to propeller – and specialist competence in integrating energy sources, including electric propulsion and charging systems, allow design of optimal power and propulsion systems that keep emissions to a minimum. liquid hydrogen tank below deck and a container-based hydrogen system to be installed on deck – the Zero Emission Pod.

supplier of advanced diesel electric, hybrid electric and 100 percent electric propulsion systems, for the global marine market.

![](_page_2_Picture_17.jpeg)

## Hydrogen-based Energy Systems EXPERTS IN ENABLING MARITIME ZERO EMISSION

Smart control systems and software platforms for navigation, automation and control ensure even more fuel-efficient operations. Adoption of hydrogen as ship fuel is considered a vital part of the transition to more sustainable shipping. HAV Group is one of the global frontrunners in offering approved hydrogen-based energy systems for ships.

![](_page_2_Picture_21.jpeg)

These products and systems are key enablers to achieve low and zero emissions, and can be applied to newbuilds or retrofitted on board existing vessels, making it easier for shipowners to reduce emissions from their fleets. HAV Group's subsidiary Norwegian Electric Systems is a leading Installed effect can be used for the main propulsion systems, or for additional power supply on board the vessel to comply with green operation standards. Quayside, hydrogen systems can ensure sufficient green power supply to the vessel, which does not need to rely on onshore charging infrastructure to achieve zero emission status.

> HAV Group's subsidiary HAV Hydrogen develops hydrogen-based energy systems for vessels.

![](_page_2_Picture_23.jpeg)

## Water Treatment Systems YOUR EXPERT IN CLEAN WATER AND BALLAST WATER TREATMENT SYSTEMS

HAV Group is a supplier of ballast water treatment systems for ships and other water treatment systems for the aquaculture industry.

The spread of invasive species is recognized as one of the greatest threats to the ecological and the economic wellbeing of the planet.

Efficient treatment of ballast water prevents the unwanted spread of invasive species. The ballast water treatment system is available for both retrofit and vessel newbuilds.

Process water treatment for aquaculture production is key to maintain fish health and avoid detrimental effect on local environment.

HAV Group provides water treatment technologies for both landbased aquaculture and live fish carriers. Moreover, HAV Group's water treatment products are based has a chemical-free system that does not pollute the marine environment.

HAV Group's subsidiary Norwegian Greentech develops and manufactures water treatment systems.

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![](_page_2_Figure_33.jpeg)

![](_page_2_Figure_34.jpeg)

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## HIGHLIGHTS in Q1 2025 STATUS AND OUTLOOK

HAV Group's revenue and margin increase versus the first quarter last year was largely driven by the Energy Design & Smart Control segment.

Based on the order back-log the turnover will increase the coming quarters.

Global megatrends – including the green transition, stricter regulations, and increasing competitive pressure – continue to reshape the maritime industry. In this environment, investing in vessel lifecycle performance is both a commercial necessity and a regulatory demand.

![](_page_3_Picture_22.jpeg)

| HAV Group is well positioned to meet these challenges  |  |  |  |  |  |  |
|--------------------------------------------------------|--|--|--|--|--|--|
| with technologies that improve the operational,        |  |  |  |  |  |  |
| financial, and environmental performance of vessels.   |  |  |  |  |  |  |
| The global shipbuilding market is predicted to remain  |  |  |  |  |  |  |
| at a stable level in the coming years, providing ample |  |  |  |  |  |  |
| opportunities for HAV Group.                           |  |  |  |  |  |  |
|                                                        |  |  |  |  |  |  |
| Although international trade conflicts create          |  |  |  |  |  |  |
| unwanted market uncertainty, the large majority of     |  |  |  |  |  |  |
| HAV Group's market exposure is towards European        |  |  |  |  |  |  |
| and Norwegian customers – thereby limiting the         |  |  |  |  |  |  |

group's exposure to transcontinental tariff regimes.

Looking ahead, HAV Group maintains its previous guidance and expects solid revenue growth in 2025, driven by recent contract awards and active tendering, with corresponding improvements in margins.

![](_page_3_Figure_25.jpeg)

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- Turnover of NOK 147.9 million (127.1)
- EBITDA of NOK 0.4 million / 0.3% (-18.0 /- 14.2%)
- EBIT of NOK -4.2 million / -2.8% (-22.0. / -17.3%)
- Profit before tax in Q1 of NOK -2.5 million/ -1.7%
- Cash position of NOK 246.9 million

#### Key Milestones in Q1 2025

- Order intake of NOK 188 million
- Book-to-bill of x 1.27
- Order backlog MNOK 1.267
- Awarded contracts for delivery of power systems for
- 8 x Wilson bulk carriers

 • First contract for the Water treatment systems segment within land-based aquaculture

• LNGameChanger: Consortium sets sight on LNGfuelled shipping with on-board CO2 capture and storage

#### Subsequent events

- Energy design and smart control systems for two newbuild vessels
- Contract for delivery of three charging stations for ferries

4

| INCOME STATEMENT                                                                                                                  |
|-----------------------------------------------------------------------------------------------------------------------------------|
| The operating income for HAV Group in the first                                                                                   |
|                                                                                                                                   |
| quarter of 2025 was NOK 147.9 million, compared to                                                                                |
| NOK 127.1 million in the first quarter of 2024.                                                                                   |
| In the first quarter of 2025 the Group recorded profit<br>before interest tax and depreciation /amortisation                      |
| (EBITDA) of NOK 0.4 million, while the EBITDA for                                                                                 |
| the first quarter of 2024 was NOK -18.0 million.                                                                                  |
| This corresponded to an EBITDA margin of 0.3% in<br>the first quarter of 2025 compared to -14.2% in the                           |
| first quarter of 2024.                                                                                                            |
|                                                                                                                                   |
|                                                                                                                                   |
|                                                                                                                                   |
| The<br>consoldated<br>figures<br>are presented<br>according                                                                       |
| more info<br>standard<br>related<br>NGAAP<br>. For<br>accounting<br>to<br>principles<br>, please<br>see Annual<br>Report<br>2024. |
|                                                                                                                                   |

| (NOK 1 000)                  | Q1 2025   | Q1 2024   | 2024    |
|------------------------------|-----------|-----------|---------|
|                              | Unaudited | Unaudited | Audited |
| Revenue                      | 147 477   | 126 336   | 756 817 |
| Other operating revenues     | 434       | 733       | 2 156   |
| Operating income             | 147 911   | 127 069   | 758 973 |
|                              |           |           |         |
| Materials and consumables    | 73 241    | 73 815    | 513 816 |
| Payroll expenses             | 52 748    | 48 909    | 201 739 |
| Other operating expenses     | 21 485    | 22 354    | 78 505  |
| Operating expenses           | 147 473   | 145 078   | 794 060 |
|                              |           |           |         |
| EBITDA                       | 438       | -18 009   | -35 087 |
|                              |           |           |         |
| Depreciation                 | 4 648     | 3 990     | 16 403  |
| Operating profit/loss (EBIT) | -4 210    | -22 000   | -51 253 |
|                              |           |           |         |
| Financial income             | 7 437     | 5 330     | 34 859  |
| Financial expenses           | 5 703     | 4 597     | 20 422  |
| Profit / loss before tax     | -2 477    | -21 267   | -37 053 |
|                              |           |           |         |

Earnings per share (before tax) -0.07 -0.61 -1.06

## CONSOLIDATED STATEMENT OF PROFIT OR LOSS

HAV Group ASA

| (NOK 1 000)                   | YTD 2025  | YTD 2024  | 2024    | (NOK 1 000)                           | YTD 2025  | YTD 2024  | 2024    |
|-------------------------------|-----------|-----------|---------|---------------------------------------|-----------|-----------|---------|
| ASSETS                        | Unaudited | Unaudited | Audited | EQUITY AND LIABILITIES                | Unaudited | Unaudited | Audited |
| Non-current assets            |           |           |         | Equity                                |           |           |         |
| Licenses,patents and R&D      | 82 914    | 89 261    | 85 058  | Paid-in Equity                        | 122 202   | 122 202   | 122 202 |
| Property, plant and equipment | 10 860    | 9 962     | 11 032  | Retained earnings                     | -37 258   | -51 799   | -35 425 |
| Financial fixed assets        | 162       | 142       | 162     | Treasury shares                       | 0         | -3 499    | 0       |
| Total current assets          | 93 936    | 99 363    | 96 251  | Non-controlling interests             | -24       | 2 690     | -280    |
|                               |           |           |         | Total equity                          | 84 920    | 69 595    | 86 497  |
| Current Assets                |           |           |         |                                       |           |           |         |
| Inventory                     | 36 742    | 43 360    | 33 847  | Non-current liabilities               |           |           |         |
| Accounts receivable           | 157 875   | 158 518   | 138 097 | Deferred tax liability                | 1 929     | 7 452     | 2 007   |
| Accrued revenue               | 94 640    | 22 489    | 14 187  | Liabilities to Financial institutions | 7 023     | 36 141    | 10 036  |
| Other current receivables     | 65 077    | 109 601   | 63 050  | Other long-term liabilities           | 3 721     | 4 566     | 3 721   |
| Total current assets          | 354 335   | 333 968   | 249 181 | Total non-current liabilities         | 12 673    | 48 158    | 15 764  |
|                               |           |           |         | Current liabilities                   |           |           |         |
| Investments                   |           |           |         | Accounts payable                      | 49 355    | 68 434    | 89 315  |
| Other financial instruments   | 570       | 0         | 5 464   | Tax payable                           | 0         | 686       | 0       |
| Total investments             | 570       | 0         | 5 464   | Public duties payable                 | 16 774    | 11 990    | 15 582  |
|                               |           |           |         | Advance payment from customers        | 494 884   | 286 339   | 351 605 |
| Cash and bank deposits        | 246 894   | 128 231   | 250 430 | Other current liabilities             | 37 128    | 76 361    | 42 636  |
| Total current assets          | 601 798   | 433 331   | 505 075 | Total current liabilities             | 598 141   | 443 809   | 499 066 |
|                               |           |           |         | Total liabilities                     | 610 814   | 491 967   | 514 830 |
|                               |           |           |         |                                       |           |           |         |
| TOTAL ASSETS                  | 695 734   | 561 563   | 601 327 | TOTAL EQUITY AND LIABILITIES          | 695 734   | 561 563   | 601 327 |

### CONSOLIDATED STATEMENT OF FINANCIAL POSITION

HAV Group ASA

### FINANCIAL POSITION

The total assets in the Group are NOK 695.7 million versus NOK 601.3 million at end of 2024. Total current assets increased from NOK 505.1 million year end 2024 to NOK 601.8 million per Q1.2025. Cash and bank deposit decreased by NOK 3.5 million and total current assets increased by NOK 105.2 million.

Total equity has decreased by NOK 1.6 million to NOK 84.9 million per Q1 2025. This is caused by negative result in 2025.

Total liabilities increased from NOK 514.8 million at year end 2024 to NOK 610.8 million per Q1 2025. Main reason is increase in advance payments from customers.

HAV Group and DNB agreed a new structure for the covenants that better reflects HAV Group's growth phase and project-based operations.

The consoldated figures are presented according NGAAP standard. For more info related to accounting principles, please see Annual Report 2024.

## SEGMENTS Q1 2025

#### Ship Design

- EBITDA of NOK -4.3 million / -13,7 % in the first quarter of 2025
- Profit before tax of NOK- 4.8 million / -15.5% in the first quarter of 2025
- EBIT is lower than first quarter last year
- The Q1 2025 is impacted by low capacity utilisation

#### Energy Design & Smart Control Systems

- EBITDA of NOK 15.3 million / 14.2% in the first quarter of 2025
- Profit before tax of NOK 16.0 million / 14.9% in the first quarter of 2025
- EBIT level is high due to higher capacity utilisation, contribution from Aftermarket & Services and general high project activity

#### Water Treatment Systems

- EBITDA of NOK -4.3 million / -29.1% in the first quarter of 2025
- Profit before tax of NOK -6.8 million / -46.8% in the first quarter of 2025
- The Q1 2025 is impacted lower than expected sales in marine segment and by low capacity utilisation

#### Hydrogen-based Energy Systems

- EBITDA of NOK -2.2 million in the first quarter of 2025
- Profit before tax of NOK -2.4 million in the first quarter of 2025

• In light of the general negative market development, it has been decided to reduce both the cost level and activity level in HAV Hydrogen, as well as to put the construction of the ZEPOD prototype on hold until a strategy for the company's further operations is more closely established

| 2025 Q1 (Unaudited)           |                |                                  |                            |                                  |                        |                  |
|-------------------------------|----------------|----------------------------------|----------------------------|----------------------------------|------------------------|------------------|
| (NOK million)                 | Ship<br>Design | Energy Design &<br>Smart Control | Water treatment<br>systems | Hydrogen-based<br>energy systems | Other /<br>Elimination | HAV<br>Group ASA |
| Operating revenues (External) | 30.3           | 103.0                            | 14.2                       | 0.0                              | 0.0                    | 147.5            |
| Other operating revenues      | 0.4            | 0.0                              | 0.1                        | 0.0                              | 0.0                    | 0.4              |
| Total Operating income        | 31.3           | 107.3                            | 14.6                       | 0.0                              | -5.3                   | 147.9            |
| EBITDA                        | -4.3           | 15.3                             | -4.3                       | -2.2                             | -4.1                   | 0.4              |
| Depreciation                  | 1.0            | 1.8                              | 1.6                        | 0.0                              | 0.2                    | 4.6              |
| Operating profit/loss (EBIT)  | -5.3           | 13.5                             | -5.9                       | -2.2                             | -4.3                   | -4.2             |
| Net financial items           | 0.4            | 2.5                              | -1.0                       | -0.2                             | 0.0                    | 1.7              |
| Profit/Loss before tax        | -4.8           | 16.0                             | -6.8                       | -2.4                             | -4.3                   | -2.5             |
|                               |                |                                  |                            |                                  |                        |                  |
| Total assets                  | 163.7          | 503.9                            | 94.0                       | 5.9                              | -71.8                  | 695.7            |
| Equity                        | 9.3            | 41.2                             | 3.3                        | 3.1                              | 28.1                   | 84.9             |
| Liabilities                   | 154.4          | 462.8                            | 90.8                       | 2.8                              | -99.9                  | 610.8            |
|                               |                |                                  |                            |                                  |                        |                  |
| 2024 Q1 (Unaudited)           |                |                                  |                            |                                  |                        |                  |
| (NOK million)                 | Ship<br>Design | Energy Design &<br>Smart Control | Water treatment<br>systems | Hydrogen-based<br>energy systems | Other /<br>Elimination | HAV<br>Group ASA |
| Operating revenues (External) | 38.0           | 59.8                             | 28.3                       | 0.3                              | 0.0                    | 126.3            |
| Other operating revenues      | 0.6            | 0.0                              | 0.1                        | 0.0                              | 0.0                    | 0.7              |
| Operating income              | 39.3           | 59.8                             | 28.5                       | 0.3                              | -0.8                   | 127.1            |
| EBITDA                        | 1.6            | -9.0                             | -0.8                       | -3.4                             | -6.4                   | -18.0            |
| Depreciation                  | 0.6            | 1.5                              | 1.6                        | 0.0                              | 0.2                    | 4.0              |
| Operating profit/loss (EBIT)  | 1.0            | -10.5                            | -2.4                       | -3.4                             | -6.6                   | -22.0            |
| Net financial items           | 2.0            | 0.3                              | -0.1                       | -0.2                             | -1.2                   | 0.7              |
| Profit/Loss before tax        | 3.0            | -10.2                            | -2.6                       | -3.6                             | -7.9                   | -21.3            |
|                               |                |                                  |                            |                                  |                        |                  |
| Total assets                  | 247.5          | 283.1                            | 101.8                      | 14.2                             | -85.0                  | 561.6            |
| Equity                        | 20.8           | 14.3                             | 7.4                        | 11.9                             | 15.2                   | 69.6             |
| Liabilities                   | 226.8          | 268.7                            | 94.4                       | 2.3                              | -100.2                 | 492.0            |

### SEGMENT INFORMATION

## CASH FLOW

Aggregate cash flow from operating activities is positive with NOK 2.0 million YTD 2024, compared to a negative cash flow of NOK -28.9 million YTD 2024. The main reason for the positive cash flow from operation is the changes in advance payment for customer.

Aggregate cash flow from investing activities was negative with NOK -2.5 million YTD 2025. compared to a negative cash flow of NOK -2.4 million YTD 2024. The negative cash flow from investments is purchase of shares in subsidiary, equipment and R&D.

Aggregate cash flow from financing activities is negativ with NOK -3.0 million YTD 2025. compared to a postive cash flow of NOK 7.6 million YTD 2024. The negative cash-flow from financing activities is related to repayment loans.

The consoldated figures are presented according NGAAP standard. For more info related to accounting principles. please see Annual Report 2024.

| HAV Group ASA                                       | YTD 2025  | YTD 2024  | 2024    |
|-----------------------------------------------------|-----------|-----------|---------|
| (NOK 1 000)                                         |           |           |         |
|                                                     | Unaudited | Unaudited | Audited |
| CASH FLOW FROM OPERATIONS                           |           |           |         |
| Profit/(loss) before tax                            | -2 477    | -21 267   | -37 053 |
| Tax payed                                           | 0         | 0         | -686    |
| Depreciation                                        | 4 648     | 3 990     | 16 403  |
| Net financial items                                 | -1 734    | -733      | -14 437 |
| Changes in inventory                                | -2 895    | -7 017    | 2 495   |
| Changes in accounts receivable                      | -19 778   | -102 539  | -82 118 |
| Changes in accounts payable                         | -39 959   | 24 469    | 45 350  |
| Change in advance payment from customers            | 143 278   | 112 207   | 177 473 |
| Changes in other current receivables/liabilities    | -79 090   | -37 980   | -7 382  |
| Net cash flow from/(to) operating activities        | 1 994     | -28 869   | 100 046 |
|                                                     |           |           |         |
| CASH FLOW FROM INVESTMENTS                          |           |           |         |
| Investments in property, plant and equipment        | -846      | -162      | -3 911  |
| Investment in intangible assets                     | -747      | -2 266    | -7 866  |
| Purchase of shares in subsidiary                    | -925      | 0         | -925    |
| Net cash flow used in investing activities          | -2 518    | -2 428    | -12 702 |
|                                                     |           |           |         |
| CASH FLOW FROM FINANCING ACTIVITIES                 |           |           |         |
| New long term debt                                  | 0         | 36 000    | 36 000  |
| Repayment non-current debt                          | -3 013    | -26 680   | -52 748 |
| Purchase of own shares                              | 0         | -1 768    | -1 768  |
| Sales of own shares                                 | 0         | 0         | 29 624  |
| Net cash flow from/ (used in) financing activities  | -3 013    | 7 552     | 11 108  |
| Net change in cash and cash equivalents             | - 3 536   | -23 745   | 98 454  |
|                                                     |           |           |         |
| Cash and cash equivalents at start of the period    | 250 430   | 151 976   | 151 976 |
| Cash and cash equiv.recognised in the balance sheet | 246 894   | 128 231   | 250 430 |
| Restricted cash at end of period                    | 16 964    | 4 292     | 20 230  |
|                                                     |           |           |         |

### CONSOLIDATED STATEMENT OF CASH FLOW

9

![](_page_8_Figure_10.jpeg)

The external order back-log is NOK 1,267 billion as of the end of Q1 2025. an increase of NOK 40 million compared to Q4 2024.

Order intake of NOK 188 million in Q1 2025 equivalent to a book-to-bill of x1.27.

Subsequent events

- Energy design and smart control systems for two newbuild vessels
- Contract for delivery of three charging stations for ferries

![](_page_8_Figure_16.jpeg)

![](_page_8_Figure_19.jpeg)

**0**

![](_page_8_Figure_7.jpeg)

**2025 2026 2027**

![](_page_8_Figure_3.jpeg)

![](_page_8_Figure_6.jpeg)

#### ORDER BACKLOG

#### HISTORICAL DEVELOPMENT OF EXTERNAL BACKLOG

AGGREGATED ORDER BACKLOG PER SEGMENT EXTERNAL ORDER BACKLOG BY DELIVERY YEAR AGGREGATED ORDER BACKLOG

![](_page_8_Figure_18.jpeg)

## SHARES AND SHAREHOLDERS

In total 35 000 000 shares with Par value NOK 1. All shares have equal rights. In total 3 192 shareholders per Q1 2025.

HAV Group ASA had 0 treasury shares per Q1 2025.

## SHARES AND SHAREHOLDERS

| Shareholders as of 31.03.2025 | Number of shares | Ownership |
|-------------------------------|------------------|-----------|
| HAVILA HOLDING AS*            | 12 204 656       | 34.87 %   |
| FARVATN CAPITAL AS            | 2 408 909        | 6.88 %    |
| NORDNET LIVSFORSIKRING AS     | 2 117 569        | 6.23 %    |
| MP PENSJON PK                 | 1 588 166        | 4.54 %    |
| EMINI INVEST AS               | 1 127 179        | 3.22 %    |
| HSR INVEST AS**               | 1 127 179        | 3.22 %    |
| INNIDIMMAN AS***              | 1 127 179        | 3.22 %    |
| JAHATT AS                     | 770 500          | 2.20 %    |
| NORDNET BANK AB               | 591 352          | 1,69 %    |
| AVANZA BANK AB                | 396 621          | 1,13 %    |
| PISON AS                      | 375 726          | 1,07 %    |
| STRØMME STRØM AS              | 350 000          | 1,00 %    |
| Other shareholders (<1 %)     | 10 814 964       | 32.20 %   |
| Number of shares              | 10 814 964       | 100 %     |

\*Joint controlled by board members Vegard Sævik og Hege Sævik Rabben.

\*\* HSR INVEST AS controlled by board member Hege Sævik Rabben.

\*\*\*INNIDIMMAN AS controlled by board member Vegard Sævik.

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