Endúr (ENDUR)

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Endúr ASA – Key Information relating to potential repair offering

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, JAPAN, HONG KONG, SOUTH AFRICA OR THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.
12 January 2023: Reference is made to the stock exchange notice by Endúr ASA (“Endúr” or the “Company”) on 12 January 2023 regarding the successful completion of a private placement of 5,090,909 new shares in the Company with gross proceeds of NOK 140 million (the “Private Placement”), and a potential subsequent share offering (the “Subsequent Offering”).
The Company has, subject to completion of the Private Placement and certain other conditions, resolved to carry out a Subsequent Offering. The Subsequent Offering will be conducted at a price of NOK 27.50 (the “Subscription Price”) with non-tradeable subscription rights for up to 1,381,818 new shares in the Company towards existing shareholders in the Company as of 11 January 2023 (as registered in the VPS two trading days thereafter, the “Record Date”), who (i) were not included in the wall-crossing phase of the Private Placement, (ii) were not allocated Offer Shares in the Private Placement, and (iii) are not resident in a jurisdiction where such offering would be unlawful or would (in jurisdictions other than Norway) require any prospectus, filing, registration or similar action (“Eligible Shareholders”). The Subsequent Offering will be subject to approval by the Company’s board of directors (the “Board”), based on an authorization granted by the extraordinary general meeting to be held on 2 February 2023 (the “EGM”), under which Eligible Shareholders will receive non-tradeable subscription rights based on their registered shareholdings as of the Record Date.
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Completion of the Subsequent Offering will be subject to (i) completion of the Private Placement, (ii) relevant corporate resolutions being made, including the EGM’s resolution to authorize the Board to issue new shares in the Subsequent Offering and (iii) the publication of a prospectus (the “Prospectus”) by the Company. The subscription period for any Subsequent Offering (if applicable) is expected to commence by end of Q1 2023.
In accordance with the continuing obligations of companies listed on the Oslo Stock Exchange, the following key information is given with respect to the Subsequent Offering:

• Date on which the terms and conditions of the repair issue were announced: 12 January 2023
• Last day including right to receive subscription rights: 11 January 2023
• Ex-date: 12 January 2023
• Record date: 13 January 2023
• Date of approval: On or about 2 February 2023
• Maximum number of new shares: up to 1,381,818 new shares in the Company
• Subscription price: NOK 27.50
  For further information, please contact:
  Media – Jeppe Raaholt, CEO, tel: +47 976 69 759
  Investors – Einar Olsen, CFO, tel: +47 924 01 787
  ABOUT ENDÚR
  Endúr ASA (OSE: ENDUR) is a leading supplier of construction and maintenance projects and services for marine infrastructure, including facilities for land-based aquaculture, quays, harbours, dams, bridges and other specialised concrete and steel projects. The company and its subsidiaries also offer a wide range of other specialised project and marine services. Endúr ASA is headquartered in Lysaker, Bærum, Norway. See www.endur.no
  This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act and section 4.2.4 of the Oslo Rule Book II.
  IMPORTANT NOTICE:
  The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy, fairness or completeness. None of the Managers or any of their respective affiliates or any of their respective directors, officers, employees, advisors or agents accepts any responsibility or liability whatsoever for, or makes any representation or warranty, express or implied, as to the truth, accuracy or completeness of the information in this announcement (or whether any information has been omitted from the announcement) or any other information relating to the Company, its subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available, or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection therewith. This announcement has been prepared by and is the sole responsibility of the Company.
  Neither this announcement nor the information contained herein is for publication, distribution or release, in whole or in part, directly or indirectly, in or into or from the United States (including its territories and possessions, any State of the United States and the District of Columbia), Australia, Canada, Japan, Hong Kong, South Africa or any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction. The publication, distribution or release of this announcement may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.
  This announcement is not an offer for sale of securities in the United States. The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act, and may not be offered or sold in the United States absent registration with the U.S. Securities and Exchange Commission or an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and in accordance with applicable U.S. state securities laws. The Company does not intend to register any securities referred to herein in the United States or to conduct a public offering of securities in the United States.
  Any offering of the securities referred to in this announcement will be made by means of a set of subscription materials provided to potential investors. Investors should not subscribe for any securities referred to in this announcement except on the basis of information contained in the aforementioned subscription material.
  In any EEA Member State, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the EU Prospectus Regulation, i.e. only to investors who can receive the offer without an approved prospectus in such EEA Member State. The expression “EU Prospectus Regulation” means Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 (together with any applicable implementing measures in any Member State).
  This communication is only being distributed to and is only directed at persons in the United Kingdom that are “qualified investors” within the meaning of the EU Prospectus Regulation as it forms part of English law by virtue of the European Union (Withdrawal) Act 2018 and that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”) or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2) (a) to (d) of the Order (all such persons together being referred to as “relevant persons”). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only to relevant persons and will be engaged in only with relevant persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.
  This announcement is made by, and is the responsibility of, the Company. The Managers and their respective affiliates are acting exclusively for the Company and no-one else in connection with the Private Placement. They will not regard any other person as their respective clients in relation to the Private Placement and will not be responsible to anyone other than the Company, for providing the protections afforded to their respective clients, nor for providing advice in relation to the Private Placement, the contents of this announcement or any transaction, arrangement or other matter referred to herein.
  In connection with the Private Placement, the Managers and any of their respective affiliates, acting as investors for their own accounts, may subscribe for or purchase shares and in that capacity may retain, purchase, sell, offer to sell or otherwise deal for their own accounts in such shares and other securities of the Company or related investments in connection with the Private Placement or otherwise. Accordingly, references in any subscription materials to the shares being issued, offered, subscribed, acquired, placed or otherwise dealt in should be read as including any issue or offer to, or subscription, acquisition, placing or dealing by, such Managers and any of their respective affiliates acting as investors for their own accounts. The Managers do not intend to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligations to do so.
  Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “believe”, “aim”, “expect”, “anticipate”, “intend”, “estimate”, “will”, “may”, “continue”, “should” and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies, and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies, and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. Forward-looking statements speak only as of the date they are made and cannot be relied upon as a guide to future performance. The Company, each of the Managers and their respective affiliates expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statement contained in this announcement whether as a result of new information, future developments or otherwise. The information, opinions and forward-looking statements contained in this announcement speak only as at its date and are subject to change without notice.

Kilde

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Endúr ASA – Mandatory notification of trade by close associates of primary insiders, disclosure of large shareholding and share lending

12 January 2023: Reference is made to the stock exchange notice made by Endúr ASA (the “Company”) on 12 January 2023 (the “Announcement”) regarding the successful completion of a private placement raising gross proceeds of approximately NOK 140 million (the “Private Placement”), at a price per share of NOK 27.50 (the “Offer Price”). All terms used in this notice shall have the meaning ascribed to such terms in the Announcement.
The following primary insiders/close associates of primary insiders have been allocated shares in the Private Placement at the Offer Price:

• Råbjørn AS, a company closely associated with Jeppe Raaholt, CEO, has been allocated 22,000 shares;
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• Einar Olsen, CFO, has been allocated 4,500 shares;
• Poca Invest AS, a company closely associated with Pål Reiulf Olsen, chairman of the board, has been allocated 36,363 shares;
• Jörn Ryberg Holding AB, a company closely associated with Jörn Ryberg, board member, has been allocated 185,454 shares; and
• Artec Holding AS, a company closely associated with Bjørn Finnøy, board member, has been allocated 1,597,593 shares, with settlement of its allocation of Offer Shares in Tranche 2.
  Furthermore, to facilitate delivery-versus-payment settlement to investors in the Private Placement, Artec Holding AS has lent existing shares to the Managers, pursuant to a share lending agreement as further detailed in the Announcement.
  Prior to completion of the Private Placement, Artec Holding AS has holds 7,643,641 shares in the Company (representing approximately 27.84% of the issued share capital and votes).
  To facilitate the settlement of Offer Shares in Tranche 1, Artec Holding AS has lent 2,599,999 shares to the Managers. During the term for the share loan, and prior to the redelivery (as described below), Artec Holding AS’ shareholding in the Company has been reduced to 5,043,642 shares, equivalent to approximately 16.78% of the issued share capital and votes following registration of the new share capital pertaining to the issuance of the Offer Shares in Tranche 1. Consequently, Artec Holding AS has fallen below the 20% threshold pursuant to section 4-2 (1) and (3) of the Norwegian Securities Trading Act.
  Based on the Board Authorization, the Board has resolved to issue the 2,599,999 Offer Shares in Tranche 1, all of which will be subscribed by the Managers and, once issued, redelivered to the Artec Holding AS as settlement of shares borrowed in relation to settlement of Tranche 1.
  Upon exercise of the Managers’ share lending option in relation to settlement of Offer Shares in Tranche 2, if applicable, relevant changes in Artec Holding AS’ shareholding will be published in a separate stock exchange notice.
  See the enclosed forms for further details about the transactions of the primary insiders/close associates of primary insiders.
  For further information, please contact:
  Media – Jeppe Raaholt, CEO, tel: +47 976 69 759
  Investors – Einar Olsen, CFO, tel: +47 924 01 787
  ABOUT ENDÚR
  Endúr ASA (OSE: ENDUR) is a leading supplier of construction and maintenance projects and services for marine infrastructure, including facilities for land-based aquaculture, quays, harbours, dams, bridges and other specialised concrete and steel projects. The company and its subsidiaries also offer a wide range of other specialised project and marine services. Endúr ASA is headquartered in Lysaker, Bærum, Norway. See www.endur.no
  This information is subject to the disclosure requirements pursuant to section 4-3 of the Norwegian Securities Trading Act.

Kilde

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Endúr ASA: Notice of extraordinary general meeting

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, JAPAN, HONG KONG, SOUTH AFRICA OR THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

12 January 2023: Reference is made to the stock exchange notice published by Endúr ASA (the “Company”) on 12 January 2023 (the “Announcement”) regarding the successful completion of the private placement of 5,090,909 new shares in the Company raising gross proceeds of approximately NOK 140 million (the “Private Placement”).
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The Company hereby calls for an extraordinary general meeting to be held on 2 February 2023 at 11:00 hours CET for inter alia the issuance of new shares in connection with settlement of Tranche 2 of the Private Placement and granting the board of directors with an authorisation to issue new shares in connection with a contemplated subsequent offering.

The notice of the extraordinary general meeting (including appendices) is attached to this stock exchange announcement and will also be made available on the Company’s website www.endur.no.
The general meeting will be held on the premises of Wikborg Rein Advokatfirma AS in Dronning Mauds gate 11, 0250 Oslo. Shareholders are also able to participate digitally or to give proxy to vote for the shares. Further information about digital attendance to the meeting is included in the notice.

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For further information, please contact:
Media – Jeppe Raaholt, CEO, tel: +47 976 69 759
Investors – Einar Olsen, CFO, tel: +47 924 01 787

ABOUT ENDÚR
Endúr ASA (OSE: ENDUR) is a leading supplier of construction and maintenance projects and services for marine infrastructure, including facilities for land-based aquaculture, quays, harbours, dams, bridges and other specialised concrete and steel projects. The company and its subsidiaries also offer a wide range of other specialised project and marine services. Endúr ASA is headquartered in Lysaker, Bærum, Norway. See www.endur.no.

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

IMPORTANT NOTICE:
The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy, fairness or completeness. None of Pareto Securities AS and SpareBank 1 Markets AS (collectively, the “Managers”) or any of their respective affiliates or any of their respective directors, officers, employees, advisors or agents accepts any responsibility or liability whatsoever for, or makes any representation or warranty, express or implied, as to the truth, accuracy or completeness of the information in this announcement (or whether any information has been omitted from the announcement) or any other information relating to the Company, its subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available, or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection therewith. This announcement has been prepared by and is the sole responsibility of the Company.

Neither this announcement nor the information contained herein is for publication, distribution or release, in whole or in part, directly or indirectly, in or into or from the United States (including its territories and possessions, any State of the United States and the District of Columbia), Australia, Canada, Japan, Hong Kong, South Africa or any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction. The publication, distribution or release of this announcement may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This announcement is not an offer for sale of securities in the United States. The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act, and may not be offered or sold in the United States absent registration with the U.S. Securities and Exchange Commission or an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and in accordance with applicable U.S. state securities laws. The Company does not intend to register any securities referred to herein in the United States or to conduct a public offering of securities in the United States.

Any offering of the securities referred to in this announcement will be made by means of a set of subscription materials provided to potential investors. Investors should not subscribe for any securities referred to in this announcement except on the basis of information contained in the aforementioned subscription material.

In any EEA Member State, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the EU Prospectus Regulation, i.e. only to investors who can receive the offer without an approved prospectus in such EEA Member State. The expression “EU Prospectus Regulation” means Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 (together with any applicable implementing measures in any Member State).

This communication is only being distributed to and is only directed at persons in the United Kingdom that are “qualified investors” within the meaning of the EU Prospectus Regulation as it forms part of English law by virtue of the European Union (Withdrawal) Act 2018 and that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”) or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only to relevant persons and will be engaged in only with relevant persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.

This announcement is made by, and is the responsibility of, the Company. The Managers and their respective affiliates are acting exclusively for the Company and no-one else in connection with the Private Placement. They will not regard any other person as their respective clients in relation to the Private Placement and will not be responsible to anyone other than the Company, for providing the protections afforded to their respective clients, nor for providing advice in relation to the Private Placement, the contents of this announcement or any transaction, arrangement or other matter referred to herein.

In connection with the Private Placement, the Managers and any of their respective affiliates, acting as investors for their own accounts, may subscribe for or purchase shares and in that capacity may retain, purchase, sell, offer to sell or otherwise deal for their own accounts in such shares and other securities of the Company or related investments in connection with the Private Placement or otherwise. Accordingly, references in any subscription materials to the shares being issued, offered, subscribed, acquired, placed or otherwise dealt in should be read as including any issue or offer to, or subscription, acquisition, placing or dealing by, such Managers and any of their respective affiliates acting as investors for their own accounts. The Managers do not intend to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligations to do so.

Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “believe”, “aim”, “expect”, “anticipate”, “intend”, “estimate”, “will”, “may”, “continue”, “should” and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies, and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies, and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. Forward-looking statements speak only as of the date they are made and cannot be relied upon as a guide to future performance. The Company, each of the Managers and their respective affiliates expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statement contained in this announcement whether as a result of new information, future developments or otherwise. The information, opinions and forward-looking statements contained in this announcement speak only as at its date and are subject to change without notice.

Kilde

[TekBot]

ENDÚR ASA: STATEMENT REGARDING SANCTION FROM THE OSLO STOCK EXCHANGE

Reference is made to stock exchange announcement (ID 580100) on The Oslo Stock Exchange’s (“OSE”) ticker on January 12, 2023.

Endúr ASA (“The Company”) has been given a fine of NOK 200 000 for an alleged failure to immediately disclose information about a covenant breach as per June 30, 2021. The Company has decided not to appeal against this decision as such a process would imply unnecessary and continued use of resources on a historic event.
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Nevertheless, the Company is of the opinion that the sanction is based on both factual misunderstandings and erroneous legal references from OSE’s side. The Company disclosed the relevant information immediately as it became aware of it. Finally, the Company notices that the size of the fine indicates that OSE has taken the former’s point of view into consideration.

Media contact: Jeppe Raaholt (CEO), +47 976 69 759

Investor contact: Einar Olsen (CFO), +47 924 01 787

Kilde

[Sjokolad1]

Altså den ledelsen i endur! Ikke mye tillit i markedet til de.

[Ravioli]

Du er klar over at "den ledelsen " ikke lenger jobber i selskapet?

[Sjokolad1]

Har de byttet ut hele ledelsen?

[Ravioli]

Da ble fasiten 5 mill nye aksjer å dele overskuddet på. Det er det vel verdt etter min mening. Etter å ha fulgt med på denne en stund ble jeg nå fristet til å kjøpe litt i denne på emisjonskurs 27,5, så får vi se.

EBITDA 2022 ligger an til å bli 230 mill ifølge presentasjonen (opp fra 180 mill, vekst på 27 %).
Det gir en EV/EBITDA på 6,7 ((NIBD 667 + MCAP 32*27,5)/EBITDA 230), fullt utvannet, men før refinansiering (Benyttet NIBD er per q3, den er enda lavere nå).

Kurstriggermessig er det bra at selskapet gjør det bra, men det er enda bedre at det forbedrer seg jenvt og trutt over tid. Endur har nå løftet seg fra en kronglete start på børsen og leverer stadig bedre resultater, noe aksjemarkedet ikke har tatt inn over seg fullt ut ennå, etter min mening. Aksjen har antakelig fremdeles en “forundringsrabatt” som gradvis vil forsvinne. Dermed eksisterer det også en kjøpsanledning (subjektiv mening).

Endur er en blanding av knallsterke, oppkjøpte selskaper (Artec BMO Marcon) og gammelt “skrot” fra Bergen group, som det kan ryddes opp i i tur og orden. Med dagens kurs får man en veldig billig eierandel i disse selskapene.
Særlig Marcon og BMO leverer knallsterke tall, med imponerende EBITDA-marginer (20 %) solid kontantstrøm og gode konsernbidrag. DA er vesentlig høyere enn Capex over tid.

Artec er nøkkelselskapet i konsernet, grunnen til at konsernet eksisterer. De andre selskapene er ment å skape synergieffekter med Artec over tid, skjønt dette ikke alltid er helt opplagt over hele linja - sånn er det gjerne der Horpestad har fått boltre seg. Artec kan ved første øyekast se ut til å levere litt vekslende resultater fra kvartal til kvartal. Men dette skyldes i stor grad virksomhetens art, med få, store prosjekter som dominerer omsetningen og hvor fakturering kan variere fra kvartal til kvartal avhengig av prosjektfase. De har lavere EBITDA-margin. Dette har sin naturlige forklaring i at de i større grad driver med prosjektering og prosjektledelse og setter ut produksjon til andre entreprenører (f.eks. BMO).

Selskapet leverer god kontantstrøm, som blir enda bedre etter refinansiering.

Skal man ha trua på Artec krever det at man tror på landbasert oppdrett som en langtidstrend.
BMO er inne i en megatrend i sin tidligere kjernevirksomhet med stadig større vedligeholdsetterslep innen offentlig infrastruktur. Miljø og kostnadsøkning kan gjøre poitikere og byggeiere enda mer opptatt av å ta vare på og rehabilitere det de allerede har.
Klarer de målsatt annualisert omsetning på 4 mrd og EBITDA-margin på 10% er selskapet opplagt for lavt priset. EBITDA-marginen har de allerede inne.

På kort sikt haster det kanskje ikke med inngang, Q1 er tradisjonelt lavsesong for flere av disse selskapene. Q1 vil også bli belastet med engangskostnader i forbindelse med refinansiering. På 2-3 års sikt tror jeg dagens inngang er attraktiv. Den som lever får se.

[Ravioli]

Eva Weel Skram rett inn på topp 20. Dette lover jo bra.

[TekBot]

Endúr ASA: New share capital registered

Reference is made to the stock exchange notice published by Endúr ASA (the “Company”) on 12 January 2023 (the “Announcement”) regarding the completion of a private placement of 5,090,909 new shares in the Company at a subscription price of NOK 27.50 per share, raising gross proceeds of approximately NOK 140 million (the “Private Placement”).

The share capital increase of NOK 1,299,999.50 pertaining to the issuance of 2,599,999 new shares in Tranche 1 of the Private Placement (as defined in the Announcement) has today been registered with the Norwegian Register of Business Enterprises:
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   New share capital: NOK 15,026,434
   New total number of shares: 30,052,868
   Par value of each share: NOK 0.50

The share capital increase related to the issuance of new shares in Tranche 2 of the Private Placement is proposed resolved by the Company’s extraordinary general meeting to be held on 2 February 2023. For further details, please refer to the Announcement and the notice of the general meeting published by the Company on 12 January 2023.

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This information is subject to the disclosure requirements pursuant to section 5-12 the Norwegian Securities Trading Act and the Oslo Rule Book II.

ABOUT ENDÚR

Endúr ASA (OSE: ENDUR) is a leading supplier of construction and maintenance projects and services for marine infrastructure, including facilities for land-based aquaculture, quays, harbours, dams, bridges and other specialised concrete and steel projects. The company and its subsidiaries also offer a wide range of other specialised project and marine services. Endúr ASA is headquartered in Lysaker, Bærum, Norway. See www.endur.no.

Kilde

[TekBot]

Endúr ASA: Redelivery of borrowed shares – mandatory notification of trade and disclosure of large shareholding

19 January 2023: Reference is made to the stock exchange notice made by Endúr ASA (the “Company”) on 12 January 2023 (the “Announcement”) regarding the completion of a private placement raising gross proceeds of approximately NOK 140 million (the “Private Placement”) through the allocation of 5,090,909 new shares at the price per share of NOK 27.50 (the “Offer Price”). All terms used in this notice shall have the meaning ascribed to such terms in the Announcement.

Reference is further made to the Company’s stock exchange notice on 12 January 2023 regarding the mandatory notifications of trade and disclosure of large shareholding, including relating to the lending by Artec Holding AS, a company closely associated with board member Bjørn Finnøy, to the Managers of 2,599,999 existing and unencumbered shares in the Company to facilitate delivery-versus-payment (“DvP”) settlement to investors allocated Offer Shares in Tranche 1 of the Private Placement.
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Following registration of the share capital increase pertaining to the board of directors’ resolution to issue the 2,599,999 Offer Shares in Tranche 1, SpareBank 1 Markets AS, acting as settlement agent in Tranche 1 of the Private Placement on behalf of the Managers, has on 19 January 2023 redelivered 2,599,999 new shares in the Company to Artec Holding AS, as settlement of the shares borrowed in relation to settlement of Tranche 1. New shares issued by the Company were used for the redelivery. Please see the enclosed form for further details.

Upon redelivery of the borrowed shares, Artec Holding AS holds 7,643,641 shares in the Company, representing approximately 25.43% of the issued share capital and votes in the Company. Consequently, Artec Holding AS has exceeded the 25% threshold pursuant to section 4-2 of the Norwegian Securities Trading Act.

Subject to inter alia the resolution by the Company’s extraordinary general meeting to be held on 2 February 2023 to issue Offer Shares in Tranche 2, the registration of the share capital increase pertaining to Tranche 2, and the subsequent redelivery of shares by SpareBank 1 Markets AS, acting on behalf of the Managers, to Artec Holding AS of shares to be borrowed to facilitate DvP settlement of Tranche 2, Artec Holding AS will have a shareholding in the Company of 9,241,234 shares, representing approximately 28.40% of the issued share capital and votes in the Company.

This information is subject to the disclosure requirements in Regulation EU 596/2014 (MAR) article 19 number 3 and sections 4-2 and 5-12 of the Norwegian Securities Trading Act.

Kilde

[TekBot]

Endúr ASA: Minutes of extraordinary general meeting

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, JAPAN, HONG KONG, SOUTH AFRICA OR THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

2 February 2023: Reference is made to the stock exchange notices published by Endúr ASA (the “Company”) on 12 January 2023 regarding (i) the successful placing of a private placement to raise gross proceeds of approximately NOK 140 million (the “Private Placement”) (the “Announcement”) and (ii) the notice of an extraordinary general meeting (the “EGM”) in connection with the settlement of tranche 2 of the Private Placement and to facilitate a potential subsequent offering as detailed in the Announcement and the notice of the EGM.
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The EGM was held today, 2 February 2023 at 11:00 hours CET. As follows from the attached minutes, all resolutions were passed as proposed by the board of directors, including inter alia (a) the issuance of 2,490,910 new shares in connection with settlement of tranche 2 of the Private Placement and (b) the granting of an authorization to the board of directors to increase the Company’s share capital by up to NOK 690,909, by the issuance of up to 1,381,818 new shares, for the purpose of a potential subsequent offering. Further details about the potential subsequent offering will be published in due course.

Settlement of shares in the Company allocated to investors in tranche 2 of the Private Placement is expected to take place on 6 February 2023 on a delivery-versus-payment basis with existing and unencumbered shares in the Company, that are already listed on Oslo Børs, pursuant to a share lending arrangement further described in the Announcement. The shares in the Company allocated to investors in tranche 2 of the Private Placement are thus tradeable following the EGM.

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For further information, please contact:

Media – Jeppe Raaholt, CEO, tel: +47 976 69 759
Investors – Einar Olsen, CFO, tel: +47 924 01 787

ABOUT ENDÚR

Endúr ASA (OSE: ENDUR) is a leading supplier of construction and maintenance projects and services for marine infrastructure, including facilities for land-based aquaculture, quays, harbours, dams, bridges and other specialised concrete and steel projects. The company and its subsidiaries also offer a wide range of other specialised project and marine services. Endúr ASA is headquartered in Lysaker, Bærum, Norway. See www.endur.no.

This information is subject to the disclosure requirements pursuant to section 5-12 the Norwegian Securities Trading Act and the Oslo Rule Book II.

IMPORTANT NOTICE

The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy, fairness or completeness. None of Pareto Securities AS or SpareBank 1 Markets AS (together, the “Managers”) or any of their respective affiliates or any of their respective directors, officers, employees, advisors or agents accepts any responsibility or liability whatsoever for, or makes any representation or warranty, express or implied, as to the truth, accuracy or completeness of the information in this announcement (or whether any information has been omitted from the announcement) or any other information relating to the Company, its subsidiaries or associated companies, whether written, oral or in a visual or electronic form, and howsoever transmitted or made available, or for any loss howsoever arising from any use of this announcement or its contents or otherwise arising in connection therewith.

Neither this announcement nor the information contained herein is for publication, distribution or release, in whole or in part, directly or indirectly, in or into or from the United States (including its territories and possessions, any State of the United States and the District of Columbia), Australia, Canada, Japan, Hong Kong, South Africa or any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction. The publication, distribution or release of this announcement may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This announcement is not an offer for sale of securities in the United States. The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act, and may not be offered or sold in the United States absent registration with the U.S. Securities and Exchange Commission or an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and in accordance with applicable U.S. state securities laws. The Company does not intend to register any securities referred to herein in the United States or to conduct a public offering of securities in the United States.

Any offering of the securities referred to in this announcement has or will be made by means of a set of subscription materials provided to potential investors. Investors should not subscribe for any securities referred to in this announcement except on the basis of information contained in the aforementioned subscription material. In any EEA Member State, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the EU Prospectus Regulation, i.e. only to investors who can receive the offer without an approved prospectus in such EEA Member State. The expression “EU Prospectus Regulation” means Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 (together with any applicable implementing measures in any Member State).

This communication is only being distributed to and is only directed at persons in the United Kingdom that are “qualified investors” within the meaning of the EU Prospectus Regulation as it forms part of English law by virtue of the European Union (Withdrawal) Act 2018 and that are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”) or (ii) high net worth entities, and other persons to whom this announcement may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only to relevant persons and will be engaged in only with relevant persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.

This announcement is made by, and is the responsibility of, the Company. The Managers and their respective affiliates are acting exclusively for the Company and no-one else in connection with the Private Placement and the contemplated subsequent offering. They will not regard any other person as their respective clients in relation to any such offering of the securities by the Company and will not be responsible to anyone other than the Company, for providing the protections afforded to their respective clients, nor for providing advice in relation to such offerings of the securities, the contents of this announcement or any transaction, arrangement or other matter referred to herein.

In connection with the Private Placement, the Managers and any of their respective affiliates, acting as investors for their own accounts, may subscribe for or purchase shares and in that capacity may retain, purchase, sell, offer to sell or otherwise deal for their own accounts in such shares and other securities of the Company or related investments in connection with the Private Placement or otherwise. Accordingly, references in any subscription materials to the shares being issued, offered, subscribed, acquired, placed or otherwise dealt in should be read as including any issue or offer to, or subscription, acquisition, placing or dealing by, such Managers and any of their respective affiliates acting as investors for their own accounts. The Managers do not intend to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligations to do so.

Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “believe”, “aim”, “expect”, “anticipate”, “intend”, “estimate”, “will”, “may”, “continue”, “should” and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies, and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies, and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. Forward-looking statements speak only as of the date they are made and cannot be relied upon as a guide to future performance. The Company, each of the Managers and their respective affiliates expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statement contained in this announcement whether as a result of new information, future developments or otherwise. The information, opinions and forward-looking statements contained in this announcement speak only as at its date and are subject to change without notice.

Kilde

[TekBot]

Endúr ASA: Mandatory notification of trade and disclosure of large shareholding

3 February 2023: Reference is made to the stock exchange notice made by Endúr ASA (the “Company”) on 12 January 2023 (the “Announcement”) regarding the completion of a private placement raising gross proceeds of approximately NOK 140 million (the “Private Placement”) through the allocation of 5,090,909 new shares at a price per share of NOK 27.50 (the “Offer Price”). All terms used in this notice shall have the meaning ascribed to such terms in the Announcement.

Reference is further made to the Company’s stock exchange notice on 2 February 2023 regarding the resolution by the Company’s extraordinary general meeting (the “EGM”) to inter alia issue 2,490,910 new shares in connection with settlement of Tranche 2 of the Private Placement.
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Following the resolution by the EGM and as further detailed in the Announcement, Artec Holding AS, a company closely associated with board member Bjørn Finnøy, has lent 2,490,910 existing shares in the Company, that are already listed on Oslo Børs, to SpareBank 1 Markets AS, acting on behalf of the Managers, to facilitate delivery-versus-payment settlement to investors allocated Offer Shares in Tranche 2 of the Private Placement. Please see the enclosed form for further details.
During the term for the share loan, and prior to the redelivery of the borrowed shares, Artec Holding AS’ shareholding in the Company has been reduced to 6,750,324 shares, equivalent to approximately 22.5% of the issued share capital and votes. Consequently, Artec Holding AS has fallen below the 25% threshold pursuant to section 4-2 (1) and (3) of the Norwegian Securities Trading Act.

This information is subject to the disclosure requirements in Regulation EU 596/2014 (MAR) article 19 number 3 and sections 4-2 and 5-12 of the Norwegian Securities Trading Act.

Kilde

[TekBot]

Endúr ASA: Cancellation of Subsequent Offering

Reference is made to the stock exchange notice published by Endúr ASA (the “Company”) on 12 January 2023 regarding the completion of a private placement of 5,090,909 new shares in the Company at a subscription price of NOK 27.50 per share, raising gross proceeds of approximately NOK 140 million (the “Private Placement”) and a potential subsequent offering at the same subscription price as in the Private Placement directed towards eligible shareholders.

Since the completion of the Private Placement, the shares in the Company have traded around or below the subscription price in the Private Placement and the trading volume at these levels has been above the size of the potential subsequent offering.
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As a result, eligible shareholders have had sufficient opportunity to reduce the dilutive effect of the Private Placement at trading prices similar to or lower than what would have been the subscription price in the subsequent offering. The Board of the Company has therefore decided to cancel the subsequent offering.

For further information, please contact:

Media – Jeppe Raaholt, CEO, tel: +47 976 69 759
Investors – Einar Olsen, CFO, tel: +47 924 01 787

Kilde

[TekBot]

Endúr ASA: New share capital registered

9 February 2023: Reference is made to the stock exchange notice published by Endúr ASA (the “Company”) on 12 January 2023 (the “Announcement”) regarding the completion of a private placement of 5,090,909 new shares in the Company at a subscription price of NOK 27.50 per share, raising gross proceeds of approximately NOK 140 million (the “Private Placement”).

The share capital increase of NOK 1,245,455 pertaining to the issuance of 2,490,910 new shares in Tranche 2 (as defined in the Announcement) of the Private Placement as resolved by the Company’s extraordinary general meeting held on 2 February 2023 has today been registered with the Norwegian Register of Business Enterprises:
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   New share capital: NOK 16,271,889
   New total number of shares: 32,543,778
   Par value of each share: NOK 0.50

For further details, please refer to the Announcement and the minutes of the extraordinary general meeting published by the Company on 2 February 2023.

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This information is subject to the disclosure requirements pursuant to section 5-12 the Norwegian Securities Trading Act and the Oslo Rule Book II.

ABOUT ENDÚR

Endúr ASA (OSE: ENDUR) is a leading supplier of construction and maintenance projects and services for marine infrastructure, including facilities for land-based aquaculture, quays, harbours, dams, bridges and other specialised concrete and steel projects. The company and its subsidiaries also offer a wide range of other specialised project and marine services. Endúr ASA is headquartered in Lysaker, Bærum, Norway. See www.endur.no.

Kilde

[TekBot]

Endúr ASA: Redelivery of borrowed shares – mandatory notification of trade and disclosure of large shareholding

9 February 2023: Reference is made to the stock exchange notice made by Endúr ASA (the “Company”) on 12 January 2023 (the “Announcement”) regarding the completion of a private placement raising gross proceeds of approximately NOK 140 million (the “Private Placement”) through the allocation of 5,090,909 new shares at the price per share of NOK 27.50 (the “Offer Price”). All terms used in this notice shall have the meaning ascribed to such terms in the Announcement.

Reference is further made to the Company’s stock exchange notice on 3 February 2023 regarding the lending by Artec Holding AS, a company closely associated with board member Bjørn Finnøy, to SpareBank 1 Markets AS, acting on behalf of the Managers, of 2,490,910 existing shares in the Company, that are already listed on Oslo Børs, to facilitate delivery-versus-payment settlement to investors allocated Offer Shares in Tranche 2 of the Private Placement.
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Following registration of the share capital increase pertaining to the extraordinary general meeting’s resolution to issue the 2,490,910 new shares in Tranche 2 on 2 February 2023, SpareBank 1 Markets AS, acting on behalf of the Managers, has on 9 February 2023 redelivered 2,490,910 new shares in the Company to Artec Holding AS, as settlement of the shares borrowed in relation to settlement of Tranche 2. New shares issued by the Company were used for the redelivery. Please see the enclosed form for further details.

Upon redelivery of the borrowed shares, Artec Holding AS holds 9,241,234 shares in the Company, representing approximately 28.4% of the issued share capital and votes in the Company. Consequently, Artec Holding AS has exceeded the 25% threshold pursuant to section 4-2 of the Norwegian Securities Trading Act.

This information is subject to the disclosure requirements in Regulation EU 596/2014 (MAR) article 19 number 3 and sections 4-2 and 5-12 of the Norwegian Securities Trading Act.

Kilde

[Ravioli]

Kursen har hentet seg bra inn igjen kort tid etter emisjonen. Kjøpte en del på 27,5 da jeg syntes det var en gavepakke. Hittil har det gått veldig bra.
Selskapet har klart å innfri ambisjoner om omsetning før skjema hittil og mål om EBITDA-margin på 10-12% er nesten på plass.
Hvis de fortsetter å klare målsatt omsetning, klarer marginer og med effekt av refinansiering tatt med i ragnskapet blir selskapet etterhvert lavt priset på dagens nivå (brukt 30 kr som eksempel).
Jeg har forsøkt å lage en estimert EPS under. EBITDA-margin er i den lave enden av målet, veksten er lineær mot omsetningsmål. Omsetning på 4 mrd ved utgangen av 2024 har jeg forstått som en annualisert omsetning ved q4,
dvs. den havner i regnskapet for 2025 (+ eventuell vekst i 2025).
Det kan sikkert innvendes at oppsettet ikke har noen økning for DA, men har ingen bedre estimater å legge inn der. DA har ligget relativt konstant uavhengig av omsetning hittil, og er vesentlig høyere enn capex.
Kontantstrøm fra drift er meget god. Finans 2023 tar med en engangskostnad på 25 mill for refinansieringen (det er den verdt).

[TekBot]

Endúr ASA: Invitation to presentation of Q4 and full-year 2022 financial results

Endúr ASA invites investors, analysts, lenders and media to a live webcast presentation of the company’s fourth quarter and interim full-year 2022 financial results.

Date: Friday 24 February 2023
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Time: 08:00 CET
Presenters: Jeppe Raaholt, CEO, and Einar Olsen, CFO

The webcast presentation can be followed from the following URL: https://channel.royalcast.com/landingpage/hegnarmedia/20230224_1/
Questions can be submitted during the webcast.
The presentation material will be published the same day at 07:00 CET.

About Endúr ASA
Endúr ASA (OSE: ENDUR) is a leading supplier of construction and maintenance projects and services for marine infrastructure, including facilities for land-based aquaculture, quays, harbours, dams, bridges and other specialised concrete and steel projects. The company and its subsidiaries also offer a wide range of other specialised project and marine services. See www.endur.no

Kilde

[Ravioli]

Tommel opp fra Fiskeridirektoratet for dette ganske spesielle og gigantiske prosjektet. Her er det vanvittig mye mat for Artec dersom dette går veien helt fram til målstreken.

(+) Tommel opp fra Fiskeri­direktoratet for landbasert Hofseth-anlegg

[TekBot]

Endúr ASA: Fourth quarter and full-year 2022 financial results

24 February 2023 – Endúr ASA (Endúr) recorded quarterly revenues of NOK 668.3 million in the fourth quarter 2022, an increase of one percent from an equally strong corresponding quarter last year (Q4 2021: NOK 663.2 million). Adjusted EBITDA ended at NOK 55.3 million (62.2), well in line with previous guiding, and EBIT nearly tripled to NOK 20 million (7.3). Cash flow from operations was NOK 129.4 million (-86.5).
“We continue to deliver strong operating results and cash flow. Particularly the Marine Infrastructure Segment delivers solid figures, but it is also worth noting that Endúr Maritime has improved margins for the fifth quarter in a row. Overall, the fourth quarter results show that our efforts to improve profitability, liquidity, and cash generation continue to pay off,” says Jeppe Raaholt, CEO of Endúr.
Order intake in the fourth quarter was NOK 243 million (169). The order backlog was NOK 1,310 million at year-end, providing good visibility for 2023. The latter figure does not include the construction phase of the NOK ~1.5-1.8 billion contract with Icelandic salmon farmer Geo Salmo.
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“We experience seasonally high tender activity for the Marine Infrastructure segment, while there is also substantial international interest for various land-based fish farming projects. Bid activity is high for Endúr Maritime too. We expect to see a growing order backlog throughout 2023,” adds Jeppe Raaholt.
Endúr reported revenue in the fourth quarter 2022 of NOK 668.3 million (663.3). Adjusted EBITDA was NOK 55.3 million (62.3), equivalent to a margin of 8.3% (9.4%). Reported EBITDA was NOK 52.7 million (61.9). EBIT was NOK 20 million (7.3) and profit before tax NOK 1.7 million (-17.3). Cash flow from operations was NOK 129.4 million (-86.5).
STRONG FULL-YEAR RESULTS
For the full year 2022, revenue was NOK 2,510, a 15 percent increase from NOK 2,186 million in 2021. Adjusted EBITDA ended at NOK 230.7 million, a 23 percent increase from 2021 (NOK 187.8 million). Reported EBITDA was NOK 230 million (149). Full-year EBIT was NOK 96.3 million versus NOK -8 million (pro forma) in 2021. Profit before tax was NOK 14.3 million in 2022, compared to
NOK -118.6 (pro forma) million in 2021.
STRENGTHENING OF BALANCE SHEET
Endúr’s net interest-bearing debt was NOK 582 million (687) at year-end. Subsequent to year-end, the company has secured bank loans of approximately NOK 550 million, an overdraft facility of NOK 150 million, and completed a private placement that secured gross proceeds of NOK 140 million. The committed bank financing will partly be utilized for a forthcoming refinancing of Endúr’s outstanding senior secured open callable bond, currently standing at a net principal amount of NOK 810 million. The refinancing, including the early redemption of the bond loan, is expected to be completed during the first quarter of 2023.
“The refinancing enables a calculated NOK 40-50 million reduction in annual interest expenses. In addition, it is expected to reduce our net interest-bearing debt with close to NOK 100 million. This provides us with added flexibility that will allow us to generate more cash going forward,” adds Jeppe Raaholt.
ACTIVE MARINE INFRASTRUCTURE SEGMENT
Endúr is a leading full-service provider for aquaculture solutions and marine infrastructure in Norway and Sweden, servicing both public and private sector.
The Marine Infrastructure segment delivered revenue of NOK 311.1 (244.6) in the fourth quarter. EBITDA was NOK 50.5 million (56.1), equivalent to an EBITDA margin of 16.2% (22.9%). Several early-phase projects have so far been reported at cautionary margin levels, which impacts the EBITDA.
In the Aquaculture Solutions segment, revenue was NOK 299.6 million (376.3) in the fourth quarter. The lower EBITDA of NOK 1.2 million (22.3), equivalent to an EBITDA margin of 0.4% (4.5%), is caused by shift in revenue mix, cautionary provisions on ongoing projects and cost coverage only when producing above target price at Salmon Evolution BTA.
OUTLOOK
Within Aquaculture Solutions, the construction phase – the most revenue-intensive phase – at the Geo Salmo project is expected to commence in H2 2023. Numerous projects, which are not affected by the temporary halt in license applications, are awaiting final government permissions. There is also substantial interest for various land-based projects from other countries and continents.
The outlook for Marine Infrastructure remains attractive due to maintenance gap on critical infrastructure and a solid pipeline of secured projects and ongoing tenders, including material bids that are expected to be concluded in the near term.
Increased demand for renewable energy, LNG and carbon neutral production of steel, will provide additional opportunities within Endúr’s niches.
COMPANY PRESENTATION AT 08:00 CET TODAY
Endúr will host live webcast presentation today at 08:00 (CET). Investors, analysts, lenders and media are invited to follow the webcast from the following URL:
https://channel.royalcast.com/landingpage/hegnarmedia/20230224_1/
The fourth quarter and full-year 2022 results presentation is enclosed to this announcement.

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange announcement was published by Einar Olsen, CFO of Endúr ASA, on 24 February 2023 at 07:00 CET.

(ENDS)

For further information, please contact:
Media
Jeppe Raaholt, CEO of Endúr, tel: +47 976 69 759
Investors
Einar Olsen, CFO of Endúr, tel: +47 924 01 787

About Endúr ASA
Endúr ASA (OSE: ENDUR) is a leading supplier of construction and maintenance projects and services for marine infrastructure, including facilities for land-based aquaculture, quays, harbours, dams, bridges and other specialised concrete and steel projects. The company and its subsidiaries also offer a wide range of other specialised project and marine services. Endúr ASA is headquartered in Bergen, Norway. See www.endur.no

Kilde