Nekkar — Regulatory Filings 2021

Oct 28, 2021

Nekkar ASA: Forms "Inteliwell" Joint Venture together with Transocean

Nekkar ASA: Forms "Inteliwell" Joint Venture together with Transocean

28.10.2021 08:53:20 CEST | Nekkar ASA | Additional regulated information

required to be disclosed under the laws of a member state

28 October 2021 - Nekkar ASA's (Nekkar) subsidiary company, Intellilift AS, has

established a joint venture (JV), Inteliwell, with a subsidiary of Transocean

Inc. (Transocean) for the purpose of commercialising products and services based

on a digital well construction solution that is currently being developed in

close cooperation between the JV partners.

Inteliwell's digital well construction solution will integrate digital systems

for well construction, drilling control and real-time data monitoring. The

software solution interfaces with the drilling rig's control system to

autonomously execute tasks outlined in the well plan, serving to expedite the

well construction process. Additionally, an integrated real-time monitoring

platform will measure downhole progress and evaluate conditions in the well to

provide critical, precision-enhancing feedback to the drilling control system.

"Intellilift has already digitized and facilitated increased automation and

remote-controlled operations onboard offshore vessels and drilling rigs. Through

this JV with Transocean, Intellilift will benefit from the driller's global

footprint and well construction expertise, accelerating adoption of this

disruptive rig automation solution," says Preben Liltved, CEO of Nekkar ASA.

Stig Trydal, managing director of Intellilift added: "In short, the JV will

provide software solutions (SaaS) that allow operators to further improve the

consistency of their operations while reducing drilling costs through more

reliable and faster drilling operations".

Intellilift, which is owned 50.67% by Nekkar, will contribute development

resources, licenses for existing software and other services into the JV, which

has been established as a separate legal entity. Capital contributions by

Intellilift are currently not contemplated. Intellilift will hold a 33%

ownership in the JV.

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act.

CONTACTS

* Preben Liltved, CEO, +47 480 62 691, 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 and renewables and

aquaculture.