Update on Cyberattack on Volue

Volue ASA (Volue, OSE:VOLUE) today announces the completion of the final documentation following the 5 May 2021 cyber-attack and that normal operations have resumed. The company expects to book an extraordinary provision of in the range NOK 30 – 40 million in the second quarter of 2021. Volue reiterates the long-term growth outlook, but discontinues the 2021 revenue and margin guidance to maintain flexibility.

Volue cyberattack financial impact

“I will thank our customers, our stakeholders and the entire Volue team for their dedication in these joint efforts to provide uninterrupted and safe operations for our customers. All normal operations have resumed, the final documentation are completed and no ransom has been paid to the group behind the attack, “ says Trond Straume, chief executive officer of Volue.

Reference is made to the press release 5 May 2021 regarding the cyber-attack on Volue, impacting operations in some of the company’s business areas. Mitigating actions were immediately implemented and the company hosted regular public updates and webinars to the stakeholders.

Information on the cyber-attack has continuously been updated on volue.com/urgent-updates.

All normal operations have resumed, the final documentation is completed and no ransom has been paid to the group behind the attack

Trond Straume CEO, Volue
Trond Straume web

“We deployed all relevant resources to manage the situation and immediately decided to share all knowledge during and after the attack. Volue has received tremendous support and feedback from our customers and the cybersecurity environment, and our position as a leading provider of safe operations is verified as battle-proven. All applications are deemed safe, we have issued formal verification and risk evaluations, in addition to the publication of a post mortem document “ Straume says.

The cyber-attack has impacted Volue Technology’s (“Powel”) operations teams but has not impacted Insight (“Wattsight”), Market Services (“Markedskraft”), Industrial IoT (“Scanmatic”) and Likron. The financial consequences of the cyber-attack are potentially partly limited by insurance, but extraordinary costs will impact the results for the second quarter of 2021. Volue reiterates the long-term growth ambitions.

“The cyber-attack postponed internal business development activities, affecting some production and growth initiatives, in addition to external cyber-security costs, impacting our cost base for the second quarter. We anticipate booking an extraordinary provision for the second quarter of 2021 of NOK 30 – 40 million, but we reiterate our long-term growth ambition. The cyber-attack has also impacted our second-quarter revenues, which are not annually recurring, in the range of NOK 25 – 35 million, and we discontinue our 2021 revenue and EBITDA guidance to reflect the uncertainty and to maintain flexibility. We do not see any financial impact from the Cyber-attack after second-quarter 2021“ Straume concludes.

Volue will present the financial results for the second quarter 2021 20 August 2021.