Scana — M&A Activity 2023

Nov 15, 2023

Scana company signs agreement for business transfer from an electrical company

Scana company signs agreement for business transfer from an electrical company

Bergen, 15 November 2023: Scana- owned PSW Technology AS has signed an agreement for business transfer with Future Energy AS, involving the transfer of specific assets, rights, and obligations, including the company's approximately 50 employees.

PSW Technology was approved as an electrical installation company on 18 October 2023, and through this agreement, PSW Technology gains additional important expertise in the field of electrical engineering through skilled workers, covering both high and low voltage.

The contract value of the agreement is below threshold defined by Scana. The agreement states that the business transfer will take place during Q4 2023.

“We are pleased to announce the signed agreement, which strengthens PSW Technology ability to deliver services both onshore and offshore to clients in the modification market within electrical- and automation. Additionally, PSWs multidiscipline expertise will be strengthened by electrical and automation services. This contract including the addition of approximately 50 new employees, enhances our market position by broadening our service offerings," says Richard Cornell, Managing Director of PSW Technology.

(1) A sizeable contract is defined to be between NOK 20 million and NOK 50 million.

(2) A substantial contract is between NOK 50 million and NOK 150 million.

(3) A large contract is over NOK 150 million.

For more information, please contact:

Pål Selvik, Chief Executive Officer, Scana ASA, +47 970 46 502

Richard Cornell, Managing Director, PSW Technology AS, +47 952 31 652

PSW in brief

PSW is a supplier of products, systems and services to energy companies and the maritime industry. The group's multidisciplinary expertise, state-of-the-art facilities and strategic partnerships enable us to meet industry requirements and customer challenges with safe, dependable, and cost-effective solutions. psw.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. Scana is headquartered in Bergen and has approximately 450 employees. www.scana.no