Eqva ASA: First quarter results 2023
Fosnavåg,16 May 2023: Eqva ASA (OSE: EQVA) reports a solid start to the new
year, driven by strong operational performance, increased volume and several key
The group achieved an operating income of NOK 200 million in the first quarter
2023, representing a 13 per cent increase from the previous quarter. EBITDA
improved significantly to NOK 8.4 million, up 45 per cent from Q4 2022.
"We take great pride in the outstanding work of our employees. This has enabled
us to consistently deliver high-quality results across all our projects. Their
efforts have been key in driving our strong operational performance. We have
built a solid order book and maintain a positive outlook for 2023, despite
significant market uncertainties, particularly in the maritime sector in
Norway," said CEO of Eqva, Erik Høyvik.
During the quarter, Eqva's Products, Solutions & Renewables segment saw a
significant uptick in activity, including the launch of several noteworthy
projects. The group began work on its largest-ever contract with Boliden, valued
at NOK 160 million, and the Maritime Service segment made significant progress
in its transition to becoming a multi-service platform, eyeing multiple upcoming
"The strong activity we see, both in terms of volume and incoming orders, is a
confirmation that our long relationship with clients and our local presence is
appreciated. Our Products, Solutions & Renewables segment continues to deliver
according to plan, and with its transition to multiservice, our yard is well
positioned for further growth", says Høyvik.
With significant contracts awarded since the first quarter, Eqva's order book at
the end of the quarter was NOK 461 million, representing a solid increase from
NOK 345 million at year-end 2022. This provides further validation for the
group's optimistic outlook for 2023.
In addition, to maintaining a robust order book, the company is actively seeking
new M&A opportunities. During the quarter, Eqva identified several
high-potential and attractive companies along the Norwegian coast. Currently,
these processes are in an early phase, and potential acquisitions will depend on
alignment with Eqva's strategic priorities and timing. This further reflects
Eqva's commitment to expanding its capabilities, driving long-term growth, and
delivering value to its shareholders.
A presentation of the results will be held by CEO Erik Høyvik and CFO Eirik
Sævareid. The presentation will be available on the company's web site
For more information, please contact:
Erik Høyvik, Chief Executive Officer: +47 916 83 173
Eirik Sævareid, Chief Financial Officer: +47 992 74 637
Eqva ASA in brief
Eqva ASA is a knowledge-based active owner of engineering, construction and
service companies that contribute to the green transition in maritime, power
intensive and renewable industries. It aims to become a fully integrated service
and maintenance supplier for the Norwegian landbased and maritime industry.
The group has a well-diversified product and market portfolio, and further
growth will be established through a combination of company-based development,
utilization of synergies between the companies in the group as well as
value-creating M&A activities.
Key companies in the group are BKS Industri, Havyard Leirvik and Fossberg Kraft,
each building on decades of experience and widely recognised by clients in a
broad range of industries.
Read more on www.eqva.no
This information is subject to the disclosure requirements pursuant to section 5
-12 of the Norwegian Securities Trading Act.