Vow ASA — Earnings Release 2020

Mar 20, 2020

Vow ASA : Operational Update

Vow ASA : Operational Update

Vow ASA today announced updates to its cruise and land-based operations in

response to the Covid-19.

The safety of employees and subcontractors is a top priority for Vow. The

company is pleased to confirm that its employees are safe and healthy and that

its business is continuing mostly uninterrupted.

"We are particularly impressed with how our customers in the cruise industry

have responded to the global call for action, docking many of their ships to

slow down the spread of Covid-19. At the same time, they continue to be

committed to their pledge to offer even more sophisticated, climate and

environmentally friendly cruise experiences in the future," says Henrik Badin,

CEO of Vow ASA.

For Vow this means that all existing newbuild projects are continuing with only

minimal adjustments in the plans. The shipyards ask for reassurance that Vow's

deliveries are in progress and Vow has confirmed that its supply chain remains

intact and that deliveries are being prepared according to plan. Vow's current

projects and deliveries during 2020 are all for cruise newbuilds scheduled to

enter operations in 2022 and later.

"We are not expecting confirmation of any large newbuild contracts in the

current situation, but we are pleased to see that new orders are being placed

with our Aftersales business. During the past couple of weeks, we have seen

sixteen new confirmed. Our order backlog is at a record-high level, and our

financial position is strong," Henrik Badin says.

"Since last weekend, most cruise ships are docked but kept warm, having its crew

aboard awaiting to resume operations. Most Vow systems are therefore in

operations. Some shipowners have already requested Vow technicians to prepare

for extensive service and support when ships re-enter regular operations.

"At this time, no one is likely to be able to make any precise prediction about

what the future may hold. We know however, that the cruise industry has

rebounded and continued to grow after earlier geopolitical crises, health

emergencies and financial turmoil," Henrik Badin says.

With the acquisition of ETIA last year, Vow became diversified by delivering its

technology also in several land-based markets. The company is experiencing

continuing demand and are in ongoing discussions during latest days with several

clients for system deliveries.

And, being more and more involved in new land-based markets with large clients

and large demands for our solutions, we remain optimistic to our plans for

growth within several industry verticals," Henrik Badin says.

For further information, please contact

Henrik Badin - CEO

Vow ASA

Tel: +47 90 78 98 25

Email: henrik.badin@vowasa.com (mailto:henrik.badin@vowasa.com)

About Vow ASA

In Vow and our subsidiaries Scanship and Etia we are passionate about preventing

pollution. Our world leading solutions convert biomass and waste into valuable

resources and generate clean energy for a wide range of industries.

Cruise ships on every ocean have Vow technology inside which processes waste and

purifies wastewater. Fish farmers are adopting similar solutions, and public

utilities and industries use our solutions for sludge processing, waste

management and biogas production on land.

Our ambitions go further than this. With our advanced technologies and

solutions, we turn waste into biogenetic fuels to help decarbonize industry and

convert plastic waste into fuel, clean energy and high-value pyro carbon.

Our solutions are scalable, standardized, patented and thoroughly documented,

and our capability to deliver is well proven. They are key to end waste and stop

pollution.

Located in Oslo, the parent company Vow ASA is listed on the Oslo Stock Exchange

(ticker SSHIP, VOW from 13 January 2020).

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.