NORBIT - NOK 500 million frame agreement awarded for Tachograph Enforcement Modules

Trondheim, 02 May 2023: NORBIT is pleased to announce award of a new frame agreement with an existing European blue-chip client. The frame agreement is an extension of an existing agreement and encompasses continued delivery of NORBIT´s Tachograph Enforcement Modules. The new frame agreement extends to 2029 and has an estimated value of in excess of NOK 500 million, based on current forecasts.

The European Union's "third mobility package”, includes a new policy framework and a set of new regulations applicable for road freight transport. The aim of these regulations is to improve the social protection of drivers, reduce CO₂ emissions, and further increase road safety.

As part of the practical implementation of the third mobility package, new regulations come into force with respect to the use of smart tachograph. This is expected to lead to increased demand for tachographs, with wireless interface based on Dedicated Short-Range Communication technology for efficient enforcement.

"We are proud to be shown the continued trust by this market leading blue-chip client. This confirms our leading position as supplier of modules for secure wireless communication based on Dedicated Short-Range Communication. We are excited about the potential volume increase driven by the regulations applied by the Europeans Union”, says Per Jørgen Weisethaunet, CEO of NORBIT.

For further queries, please contact:
Per Jørgen Weisethaunet, CEO, +47 959 62 915
Per Kristian Reppe, CFO, +47 900 33 203

About NORBIT ASA
NORBIT is a global provider of tailored technology to selected applications, solving challenges and promoting sustainability through innovative solutions, in line with its mission to Explore More. The company is structured in three business segments to address its key markets: Oceans, Connectivity and Product Innovation & Realization. The Oceans segment delivers tailored technology solutions to global maritime markets. The Connectivity segment provides wireless solutions for identification, monitoring and tracking. The Product Innovation & Realization segment offers R&D services, proprietary products, and contract manufacturing to key customers. NORBIT is headquartered in Trondheim with manufacturing in Europe, has around 450 employees, and a worldwide sales and distribution platform.

For more information: www.norbit.com

The information is such that NORBIT is required to disclose in accordance with the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

The information was submitted for publication by Elise Heidenreich, Investor Relations at NORBIT ASA, on 02 May 2023 at 10:15 CEST.