Nekkar ASA (previous TTS Group ASA): Wins MNOK 160 contract for submarine launching system for Korean Navy

Norwegian based Syncrolift AS, a subsidiary of Nekkar ASA (previous TTS Group ASA), has been awarded a new contract for a Syncrolift ship lift and transfer system.  Total order value is approximately MNOK 160.

The contract, signed with Daewoo E&C Co. Ltd., regards a submarine launching system for the South Korean Navy. Syncrolift AS will design, build and commission the system, with deliveries expected to take place in June 2021.

- With this contract Syncrolift AS will have an all-time high order backlog of MNOK 764, says Toril Eidesvik, CEO of Nekkar ASA. – This gives Nekkar ASA a very good starting point after we recently sold a major part of our other activities to MacGregor.

Eidesvik underlines both the success for the Syncrolift products and the importance the company will have for the future development of Nekkar ASA.

- Syncrolift ship lift and transfer systems are supplied and in demand in large part of the world. This is the fourth Syncrolift ship lift system we deliver to Korea during the last five years, showing the great and repetitive interest in our products. 

- Customized Syncrolift installations lift everything from the smallest ship to vessels weighing as much as 30,000 tons. The installations are used in connection with both newbuilding and repair of all types of ships, from simple freight vessels to advanced submarines, Eidesvik explains.

Bergen, 2 September 2019

Nekkar ASA

Contact person:

Toril Eidesvik CEO

M: +47 900 78 218

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act