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Vow ASA: Operational Update

Vow ASA: Operational Update

March 20th, 2020

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

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.

Foto: Iván Kverme

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COMPANY ADDRESS

Lysaker Torg 12

1366 Lysaker NORWAY



info@vowasa.com

Org. nr. 996 819 000


BUSINESS INQUIRIES

Henrik Badin

Chief Executive Officer (CEO)

+47 90 78 98 25

henrik.badin@vowasa.com
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