Norwegian Offshore Rental acquires Innova Rental AS

Norwegian Offshore Rental (NOR) is happy to announce that they have acquired Innova
Rental AS. NOR is headquartered in Aksdal Næringspark (in Norway), and is a significant
global provider of rental equipment to the offshore, subsea, and renewable energy

Managing Director of NOR, Ólafur Gislason, says that the acquisition is in line with the
company’s growth ambitions:

● The purchase of Innova Rental AS is a strategic acquisition because their rental fleet
aligns with NOR’s move into the offshore wind market. A move that is expected to
see further growth over the next coming years. This will also strengthen our ability to
supply complete solutions to our clients. Both the equipment and the market
expertise that we gain here is a perfect match for our plans in the future. When this
opportunity came, we were never in doubt that this was right for us. NOR looks
forward to welcoming the employees as part of the NOR family.

Innova Rental AS is a subsidiary of Innova AS. Innova AS is a well-known developer and
producer of subsea equipment. CEO of Innova AS, Arild Ollestad, explains the background
for the sale:

● Innova has made a strategic decision to focus even more on development and
production of integrated products for harsh environments. We will also continue to
deliver engineering projects and services to the segments we are operating within.
We are very satisfied that NOR has acquired Innova Rental AS, and are looking
forward to a continuous good operation with an important customer of Innova AS.

The acquisition takes place from the 10th of November. If you have any questions regarding
the acquisition, please contact Arild Ollestad at, and Ólafur Gislason at