Hexagon Ragasco awarded new significant order in Qatar

23.11.2016  Stock Exchange Release

Hexagon Composites' subsidiary Hexagon Ragasco has received an order for composite LPG cylinders from Woqod at a total value of EUR 4.6 million (around NOK 41 million).

Woqod, the leading LPG distributor in Qatar, 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 LPG delivery trucks.

"This order is a confirmation that our cylinders, to an increasing degree, are the preferred alternative to traditional steel cylinders in the Middle East," says Skjalg S. Stavheim, Managing Director of Hexagon Ragasco.

The order is scheduled for delivery during the first half of 2017.

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

Investor Relations:
David Bandele, CFO, Hexagon Composites ASA
Phone: +47 920 91 483 | david.bandele@hexagon.no

Solveig D Saether, Communication Manager, Hexagon Composites ASA
Phone: +47 906 34 977 | solveig.saether@hexagon.no

About Woqod
Woqod is a public share company listed 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 are unique and provide many 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 systems 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.