INCUS Investor ASA - Scana Propulsion signs contracts for propulsion systems to fishing vessels

Scana Propulsion have signed a contract with AO Shipyard Yantar located in Kaliningrad in Russia, for delivery of propulsion and manoeuvering systems for three vessels. The ship owner is Lenin Kolkhoz located in Petropavlovsk in Russia. The vessels are of the Norwegian Skipskompetanse SK-3101R Design, and will be built at Yantar Shipyard, in Russia. All three shipsets will be delivered from Scana Propulsions plant in Norway within June 2017.

Scana Propulsion has also signed contracts with Pon Power in Norway for gearboxes to two Pelagic Trawlers to be built at Karstensens Shipyard in Denmark. The delivery from Scana Propulsion comprise a part of the total propulsion package consisting of MaK engine, Cat Propulsion propeller and Scana gearbox. The vessels are of Karstensens design, for the ship owners Themis Fishing Co located in Tyborøn, and Astrid Fiskeri AS located in Skagen, both in Denmark. The deliveries for both vessels will take place in Q1 2017 from Scana Propulsions plant in Norway.

The total value of the contracts is 35 mill NOK.

-Scana Propulsion have solid traditions for delivery of propulsion systems to the fishing fleet. A large number of fishing vessels with Scana Propulsion systems has been delivered to owners from UK, Iceland, Nordic countries and Russia during the years, either as new builds or sold as second hand, says Inge Bøen, CEO of Scana Propulsion. Russia is an interesting market to Scana Propulsion, with a great potential for deliveries into renewals of the important fishing fleet. Our product range of propulsion systems fits very well with the high requirements for optimized system for fuel saving and efficient operation. In a tough market for shipbuilding in general, this is a confirmation of the competence and competitiveness of Scana Propulsion, says Bøen.

For further information please contact:
Mr. Hallvard Pettersen, Managing Director, Scana Volda AS, Tel: +47 992 65 442
Mr. Inge Bøen, CEO, Scana Propulsion AS, Tel: +47 908 31 549

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: Incus Investor ASA via Globenewswire

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