Vow ASA — Earnings Release 2017

Oct 26, 2017

Scanship Holding ASA : Operational update - Strong performance in third quarter

Scanship Holding ASA : Operational update - Strong performance in third quarter

Waste management and wastewater purification specialist Scanship recorded EBITDA

earnings of NOK 9.3 million (3Q16 NOK 1.9 million) and EBITDA margin of 15.3 %

(3Q16 3.9%) in the third quarter this year, the strongest performance since the

company was listed in 2014. Year to date EBITDA earnings was NOK 19.7 million

(YTD16 NOK 2.4 million)

"The positive results we now see are evidence of our consistent and systematic

approach to operational improvements in every part of our business", says Henrik

Badin, CEO of Scanship Holding ASA (Scanship).

Sales and revenues are also growing, reflecting increased demand in the market

for advanced environmental technologies and solutions for cleaner oceans.

Shipowners and yards involved in the international cruise industry continue to

be the main customer segment, but the company has also recently experienced

increased attention from other industries, such as fish farming.

Order backlog at the end of September was NOK 328 million. This does not include

a contract with the yard STX France for delivery to the world's largest cruise

ship, Royal Caribbean's fifth Oasis-class vessel. This was confirmed on 4

October and takes the backlog level back to approximately the same as at the end

of the second quarter this year.

"As demand for our technology and solutions increases, we will continue our

quest for profitable growth by delivering world-class environmental technologies

and solutions", says Henrik Badin.

Key figures

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

| (in NOK million) | Q3 16 | Q4 16 | Q1 17 | Q2 17 | Q3 17 |

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

| Total revenues | 48.4 | 38.4 | 66.2 | 51.0 | 60.3 |

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

| EBITDA | 1.9 | - 5.8 | 5.7 | 4.7 | 9.3 |

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

| Order backlog (at end of period) | na | 250 | na | 360 | 328 |

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

Scanship is preparing regular operational and financial updates to the market in

addition to consolidated six-month interim reports. The report for the six

months ending 31.12.2017 will be available in February 2018.

For further queries, please contact:

Henrik Badin - CEO

Scanship Holding ASA

Tel: + 47 90 78 98 25

Email: henrik.badin@scanship.no

ABOUT SCANSHIP HOLDING ASA

Scanship is a cruise industry leader in advanced technologies for clean oceans.

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 wastewater

purification system is the only system in operation for large cruise ships which

complies with the new effluent discharge standards for nutrient removal being

enforced from 2019. Our new technologies will recover energy from waste and

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

the highest quality, innovation and sustainable solutions.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.