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Hexagon Composites ASA : Saudi Gasco and Hexagon Ragasco sign five-year distribution agreement

National Gas and Industrial Company (Gasco) and Hexagon Composites' subsidiary
Hexagon Ragasco have entered into a long-term distribution agreement. The
five-year agreement covers the distribution of composite LPG cylinders to the
domestic Saudi Arabian market.

As part of the agreement the first composite LPG cylinders will be shipped in
the fourth quarter of this year and will be introduced to the Saudi market
during first quarter of next year. The parties have agreed not to disclose
specific details of the transaction.
- We are pleased to have this agreement in place with Hexagon Ragasco where it
will be positively reflected as an added value to our products and a unique
experience to the customers. This initiative by Gasco is to give our
customers the chance to use Hexagon Ragasco's light cylinders that have high
levels of usability, says Dr. Eyas Al Hajery, CEO of Gasco.
- The long-term distribution agreement with Gasco represents a milestone in
our strategy of securing growth and improved capacity utilization in the
second half of the year. We believe that this alliance will strengthen our
position in the Middle East region where Saudi Arabia is one of the largest
markets for domestic LPG usage. This further confirms that Hexagon Ragasco's
composite cylinders to an increasing degree are recognized as the new
generation LPG cylinders and a good business investment as they help LPG
marketers worldwide maintain or increase market share and build customer
loyalty, says Skjalg S. Stavheim, Managing Director of Hexagon Ragasco.
For more information:
Skjalg S. Stavheim, Managing Director, Hexagon Ragasco AS
Mobile: +47 977 95 565 |

Solveig D Saether, Communication Manager, Hexagon Composites ASA
Telephone: +47 906 34 977 |

About Gasco
Gasco was incorporated in 1963 (1383H) via the merger of National Gas Company
in Dammam and its two branches in Riyadh and Jeddah together with Saudi
manufacturing and Gas Company in Riyadh and its branches in Dammam. In the
beginning of the seventies, many companies and small firms were incorporated
to fill and distribute LPG. However, the severe inter-competition led to low
service levels and irregular continuity of gas provision which required the
government to intervene and decide to merge the incorporating company with
National Manufacturing and Gas Company (GASCO) by the end of 1975 (1395H).
Gasco's main activities are the transportation, filling, and marketing of
Liquefied Petroleum Gas (LPG), which consists of propane (C3H8), butane
(C4H10), or a mixture of both. Gasco generated revenues of SAR 1.8 BN in
About Hexagon Ragasco
Hexagon Ragasco is the world's leading producer of composite LPG cylinders
with over 10 million units in commercial use. The high-volume, highly
automated production facility in Raufoss, Norway is the most advanced of its
kind world-wide. Hexagon Ragasco's products are unique and provide many
advantages over traditional steel cylinders in terms of safety and
Hexagon Ragasco is a wholly-owned subsidiary of Hexagon Composites ASA, a
leading global supplier of composite pressure cylinders for gas applications.
Hexagon Composites ASA is a publicly listed company with its headquarters in
Aalesund, Norway. In 2014 the Group had sales of NOK 1 651 million to
customers world-wide.

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


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Hexagon Composites ASA via Globenewswire


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