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Regulatory press release

HAV: HAV Group completes acquisition of Undheim Systems

HAV Group
HAV Group completes acquisition of Undheim Systems

1 September 2023 - HAV Group ASA has today successfully completed the
acquisition of Undheim Systems AS, a provider of dynamic positioning (DP)
systems for vessels.

The technology acquisition is a strategic move that accelerates HAV Group's
plans to offer digital functionality that meets the global maritime market's
needs for autonomous ship operations.

Reference is made to the stock exchange dated 9 May 2023 regarding the potential
transaction.

"We are really pleased to acquire the dynamic positioning (DP) technology that
Undheim Systems has developed and commercialised. We will couple these with our
own smart navigation system to provide solutions that control vessels at all
speeds and enables semi-autonomous functionality," says Gunnar Larsen, CEO of
HAV Group.

ABOUT UNDHEIM SYSTEMS
Undheim Systems AS has successfully commercialised a highly flexible and
competitive DP system for vessels of all sizes, including even the smallest
workboats. So far Undheim Systems has delivered its DP systems to approximately
60 vessels, which include fishing vessels, workboats and service vessels in the
fish farming industry, and others.

HAV Group will integrate Undheim Systems' specialist competence and DP
technology into the group's Energy Design and Smart Control business area, which
is headed up by Norwegian Electric Systems AS. The business area already has a
broad product portfolio of intelligent vessel navigation, automation and control
systems, as well as an office in Egersund which the Undheim Systems team will
co-locate with.

The combination of Undheim Systems and Norwegian Electric Systems' technologies
can provide an important piece of the jigsaw towards autonomous vessels. The
delivery of automatic docking systems for ferries is one of the first steps the
two companies will explore.

TRANSACTION TERMS
HAV Group ASA has agreed to acquire 100 percent of the shares in Undheim Systems
AS. The consideration for the purchase includes a non-material cash amount and
250,000 shares in HAV Group ASA, valued at NOK 14.0 per share.


For further information, please contact:
Gunnar Larsen, CEO
gunnar.larsen@havgroup.no
+47 901 05 694

About HAV Group | www.havgroup.no
HAV Group and its subsidiaries (together: "HAV Group") is an international
provider of technology and services for maritime and marine industries. HAV
Group has several decades of industry experience, in addition to special
expertise in guiding the marine and maritime industries through the green shift
and towards the goal of zero emissions. HAV Group ASA is listed on Euronext
Growth under the ticker code HAV.
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