HAV Group ASA — M&A Activity 2023

Sep 1, 2023

HAV Group completes acquisition of Undheim Systems

HAV Group completes acquisition of Undheim Systems

HAV Group completes acquisition of Undheim Systems

1 September 2023 – HAV Group ASA has today successfully completed the acquisition of Undheim Systems AS, a provider of dynamic positioning (DP) systems for vessels.

The technology acquisition is a strategic move that accelerates HAV Group's plans to offer digital functionality that meets the global maritime market's needs for autonomous ship operations.

Reference is made to the stock exchange dated 9 May 2023 regarding the potential transaction.

“We are really pleased to acquire the dynamic positioning (DP) technology that Undheim Systems has developed and commercialised. We will couple these with our own smart navigation system to provide solutions that control vessels at all speeds and enables semi-autonomous functionality,” says Gunnar Larsen, CEO of HAV Group.

ABOUT UNDHEIM SYSTEMS

Undheim Systems AS has successfully commercialised a highly flexible and competitive DP system for vessels of all sizes, including even the smallest workboats. So far Undheim Systems has delivered its DP systems to approximately 60 vessels, which include fishing vessels, workboats and service vessels in the fish farming industry, and others.

HAV Group will integrate Undheim Systems’ specialist competence and DP technology into the group’s Energy Design and Smart Control business area, which is headed up by Norwegian Electric Systems AS. The business area already has a broad product portfolio of intelligent vessel navigation, automation and control systems, as well as an office in Egersund which the Undheim Systems team will co-locate with.

The combination of Undheim Systems and Norwegian Electric Systems’ technologies can provide an important piece of the jigsaw towards autonomous vessels. The delivery of automatic docking systems for ferries is one of the first steps the two companies will explore.

TRANSACTION TERMS

HAV Group ASA has agreed to acquire 100 percent of the shares in Undheim Systems AS. The consideration for the purchase includes a non-material cash amount and 250,000 shares in HAV Group ASA, valued at NOK 14.0 per share.

For further information, please contact:

Gunnar Larsen, CEO

gunnar.larsen@havgroup.no

+47 901 05 694

About HAV Group | www.havgroup.no

HAV Group and its subsidiaries (together: “HAV Group”) is an international provider of technology and services for maritime and marine industries. HAV Group has several decades of industry experience, in addition to special expertise in guiding the marine and maritime industries through the green shift and towards the goal of zero emissions. HAV Group ASA is listed on Euronext Growth under the ticker code HAV.