AKVA Group — M&A Activity 2021

Aug 25, 2021

AKVA group ASA: AKVA Marine Services AS merges with Abyss Group AS

AKVA group ASA: AKVA Marine Services AS merges with Abyss Group AS

AKVA group ASA ("AKVA") has today entered into an agreement to combine Akva

Marine Services AS ("AMS") with Abyss Group AS ("Abyss") as a contribution in

kind, with AKVA becoming a shareholder in the combined company. As part of the

transaction, funds advised by Icon Capital AS ("Icon") will be invested in the

combined company to allow further growth. The initial investment by Icon will be

NOK 100 million with further growth capital being available to the board of

Abyss subject to certain conditions.  Following the combination, AKVA will own

25.5% in the combined company. Knut Nesse will represent AKVA on the board of

the combined company following the transaction. The transaction is expected to

close before end of September. Prior to closing, ownership of Ocein AS,

subsidiary of Abyss, will be transferred to Abyss' existing owners and Ocein

will therefore not be part of the combined company going forward. AKVA will

still own 100% of Sperre AS, a leading supplier of net cleaning systems (ROVs

and FNCs) to the aquaculture industry.

- We are very pleased to combine AMS with Abyss to create a leading Norwegian

service company. The combination of AMS and Abyss will allow for better

geographic coverage, increased fleet flexibility and excellent career

opportunities for the employees in both companies, says CEO in AKVA, Knut Nesse,

and continues:

- Through the investment from Icon, the company will have a very healthy balance

sheet and excellent basis for further growth. We look forward to work with

Abyss' existing owners and Icon to create value for all stakeholders going

forward. I am confident that the combined company will be better positioned to

further develop and meet customer expectations today and in the future.

Danske Bank acted as financial advisor for AKVA group.

About Abyss

Abyss provides work boat and subsea services to fish farms and other maritime

industries.  The company operates a modern and well-equipped fleet of 16 vessels

with operations across Norway and in Iceland. The company had a turnover

(excluding Ocein AS) of NOK 193.9 million in 2020. Following the combination

with AMS, Abyss will operate 30 vessels with additional 3 vessels under

construction. The pro-forma combined revenue of the companies in 2020 was NOK

302.3 million.

CONTACTS:

Knut Nesse   Chief Executive Officer

Phone:       +47 51 77 85 00

Mobile:      +47 91 37 62 20

E-mail:      knesse@akvagroup.com (mailto:knesse@akvagroup.com)

Ronny Meinkøhn   Chief Financial Officer

Phone:           +47 51 77 85 00

Mobile:          +47 98 20 67 76

E-mail:          rmeinkohn@akvagroup.com (mailto:rmeinkohn@akvagroup.com)

About AKVA

AKVA group is a global technology and service partner that deliver technology

and services that helps solve biological challenges within the aquaculture

industry. Good operational performance and fish welfare ensures sustainability

and profitability for the customer. This is the premise for everything we

deliver, from single components to services and complete installations. In-depth

aquaculture knowledge, extensive experience and a high capacity for innovation

characterizes and enables us to deliver the best solutions for both land based

and sea based fish farming.

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act