Nekkar ASA (previous TTS Group ASA)

Wins MNOK 125 contract for Syncrolift shiplift to India

Norwegian based Syncrolift AS, a subsidiary of Nekkar ASA (previous TTS Group ASA), has been awarded a new contract for a Syncrolift shiplift. The total order value is approximately MNOK 125.

The contract is signed with Cochin Shipyard in India, known as the largest shipbuilding and maintenance facility in India. The shipyard situated in Kochi in the Kerala province, is a fully owned Government of India company.

The shiplift will have a lifting capacity of 6 000 tons. Deliveries are expected to take place in second quarter of 2021.

- With this contract Syncrolift AS is increasing an already all-time high order book. The backlog is now MNOK 795, says Toril Eidesvik, CEO of Nekkar ASA.

Eidesvik considers the outlook for Syncrolift as solid. The ongoing business is performing well, and the order backlog will ensure high activity going forward.

- Syncrolift ship lift and transfer systems are installed worldwide where the customized installations can lift vessels weighing as much as 30,000 tons. The installations are used for both newbuilding and repair yards and can handle a the full range from smaller cargo vessels to advanced submarines, she says.

In addition to new products and solutions, there is a potential for growth within service and upgrades. Syncrolift is the market leader for shiplifts and transfer system packages, and the large installed base lays a foundation for increased service and aftermarket offerings.

Bergen, 20 December 2019

Nekkar ASA

www.nekkar.com

Contact person:

Toril Eidesvik CEO

M: [phone]

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act