Vow ASA — Earnings Release 2017

Feb 28, 2018

Scanship Holding ASA : Second Half Year 2017 results - Strong growth and all-time high orderbook

Scanship Holding ASA : Second Half Year 2017 results - Strong growth and all-time high orderbook

Scanship continued the growth in the second half of 2017, and new milestone

contracts were booked. Profits and margins improved significantly, as higher

activity and increased revenues were combined with only marginal changes in

staffing and other operating expenses.

Total revenue in 2H2017 was MNOK 130.7, an increase of 51% compared to 2H2016.

EBITDA was MNOK 15.5, up from minus MNOK 3.9 in 2H2016.

Revenue for the full year 2017 was MNOK 247.9, up from MNOK 171.6 in 2016.

EBITDA for the year was MNOK 26.0 in 2017, up from minus MNOK 3.4 in 2016.

Growth in cruise

"The second half of 2017 saw a series of milestone contracts and agreements

being signed and our order backlog reached an all-time high MNOK 469. In the

cruise segment, contracts were confirmed for six news ships, including one for a

fifth RCCL's Oasis class ship, four Leonardo class ships for NCL and one for

Silversea Cruises ", says Henrik Badin, Chief Executive Officer at Scanship.

"At the same time, we continue developing new solutions for the future. We have

signed an agreement with Virgin Cruises concerning our MAP Waste to Energy ­- a

technology that will significantly change waste treatment at sea", Badin says.

Aquaculture market emerging

"Within aquaculture, we have already delivered our first system for onshore

smolt facilities, and three more are underway. In November we partnered with

renown industry players to convert bio residues from fish farming into

fertilizer", Badin says.

Please see the attached Second Half Year 2017 Financial report and Presentation.

The company will present the results at 12.00 am CET in the offices of Beringer

Finance. A light lunch will be served from 11.30 am.

Location : Beringer Finance

Address: Grundingen 2, Aker Brygge, Oslo

For further queries, please contact:

Henrik Badin - CEO                               Erik Magelssen - CFO

Scanship Holding ASA                          Scanship Holding ASA

Tel: +47 90 78 98 25                              + 47 92 88 87 28

Email: henrik.badin@scanship.no         erik.magelssen@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 to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.