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Scanship Holding ASA : Q1 results 2014 - New contracts and strong margin improvements

Lysaker, 16 May 2014: Scanship Holding ASA announced its results for Q1 2014.

Financial Statement and presentation for Q1 2014 attached and available

During Q1 Scanship was awarded two contracts at Meyer Werft for delivery of
advanced wastewater purification systems for two Star Cruises newbuilds.
After the end of the Q1 the company successfully completed its IPO on the
Oslo Axess, with gross proceeds from new equity of TNOK 80 000. Scanship's
financial performance for Q1 was in line with the management's expectations
and the company maintains a positive view on the market outlook.

CEO Henrik Badin comments on the Quarter

"We have completed an eventful quarter and are satisfied with the achieved
margin improvements. Several new contracts were signed and we are currently
experiencing great interest for our systems. We now have the required
financial flexibility to further develop our proprietary technology and
pursue significant growth opportunities" says Henrik Badin, CEO of Scanship.

Key financial figures

|Consolidated in TNOK Q1 2014 Q1 2013 |
|Total Revenue 34 885 38 725 |
|Gross margin % 36% 26% |
|EBITDA 2 427 1 977 |
|Operating Profit (EBIT) 2 241 1 719 |
|Profit before Tax 2 417 -215 |
|Total Assets 108 084 82 101 |
The gross margin has improved to 36% in Q1 2014, from 26% in Q1 2013 and 31%
for 2013.

Scanship increased its research and development (R&D) activities to TNOK 1 918
in Q1 2014, compared to TNOK 469 in Q1 2013. The R&D activity is scheduled to
further increase in the coming quarters.

On 11 April Scanship Holding ASA successfully completed an IPO, whereas the
company raised TNOK 80 000 in gross proceeds from new equity and listed the
company on Oslo Axess. The share issue has strengthened the working capital,
and will enable Scanship to meet the increased demand as well as fund the
planned research&development projects.


In Q1 2014 Scanship was awarded two contracts for delivery of advanced
wastewater systems purification to Meyer Werft in Germany. The systems will
be delivered to two cruise vessels ordered by Star Cruises with equipment
delivery in 2015 and 2016 respectively, and will meet the new HelcomMEPC
requirements in the Baltic Sea. The sale of spare parts and chemicals
increased 16% and 25% respectively compared to Q1 2013.

Market outlook

Scanship has a positive view on the market outlook. Ship-owners are placing
orders to build new ships, ship retrofits are being requested, and a larger
sales team in Scanship is reaching out to new clients and new markets.

The Board of Directors for Scanship Holding ASA

A presentation of the results for Q1 2014 will be held 12:00 a.m. Friday 16
May at Fondsfinans AS, Haakon VII's gate 2, Oslo.

For further queries, please contact:
Sigurd Gaarder Lange - CFO
Scanship Holding ASA
Tel: +47 90 79 81 55
Email: sigurd.lange@scanship.no

Scanship is an industry leader in advanced technologies for processing waste
and purifying water within the maritime industry. Owners of vessels operating
our systems have the solutions to convert all waste and wastewater to inert
materials, recyclables, clean flue gas and effluent which meets the highest
international discharge standards. Our new technologies will recover water
and produce energy, providing tangible payback from the operations. We strive
for the highest quality, innovative and sustainable solutions.

Scanship Holding ASA - Consolidated report Q1 2014
Scanship Holding ASA - Presentation of Q1 2014


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: Scanship Holding ASA via Globenewswire


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