Scana — M&A Activity 2016

Dec 22, 2016

INCUS Investor ASA - sale of Scana Propulsion AS - extended announcement

INCUS Investor ASA - sale of Scana Propulsion AS - extended announcement

Reference is made to the announcement of 20 December

2016. This announcement is prepared and published in

accordance with section 3.4 of the Continuing

Obligations of stock exchange listed companies.

ICNUS Investor ASA ("INCUS" or the "Company") entered

19 December 2016 into a sale and purchase agreement

(the "SPA") with Brunvoll ("Brunvoll"). Under the SPA,

Brunvoll will acquire 100 % of the shares in Scana

Propulsion AS ("Propulsion") for the agreed acquisition

price of NOK 84 million on an Enterprise value (EV)

approach, on a cash and debt free balance at closing.

Settlement will be at closing. The final closing of the

transaction is expected to be the 15th of March 2017.

Closing is pending on the acceptance from the Norwegian

Competition Authority

Scana Propulsion is a supplier of propulsion systems

for shipbuilding market. The company delivers

integrated propulsion and maneuvering systems for most

types of ocean-going ships. Headquartered in Volda and

otherwise offices in Dalen in Telemark, Brazil, USA and

Singapore, as well as agents in Korea, Turkey, Chile

and Iceland. The Board of Propulsion consists of Øyvind

Tørlen (chairman of the board), Bjørn Torkildsen (board

member) and Oddbjørn Eliassen (board member. The CEO is

Inge G Bøen. The company had 179 employees as of 30

september 2016.

The impact of the transaction for Scana Industrier is

that it will realize sales proceeds in the form of cash

payment. The sale is part of INCUS Investors strategy

to create shareholders value thru active ownership, and

acquisitions and sale.

In 2015, Propulsion had revenues of MNOK 318, total

assets of MNOK 160 and net profit of MNOK 0. INCUS

consolidated revenue, total assets and result in 2015

was MNOK 1,172, MNOK 902, and minus MNOK 72

correspondingly.

Details with key financial figures are provided in an

attachment to this announcement.

For further information please contact:

Mr. Bjørn Torkildsen, CEO INCUS Investor ASA, Mobile

+47 91 91 97 42

Mr. Kjetil Flesjå, CFO INCUS Investor ASA, Mobile: +47

90 04 12 13