Noreco Sells Altinex to IKM

Norwegian Energy Company ASA has today entered into an agreement to sell its wholly owned subsidiary Altinex Services AS to IKM Testing AS.

Terms of the transaction were not disclosed. The agreement is subject to customary approvals and conditions.

Altinex Services AS consists of an offshore division and an environmental division. The offshore business provides products and services for companies handling oil waste to oil & gas related activities onshore and offshore. The environmental business provides mobile and stationary applications for treatment of liquid waste and sludge based on the patented Masko Zoll separation technology.

Scott Kerr, CEO of Noreco, commented: "We are very satisfied with the result and believe this to be an attractive solution to all parties involved. By being part of the IKM group, Altinex Services is now uniquely positioned to further develop and grow the business. The sale of Altinex Services also highlights Noreco's focus on upstream oil & gas activities and commitment to divest non-core assets".

Pareto Securities acted as exclusive financial advisor to Noreco in relation to the transaction.