Bergen, 26 October 2023. Reference is made to the information document included
in the stock exchange announcement made by Beerenberg AS ("Beerenberg" or the
"Company") on 5 October 2023, where the Company's acquisition of the shares in
Remotion AS, which was completed in 2022, is addressed.
As part of the payment terms it was agreed that the sellers have a right to a
potential earn-out payment of up to MNOK 40, depending on Remotion's combined
EBITDA for the financial years ending 31 December 2022 and 31 December 2023. As
set out in the information document, it was agreed that up to MNOK 14 of this
earn-out payment could be settled by issuance of up to 443,359 shares in the
Company, based on a pre-agreed valuation of the Company during the acquisition.
During 2023, Remotion AS has seen a positive development of its operations, in
particular as regards of robotic surface treatment. As a result, the criteria
for payment of the full earn-out will be met. Based on discussions with the
sellers, it has been agreed that the entire earn-out will be settled in cash.
Settlement is estimated to take place in April 2024. This implies that no new
shares will be issued as part of the earn-out settlement. The agreement is
subject to certain conditions, among others continuing employment for some of
the sellers.
For further information, please contact:
Harald Haldorsen, CFO
Tel. +47 982 34 834
E-mail: harhal@beerenberg.com
About Beerenberg AS
Beerenberg has delivered cost efficient solutions to a wide range of industrial
enterprises for more than 40 years. Beerenberg is one of the leading suppliers
of maintenance and modifications services on the Norwegian Continental Shelf as
well as a global provider of insulating products. The GroupŽs expertise covers
the entire life cycle of the petroleum industry from field studies and newbuilds
to maintenance, modifications, and lifetime extensions. The operational
activities are organized in Beerenberg Services and its subsidiaries.
Headquartered in Bergen, Beerenberg has offices in Stavanger and Skien in Norway
and in Poland, UK, South-Korea, Thailand, and Singapore. www.beerenberg.com
To learn more, please visit www.beerenberg.com