12 September 2022 - Reference is made to the stock exchange announcement dated 3
August 2022 regarding Elop AS (Elop) agreeing the terms to acquire 65 percent of
Hadeland Elektro AS. Elop has today signed the final share purchase agreement
for the shares, thereby further strengthening its specialist infrastructure
service offering. 

"This transaction is another step to expand Elop's service offering, furthering
our strategy to make Elop a cash positive and profitable business," says Øivind
Horpestad, CEO of Elop.  

The purchase strengthens the company's specialist service offering towards
construction, maintenance and inspection in the Nordic infrastructure market,
including the energy sector, road and rail infrastructure.

"Profitable growth is at the core of Elop's strategy, where we are targeting
cash positive operations in 2023. We are delivering on our strategy to grow Elop
and we are well equipped to fund further growth as well as capitalize on new
acquisition opportunities," says Øivind Horpestad.

TERMS OF THE TRANSACTION

The purchase price for 65 percent of the shares in Hadeland Elektro AS is NOK
24.7 million, of which 60 percent will be settled in Elop shares. The price is
based on an enterprise value of NOK 38 million of Hadeland Elektro on a 100
percent basis. NOK 14.05 million of the purchase price will be settled in Elop
shares valued at NOK 2.80 per share and NOK 10.64 million will be settled in
cash. The consideration shares will consist of a combination of treasury shares
and new shares issued in Elop. The share consideration will be reduced if
Hadeland Elektro delivers a profit before tax that is lower than NOK 6 million
for 2022. 

All shareholders in Hadeland Elektro have agreed to a 12-36 month lock-up period
for their shares in Elop. Further, Elop has an option to acquire the remaining
35 percent of Hadeland Elektro within five years from the closing date.

Closing of the transaction is expected to be within September 2022. 

(ENDS)

Contact information:
Øivind Horpestad, CEO, Tel: +47 910 00 626
Kim Boman, CFO, Tel: +47 959 63 912