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Muehlhan AG: Muehlhan Group lands record order through Danish subsidiary

DGAP-News: Muehlhan AG / Key word(s): Incoming Orders Muehlhan AG: Muehlhan Group lands record order through Danish subsidiary 27.03.2017 / 09:13 The issuer is solely responsible for the content of this announcement. PRESS RELEASE

Muehlhan Group lands record order through Danish subsidiary

- Muehlhan A/S concludes multi-year agreement with Maersk Oil

- The order volume is EUR100 to EUR130 million over the next five years

- Little effect on Group EBIT

- Muehlhan will create 300 new jobs in the short term

Hamburg, 27 March 2017 In March 2017, Muehlhan's Danish subsidiary, Muehlhan A/S, signed a framework agreement with Mærsk Oil with a total volume of EUR100 to EUR130 million. Over the next five years, Muehlhan will take over responsibility as the international oil and gas production company's sole partner for fabric maintenance. In addition, Muehlhan and Mærsk Oil agreed to an option for another year. The contract covers stable, steady work volumes without any major risks. As a result, the contribution to the Muehlhan Group's earnings will be below average.

The contract, which has a starting date of 1 April 2017, is the biggest single contract in the Muehlhan Group's company history. Executive Board Chairman Stefan Müller-Arends notes: "We are pleased that we will be able to further expand our cooperation with Mærsk Oil in the coming years. The Oil & Gas business segment is of significant strategic importance to us. We will affirm the high degree of trust demonstrated by this bundled order from our partner by providing excellent service."

Muehlhan A/S has already been working with Mærsk Oil in the offshore business for ten years. During that time, the company has regularly shown that it has an outstanding position in terms of price, performance, quality, safety, health and environmental protection (QSHE). These factors were also decisive in the company's ability to successfully win the recent competitive tender. Because of the higher work volume, Muehlhan will increase the number of local employees in the short term from 80 to around 380.