Roermond, the Netherlands – 19 January 2016. Sif Holding N.V. (“Sif” or “the Company”), a leading manufacturer of large steel tubulars which are used as foundation components for the offshore wind and offshore oil & gas markets, today announces its intention to proceed with the Initial Public Offering (the “IPO” or the “Offering”) and listing of Sif’s ordinary shares (the “Shares”) on Euronext Amsterdam. The IPO will consist of a secondary offering only, representing at least 35% of the Shares. The selling shareholders will remain highly committed and hold a significant stake following the IPO. The Offering is envisaged to be made available to retail and institutional investors in the Netherlands and to certain institutional investors in various other jurisdictions. The Offering, listing and timing are, among others, subject to market conditions.

Sif highlights
· Since its establishment in 1948, Sif has grown from a metalworking firm for steel industrial vessels to a leading company with a focus on foundations (monopiles, transition pieces, pinpiles and legs) for the offshore wind and oil & gas industry;

· As a trusted supplier of large steel tubulars, Sif has a unique proposition based on high growth[1] of the European offshore wind market, which resulted in a leading position in foundations in the greater North Sea region;

· Well-positioned to benefit from anticipated growth in offshore wind foundations as the market is switching to heavier, XL monopiles, fuelled by on-going industry trends towards larger turbines and installation in deeper waters;

· Production facilities in Roermond covering 13 production halls to be expanded with a new facility in the Port of Rotterdam (Maasvlakte 2) which includes twin XL monopile production lines currently under development and set to increase maximum capacity in 2017 from 225ktons to 300ktons per annum, well-ahead of competition;

· Attractive business model with a full order book for 2016, a clear wind project pipeline for 2017 onwards and flexible production with unique in-house developed welding capabilities;

· Key capabilities in terms of quality, reliability and on-time delivery strongly contribute to track record of resilient growth, high profitability, strong cash conversion and high return on capital;

· Market leading position in heavy steel tubular components for oil & gas jackets in the North Sea region[2], with a strong order book for 2016/17 and flexibility to further diversify and deploy capacity to other civil engineering projects;

· EBITDA of €46 million in 2014, representing a 17% compound annual growth rate since 2012, with continued growth in the first 9 months of 2015 with EBITDA of €39 million;

· Strategy geared towards value creation and further profit enhancement, fuelled by growth and focus on cost reduction through continuous improvement and innovation of its products and processes;

· Led by a senior management team consisting of four members with deep sector knowledge and industry experience of over 25 years on an average.

Jan Bruggenthijs, CEO of Sif, said: “As a market leading manufacturer of complete steel offshore foundations and components, our focus is on offering total solutions to our customers. Since our establishment in 1948, Sif was characterized by quality, cost efficiency, timely delivery and keeping an eye on continuous innovation going forward. As such, our aim to be ready for the future makes an IPO a logical next step, which will strengthen our business profile and provide us with additional financial flexibility to support our growth ambitions.

Offshore wind foundations currently represent over 80% of our business. As a first mover and market leader in monopiles, we are well-positioned to take advantage of the high growth in European offshore wind, a market which has been clearly de-risking and moving towards greater maturity with many countries entering into projects to meet EU wind energy and climate targets set for the coming years up to 2030. We believe we offer investors a unique proposition based on this anticipated growth. We have a full order book for 2016, clear wind project pipelines for the years 2017 and beyond and a track record of resilient growth and strong cash generation.

In particular, we are well-placed for the production of XL monopiles, which provide superior economics, and are poised to become the market’s preferred choice, given industry trends towards installations in deeper waters and larger wind turbines.

As barriers to entry in our industry are typically high, and capabilities in our industry for producing XL monopiles are scarce, we believe that combined with our in-house technology leadership and our track record of high-quality and on-time delivery, we have a clear competitive edge in capturing incremental demand for XL monopiles. Such XL monopile structures can ultimately reach diameters of up to 11 meters, lengths of up to 120 meters, and weights of up to 2,000 tons, and are able to carry the world’s largest turbines – over 10 megawatts, to come. Every three weeks our steel output equals the weight of an Eiffel Tower. We excel in big!”
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[1]The average forecast CAGR, based on an average from Bloomberg New Energy Finance (BNEF) and MAKE Consulting, for estimated growth in European offshore wind installations between 2016 and 2020 in GigaWatt (GW) is 42%.

[2]Based on large tubular foundation components for oil & gas, Sif served approximately half of the North Sea oil & gas market between 2012 and 2014.