Soiltech acquires Sorbwater Technology AS

Soiltech AS has today completed the acquisition of 100% of the shares in Sorbwater Technology AS.

Sorbwater Technology provides solutions for cleaning produced water from the oil and gas industry, as well as treating contaminated water from the aquaculture industry. Sorbwater’s focus is on recycling water, saving groundwater and minimize the discharge of harmful chemicals, saving costs for the clients in the process. Sorbwater’s technology is patented, green chemistry. These biodegradable solutions are supplementary to Soiltech’s existing service portfolio and represent Best Available Technologies and thus a perfect fit with Soiltech’s mechanical cleantech solutions.

The completion of the transaction is subject to an extraordinary general meeting in Soiltech AS to be held on September 2, 2022. Soiltech will issue 200 000 shares in Soiltech AS at NOK 75 per share to the Selling shareholders as payment for 100% of the shares in Sorbwater Technology AS. Subject to the achievement of certain milestones related to performance, Soiltech may issue up to 200 000 additional shares.

Sorbwater Technology AS will be a 100% owned subsidiary of Soiltech AS. There are clear synergies between the two companies and Sorbwater’s chemical and operational expertise will be integrated into Soiltech’s operating organization.

Stig H. Christiansen, CEO in Soiltech, comments; “The acquisition of Sorbwater Technology AS will further strengthen our offering of cleantech solutions. Specifically, this acquisition will allow us to reinforce our focus on sustainable and cost-efficient treatment of produced water in the oil & gas industry, as well as treating polluted water in the aquaculture and other industries. The market potential is substantial. Our ambition is to play an increasingly important role in our industry, through the energy transition and support sustainable management of natural resources, and thereby the UN Sustainability Goals”.

Svein Steen, CEO in Sorbwater, comments; “Sorbwater has over a long time developed and sold sustainable and green water treatment chemicals.  Sorbwater has been a pioneer in replacing non-biodegradable production and water treatment chemicals, and we are now looking forward to reinforcing the efforts to take these technologies to a wider market with Soiltech as the new owner”.

Jon Berg, Chairman of Sorbwater, comments; “The shareholders of Sorbwater are impressed with the achievements of Soiltech over the last years.  The board and the shareholders of Sorbwater see that there are significant synergies between the two organizations and are looking forward to becoming shareholders in Soiltech”.

About Soiltech
Soiltech is an innovative cleantech service provider specializing in the treatment, recycling and responsible handling of contaminated water and solid industrial waste streams. Soiltech’s purpose is to contribute to a sustainable future through the development and application of innovative clean technologies and delivery of cost efficient, safe, and low emission solutions. The company’s waste management services represent Best Available Technology and includes slop treatment, cuttings handling, swarf removal as well as tank and pit cleaning. Soiltech designs, builds, owns, and operates its treatment technologies, providing services in close cooperation with the customer on their sites.

Soiltech is headquartered in Norway, has 75 employees, and operates in Norway, UK, the Netherlands and Abu Dhabi.

Soiltech is listed on Euronext NOTC in Norway under the ticker SOIL.

For further information, please contact:

Stig H. Christiansen, CEO

Phone: + 47 47 80 78 13

Tove Vestlie, CFO

Phone: +47 90 69 06 48