Nekkar ASA: Subsidiary awarded contract for ship transfer systems and update to contract announcement policy

The total contract value for Syncrolift is USD 5 million. The systems will be delivered in the beginning 2026. Syncrolift will conduct project management and engineering from its headquarter and Innovation Centre in Vestby, Norway.

             

“DMC continues to showcase its satisfaction with and trust in Syncrolift as a critical supplier. Continuous repeat business from DMC is a testament to the Syncrolift team’s ability to deliver. We are very pleased with this latest award and our general global win rate in this market” says Rolf-Atle Tomassen, managing director of Syncrolift AS.

 

This latest contract where DMC has decided to buy two more transfer systems, follows an award in March 2024 for delivery of an identical ship transfer system to DMC. In addition, Syncrolift in September 2024 announced a comprehensive five-year service agreement with DMC for their shiplifts and transfer systems.

 

In December 2022, Syncrolift also received a USD 10 million letter of award to modernize two shiplift systems at DMC. These shiplifts has been successfully commissioned by the Syncrolift team.

 

“Dubai Maritime City is a strategically located and continuously expanding commercial port. The renewed trust in Syncrolift highlights the established footprint in the commercial shiplift market, in addition to its leading role in the naval defence industry” says Ole Falk Hansen, CEO of Nekkar ASA.

 

Syncrolift is the world's leading manufacturer of shiplifts and transfer systems having won 60 percent of all shiplift contracts during the past ten years. Syncrolift holds a leading position in the naval-based defence industry, as well as in the commercial shiplift market where DMC is an established and long-term customer. Syncrolift is a wholly owned subsidiary of Oslo-listed Nekkar ASA.

*

Update to contract announcement policies:

 

In order to increase transparency and awareness surrounding contract award announcements from operating companies, Nekkar ASA has updated its Investor Relation policy with the information provided below. This information can also be reviewed at https://nekkar.com/investors/corporate-governance/investor-relations-policy.

 

Contract announcement policy:

 

Nekkar ASA comprises multiple operating companies across different industries and with a different level of company maturity. This means that the nominal value of a single contract and its ability to impact overall company perception will differ across companies, highlighting the need for a case-by-case consideration in many cases.

Syncrolift, Nekkar ASA's largest and most mature operating company, is different from the other operating companies in this regard with its size, maturity, global position and influence on overall Nekkar performance. Nekkar ASA has therefore separated contract announcement thresholds into two brackets as per below: (i) Syncrolift awards, (ii) all other awards.

 

For Syncrolift contract awards, values above NOK 50 million will be subject to regulatory stock exchange announcements in addition to updates on the Nekkar webpage and in social media. Contract awards with a value above NOK 20 million (but below NOK 50 million) will be reported as non-regulatory press releases, in addition to updates on the Nekkar webpage and in social media. Awards below NOK 20 million will be subject to social media and webpage announcements on a case-by-case basis. 

 

For contract awards in other operating companies, the differentiated nature and maturity of the companies means a strategic consideration on a case-by-case basis will be a more prudent approach. Contracts with relatively little revenue value may for example still be deemed strategically important. If so, awards of low nominal value may still be published as a non-regulatory press release. 

 

The URLs for Nekkar ASA webpage and social media postings are:

Webpage: https://nekkar.com/news

LinkedIn: https://www.linkedin.com/company/nekkar-asa

 

(ENDS)