Eqva ASA — Capital/Financing Update 2021

Feb 18, 2021

Private placement successfully completed

Private placement successfully completed

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, HONG KONG, JAPAN OR THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Reference is made to the stock exchange notice from Havyard Group ASA (“Havyard”) published on 17 February regarding a contemplated private placement of shares (the “Private Placement”) in HAV Group ASA (the "Company" or "HAV").

The Company is pleased to announce that the Private Placement has been successfully placed through the allocation of 5,000,000 new shares in the Company (the “Offer Shares”) at a price of NOK 18 per share (the “Subscription Price”), raising gross proceeds of NOK 90 million, and a secondary sale of 6,666,500 existing shares in the Company at the Subscription Price by Havyard. The Private Placement attracted strong interest from Norwegian and international high-quality institutional investors.

“We are very pleased to have reached this milestone for both HAV and Havyard, in which HAV will be established as a refocused technology and solutions company with added working capital contributing to the green shift in the maritime industries, and Havyard now have addressed the debt facilities at a parent level enabling the company to focusing on its core activities” says CEO Gunnar Larsen.

Following the completion of the Private Placement, the Company will have 35 million shares outstanding, and a market capitalization based on the subscription price of NOK 630 million. Havyard will remain the Company’s largest shareholder with a 66.7% shareholding. Upon full repayment of the construction loans for which the shareholding has been mortgaged, Havyard will consider distributing some or all the shares to its shareholders.

The net proceeds from the Primary Offering will be allocated to R&D initiatives, organizational development and to strengthen the Company’s working capital in anticipation of higher business volumes.

Completion of the Private Placement is conditional upon the necessary corporate resolutions being made and the Offer Shares having been fully paid and validly issued and completion of the Transaction as described above, including satisfactory agreements entered into with Havyard's lending banks.

Conditional allocation to investors will be communicated on or about 18 February 2021. Confirmed allocation and settlement instructions are expected to be distributed by the Managers on or about 19 February 2021, with payment date on or about 23 February 2021 and delivery of Offer Shares to the subscribers on or about 25 February 2021.

The Company has applied for, and will, subject to the necessary approvals from the Oslo Stock Exchange, have its shares admitted to trading on Euronext Growth Oslo. The first day of trading on Euronext Growth Oslo is expected to be on or about 4 March 2021.

Fearnley Securities acts as financial advisor manager and bookrunner in connection with the Transaction, Private Placement and admission to trading on Euronext Growth. Wikborg Rein Advokatfirma AS acts as legal advisor to the Company.

For more information, please contact:

Gunnar Larsen, CEO +47 90 10 56 94

Erik Høyvik, CFO +47 91 68 31 73