Vow ASA: Breakthrough contract confirmed in cruise

Oslo, 31 May 2024: Vow ASA (OSE: VOW) has been awarded its largest contract to date in cruise for delivery of complete wastewater and waste treatment systems for two ships (one firm plus one option) in 2025 and 2026 respectively. The total value of the contract, including option, is EUR 28.4 million. The name of the yard and cruise operator will be disclosed at a later date.

"The new ship design marks a significant shift towards even more environmental and sustainable cruise operations at sea. The Scanship system on board will not only prevent discharge to sea, but it will also convert organic waste streams into eco-friendly bioenergy and produce stable carbon for long-term storage,” said Henrik Badin, CEO of Vow ASA.

Equipment for the first ship will be delivered in 2025, and the ship’s maiden voyage is scheduled for 2026. Deliveries to the second ship follow one year later. The firm part of the contract is valued at EUR 13.9 million and the option is valued at EUR 14.5 million.

"The contract value reflects current and expected cost level and our margin targets, and contract and payment terms have been significantly improved,” Badin added.

Several major cruise companies have announced ambitious plans to renew their fleets. With its technology and track record as trusted supplier to several of these, Vow considers itself well placed to secure a significant share of this market. So far this year, Vow has announced contracts worth close to EUR 50 million in cruise.

For more information, please contact:

Henrik Badin, CEO, Vow ASA
Tel: +47 90 78 98 25
Email: henrik.badin@vowasa.com

Tina Tønnessen, CFO, Vow ASA
Tel: +47 406 39 556
Email: tina.tonnessen@vowasa.com

About Vow

Vow and its subsidiaries Scanship, C.H. Evensen and Etia are passionate about preventing pollution. The company’s world leading solutions convert biomass and waste into valuable resources and generate clean energy for a wide range of industries.

Advanced technologies and solutions from Vow enable industry decarbonisation and material recovery. Biomass, sewage sludge, plastic waste and end-of-life tyres can be converted into clean energy, low carbon fuels and renewable carbon that replace natural gas, petroleum products and fossil carbon. The solutions are scalable, standardised, patented, and thoroughly documented, and the company’s capability to deliver is well proven.

The company is a cruise market leader in wastewater purification and valorisation of waste. It provides technology and solutions which enable industries to transition towards a fossil-free future by converting biomass and waste into valuable resources and clean energy. The company also has strong niche positions in food safety and robotics, and in heat-intensive industries with a strong decarbonising agenda.

Located in Oslo, the parent company Vow ASA is listed on the Oslo Stock Exchange (ticker VOW).

The information is such that Vow ASA is required to disclose in accordance with the EU Market Abuse Regulation. This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.