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2016-02-10

Scana Industrier asa: Scana Industrier ASA, dispose of Scana Machining AB - detailed stock exchange announcement

Reference is made to announcement of 8 February 2016. This detailed stock
exchange announcement is prepared and published in accordance with section
3.4 of the Continuing Obligations of stock exchange listed companies.

Scana Industrier ASA ("Scana Industrier" or the "Company") entered 7 February
2016 into a share and purchase agreement (the "SPA") with Motala Verkstad
Group AB ("MVG"). Under the SPA, MVG will acquire 100% of the shares in Scana
Machining AB ("Machining") with closing of the transaction first of March
2016.

The transaction will be settled in cash with an adjustment mechanism at
closing and is expected to result in an accounting loss of approximately MNOK
15.

Machining sells and performs services in assembly, machining, welding and
testing of system deliveries for heavy components in an extensive range of
steel and other metals: everything from low-alloy to advanced stainless
steels, as well as aluminum alloys and other high-performance materials. The
Board of Machining consists of Leif Arne Rosèn (chairman of the board), Stig
Sören Andersson (board member), Solveig Anette Adlevik (board member) and
Peter Johan Torsten Janson (board member) at the time of transaction. The CEO
is Sören Andersson. The company had 56 employees as of year end 2015.

The impact of the transaction for Scana Industrier is that the transaction
decreases Scanas liquidity- and operational risks together with reduced bank
guarantee exposure.

In 2014, Machining had revenues of MNOK 64, total assets of MNOK 59 and a
negative result before tax of MNOK 35. Scana Industriers consolidated
revenue, assets and result in 2014 was MNOK 1,196, MNOK 1,080 and minus MNOK
265 correspondingly.

Details with key financial figures are provided in an attachment to this
announcement.Key adjusted figures on Impact on Group accounts are taken from
management accounts after adjustment for intercompany revenue and cost
transfers.

For further information please contact:

Mr. Bjørn Torkildsen, CEO Scana Industrier ASA, Mobile +47 91 91 97 42
Mr. Kjetil Flesjå, CFO Scana Industrier ASA, Mobile: +47 90 04 12 13
Mr. Leif A Rosèn, Investment Director, Scana Energy AB, Mobile: +46 70 3304
186

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

Machining_Financial statement
http://hugin.info/130/R/1984860/727789.pdf

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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: Scana Industrier asa via Globenewswire

HUG#1984860

Författare WKR

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