PSW Power & Automation, a part of PSW Group, has today signed an agreement to acquire 100% of the shares in Trans Construction AS

Reference is made to the stock exchange announcement dated 15 December 2021 from Scana ASA (OSE: SCANA) (“Scana”) regarding the acquisition of all shares in PSW Holding AS, the parent company of PSW Group.

PSW Power & Automation, a subsidiary of PSW Group, has today signed an agreement to acquire 100% of the shares in Trans Construction AS, based on an equity value of NOK 25 million.

The transaction is subject to satisfactory due diligence, which is expected to be completed by 31 January 2022.

Trans Construction AS is a leading engineering company with a long-standing tradition, specializing in the design and production of E-House modules for the maritime, offshore, and onshore industries.

By incorporating Trans Construction, PSW Group sees strong potential for synergies and opportunities to expand into new markets.

The acquisition also lays the foundation for increased market share within modular units for battery systems, hydrogen power systems, shore power solutions, and E-House modules for offshore wind.

The completion of Scana’s acquisition of PSW Group is subject to customary conditions, including but not limited to approval of the private placement announced on 15 December 2021 at the Extraordinary General Meeting on 6 January 2022, settlement and completion of the private placement, credit approval for the associated bank facility, the continued listing of the Company on the Oslo Stock Exchange.

For further information, contact:

Styrk Bekkenes CEO Scana ASA E: styrk.bekkenes@scana T: 404 03 520

Oddbjørn Haukøy CEO, PSW Group E: obh@psw.no T: 911 71 914

Eirik Sørensen, GM PSW Power & Automation AS E: esor@psw.no T: 936 78 233

Scana in brief

Scana is the parent company of a group of strong equipment and service providers to the maritime industry.
For more information, visit: www.scana.no

PSW Group i korte trekk

PSW Group is a supplier of products, systems, and services to the energy and maritime industries. The company’s multidisciplinary expertise, state-of-the-art facilities, and strategic partnerships enable it to meet industry standards and address customer challenges with safe, reliable, and cost-effective solutions.

www.psw.no