Vow ASA — Earnings Release 2014

Nov 18, 2014

Scanship Holding ASA : Q3 Results 2014 - Retrofit market on hold, but high newbuild activity

Scanship Holding ASA : Q3 Results 2014 - Retrofit market on hold, but high newbuild activity

Lysaker, 18 November 2014: Scanship Holding ASA announced its results for Q3

Financial Statement and presentation for Q3 2014 attached and available at

www.newsweb.no.

During Q3 2014, Scanship was awarded contracts for delivery of two Advanced

Wastewater Purification (AWP) systems to Meyer Turku (previously STX Finland)

for the TUI Cruises newbuilds Mein Schiff 5 and Mein Schiff 6.

CEO Henrik Badin says in a comment on the quarter, "The newbuild segment is

growing, with higher revenues YTD 2014 compared to last year. We are pleased to

see that despite lower revenues from a retrofit market "on hold" we deliver

improved Profit before Tax compared to last year."

Key financial figures:

+-------------------------+---------+---------+----------+----------+----------+

| Consolidated in TNOK | Q3 2014 | Q3 2013 | YTD 2014 | YTD 2013 | FY 2013  |

+-------------------------+---------+---------+----------+----------+----------+

| Total Revenue | 35 736 | 45 824 | 102 443 | 120 401 | 169 974 |

+-------------------------+---------+---------+----------+----------+----------+

| Gross margin % | 30 % | 29 % | 33 % | 28 % | 31 % |

+-------------------------+---------+---------+----------+----------+----------+

| EBITDA bef. Non-rec. | 707 | 5 655 | 3 662 | 11 462 | 20 982 |

+-------------------------+---------+---------+----------+----------+----------+

| Operating Profit (EBIT) | 517 | 5 347 | 682 | 10 600 | 19 890 |

+-------------------------+---------+---------+----------+----------+----------+

| Profit before Tax | 2 969 |   2 533 |  1 512 | 1 456 | 7 188 |

+-------------------------+---------+---------+----------+----------+----------+

| Total Assets | 140 472 | 88 544 | 140 472 | 88 544 | 101 401 |

+-------------------------+---------+---------+----------+----------+----------+

Overall, the revenue for the group was lower in Q3 2014 and YTD 2014 compared to

the same period in 2013.

The gross margin YTD 2014 was TNOK 33 508 (33%) compared to TNOK 34 601 (28%) in

YTD 2013. Profit before Tax in Q3 and YTD 2014 was higher compared to the same

periods in 2013.

During Q3 2014 Scanship has finalized commissioning for Quantum of the Seas,

owned by Royal Caribbean International.

Major equipment deliveries have been made to Viking Sky, Carnival Vista,

Norwegian Escape and Oasis of the Seas III.  Viking Sky will be equipped with

Scanship Total Clean Ship System while Norwegian Escape, Carnival Vista and

Oasis of the Seas III will be equipped with Advanced Wastewater Purification

System.

Shipyards will place orders on several AWP and Waste Management Systems for

scheduled newbuilds. Scanship expects to maintain its share in this growing

market.

Even though the retrofit market is slow, with no contract awards to Scanship nor

its competitors, the company is working on several leads for possible future

contract awards.

Lysaker, 17 November 2014

The Board of Directors for Scanship Holding ASA

A webcast presentation of Q3 2014 will be held 12:00 a.m. Tuesday 18 November.

The webcast can be accessed through the link:

http://webtv.hegnar.no/presentation.php?webcastId=19965806, or through the

Company website: www.scanship.no.

For further queries, please contact:

Christian Fr. Thyholdt - CFO

Scanship Holding ASA

Tel: +47 90 74 37 93

Email: cft@scanship.no

ABOUT SCANSHIP HOLDING ASA

Scanship is an industry leader in advanced technologies for processing waste and

purifying water within the maritime industry. Owners of vessels operating our

systems have the solutions to convert all waste and wastewater to inert

materials, recyclables, clean flue gas and effluent which meets the highest

international discharge standards. Our new technologies will recover water and

produce energy, providing tangible payback from the operations. We strive for

the highest quality, innovative and sustainable solutions.

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1872285]