Nekkar — Earnings Release 2023

May 25, 2023

Nekkar ASA: first quarter 2023 financial results

Nekkar ASA: first quarter 2023 financial results

25.5.2023 07:00:01 CEST | Nekkar ASA | Additional regulated information required

to be disclosed under the laws of a member state

25 May 2023 - Nekkar ASA (Nekkar) delivered revenue of NOK 101 million in the

first quarter of 2023, up 20 percent from the same quarter last year (Q1 2022:

84). Operational EBITDA was NOK 23 million, up 92 percent from the first quarter

last year (12).

"We deliver a solid financial quarter driven by good progress in our extensive

project base of shiplifts and ship transfer systems," says Ole Falk Hansen, CEO

of Nekkar.

Order intake in the fourth quarter was NOK 27 million (31). Nekkar's order

backlog increased to NOK 832 million (763) at the end of the first quarter,

positively affected by strengthening of USD versus NOK.

"Tender activity is still high in the Shipyard Solutions segment. We are hoping

to see additional project awards during 2023," adds Falk Hansen.

Nekkar reported revenue of NOK 101 million (84) in the first. The company's

operational EBITDA* was NOK 23 million (12), representing a margin of 23% (14%).

Reported EBITDA was NOK 24 million (14), while EBIT was NOK 23 million (12).

Nekkar's balance sheet remains solid. At the end of the first quarter 2023, the

company had NOK 188 million in cash, no interest-bearing debt, and an undrawn

NOK 200 million credit facility available for future investments.

STRONG PROGRESS FOR IMPACT TECHNOLOGIES

Nekkar is currently developing sustainable and digitalized impact technologies

that aim to unlock customer value in ocean-based industries. Significant

commercial progress was made during the first quarter 2023.

The InteliWell joint venture, which Nekkar is part of together with Transocean

and Viasat, signed its first commercial contract in the first quarter. The

four-year contract is with Transocean for the semi-submersible drilling rig

Transocean Norge, which will support Wintershall Dea and OMV on a 17-well

campaign on the Norwegian continental shelf.

Nekkar's subsidiary, Intellilift, will execute the project on behalf of the

joint venture during 2023.

In March, Nekkar strengthened its business offering with smart, electric

lifting and handling solutions through the acquisition of Techano Group. This

acquisition further strengthens Nekkar's presence and product offering within

the renewables and aquaculture industries. Subsequent to the first quarter,

Nekkar/Techano secured a EUR 4 million contract to deliver an offshore crane to

a newbuild cable-lay support vessel for offshore wind farms. Nekkar acquired

Techano Group for an undisclosed immaterial amount.

"The first quarter has been highly encouraging for moving our impact

technologies from development to commercialisation. InteliWell has had its

commercial breakthrough in a market with huge commercial potential. We have also

secured the first order for Techano's cranes. All in all, we are pleased with

the progress we are making," adds Ole Falk Hansen.

PRESENTATION AT 08:00 AM TODAY

Nekkar's first quarter 2023 business update presentation is enclosed to this

announcement.

Nekkar ASA will hold a live webcast presentation today at 08:00 CET. The

webcast presentation can be watched from this URL:

https://channel.royalcast.com/landingpage/hegnarmedia/20230525_5/

*Operational EBITDA is defined by Nekkar as EBITDA excluding losses/gain on FX

contracts not qualifying for hedge accounting.

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act.

CONTACTS

* Ole Falk Hansen, CEO, +47 988 14 184, ir@nekkar.com

ABOUT NEKKAR ASA

Nekkar (OSE: NKR) is an industrial technology group offering impact technologies

combined with high-end software solutions. The group combines 50 years' heritage

from the world's number one shiplift company, Syncrolift, with new investments

into sustainable, digitalised technology businesses that aim to unlock growth

within ocean-based industries such as offshore energy, renewables and

aquaculture.

ATTACHMENTS

Nekkar ASA_Q1_2023_presentation.pdf -

https://kommunikasjon.ntb.no/ir-files/17847326/2381/3298/Nekkar%20ASA_Q1_2023_pr

esentation.pdf