Scana — Earnings Release 2023

Aug 31, 2023

Scana ASA: Financial results for the second quarter of 2023

Scana ASA: Financial results for the second quarter of 2023

Scana wins important contracts and delivers significant growth within all three of our divisions

Bergen, 31 August 2023: Scana (the Company) has delivered another strong quarter with growth in revenues and margins compared to the same period last year. The Company has delivered good project execution including ramp up of Equinor maintenance contract. Tendering activity was high across our business areas, and the market outlook remains positive.

2Q 2023 Financial Highlights:

(excluding special items)

· Revenue NOK 409 million

· EBITDA NOK 59 million

· EBITDA margin 14.4 %

· Order intake NOK 348 million

· Order backlog NOK 1,109 million

1H 2023 Financial Highlights:

(excluding special items)

· Revenue NOK 809 million

· EBITDA NOK 101 million

· EBITDA margin 12.5 %

· Order intake NOK 1,383 million

“The company has delivered a strong quarter and first half year with significant growth within all three divisions. Financially, we are proud of the performance with considerable growth, both in revenue and EBITDA. With the positive recovery in the oil & gas industry we experience all time high activity at our facilities,” says Oddbjørn Haukøy, interim CEO of Scana.

“This quarter we have signed multiple contracts for energy storage and charging solutions in Germany, the Netherlands, and Saudi Arabia. Additionally, we have entered the market of grid-scale battery storage in Sweden - this will play a crucial role in stabilizing the electrical grid,” concludes Haukøy.

Scana is strengthening the team and have appointed our former Chairman of the Board, Pål Selvik, as CEO starting first of September 2023. Oddbjørn Haukøy is appointed Chief Business Officer and will still be a part of the management team.

See link to Webcast: https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20230830_4

For more information, please contact:

Oddbjørn Haukøy, interim CEO, +47 91 17 19 14, oddbjorn.haukoy@scana.no

Torvald Ulland Reiestad, CFO, +47 97 98 78 95, torvald.reiestad@scana.no

Anette Netteland Dybvik, Head of IR and Investments, +47 41 66 77 87, anette.dybvik@scana.no

Scana in brief

Scana is a listed industrial owner company in the ocean industries creating value through active ownership in market-leading portfolio companies. Our vision is to accelerate decarbonisation of the maritime and offshore sector by being a driving force in electrification and emission reduction solutions. Scana’s portfolio companies have a solid innovation and commercialisation history based on core competence in selected niches. Scana is headquartered in Bergen and has around 400 employees. www.scana.no