New major order to Qatar

15.12.2016  Stock Exchange Release

Hexagon Composites' subsidiary Hexagon Ragasco has received a new order for LPG cylinders from Woqod at a total value of EUR 8.9 million (approximately NOK 80 million). The order is scheduled for delivery during the second half of 2017.

"This order is another confirmation of Woqod's ambition to replace LPG steel cylinders with the market's most innovative composite cylinders," says Skjalg S. Stavheim, Managing Director of Hexagon Ragasco. "The order represents an important step in our strategy of securing growth and improved capacity utilization in the second half of the year."

Woqod has previously announced that they will be phasing out LPG steel cylinders and replacing them with composite cylinders. The bottled LPG infrastructure in Qatar is highly efficient with an extensive network of service stations, retailers and private delivery trucks.

For more information:
Skjalg S. Stavheim, Managing Director, Hexagon Ragasco AS
Phone: +47 977 95 565 |

Investor Relations:
David Bandele, CFO, Hexagon Composites ASA
Phone: +47 920 91 483 |

Solveig D Saether, Communication Manager, Hexagon Composites ASA
Phone: +47 906 34 977 |

About Woqod
Woqod is a publicly listed company on the Doha Securities Market. The company is responsible for the distribution of all fuels within Qatar including diesel, gasolines, aviation fuel as well as LPG.

About Hexagon Ragasco
Hexagon Ragasco, a wholly-owned subsidiary of Hexagon Composites ASA, is the world's leading manufacturer of composite LPG cylinders with more than 11 million units in commercial use. The high-volume, highly automated production facility in Raufoss, Norway is the most advanced of its kind world-wide. Hexagon Ragasco's products provide significant advantages over traditional steel cylinders in terms of safety and user-friendliness.

About Hexagon Composites
Hexagon Composites ASA, is a leading global supplier of composite pressure cylinders and solutions for gas applications. Hexagon Composites ASA is a publicly listed company with its headquarters in Aalesund, Norway.

Follow us on Twitter: @HexagonASA

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