Eqva ASA: Second quarter and first half year results 2023
Fosnavåg, 25 August 2023: Eqva ASA (OSE: EQVA) reports a solid first half of the
year, driven by strong operational achievements, significant volume increase,
and key contract wins.
In the first half of 2023, the group reported an operating income of NOK 427
million and an EBITDA of NOK 12.1 million. These figures represent an increase
from the corresponding period last year, mainly due to significantly higher
activity and margin improvements in the Products, Solutions & Renewable segment.
In 2022, the operating revenue was NOK 327 million and EBITDA was NOK 2.1
million, calculated on a pro forma basis.
"We are proud of both the progress made and our staff's performance in
challenging markets. In Products, Solutions & Renewables, we have increased
activity on key projects, driving notable volume and margin growth. In Maritime
Services segment, we have completed several projects, and succeeded with
adapting to challenging markets by launching cost-saving initiatives. These
initiatives have positioned Maritime Services for a market recovery," says CEO,
During the first half of 2023, the group made several important decisions to
position Eqva for continued growth.
A letter of intent for a business combination with Kvinnherad Elektro AS has
been signed, encompassing both Kvinnherad Elektro's operations and its 51 per
cent ownership in Vassnes Solution AS. With this business combination, Eqva will
become a leading supplier of engineering, welding, power, and automation
services on the west coast of Norway. Eqva estimates a combined annual revenue
potential of approximately NOK 1 billion, incorporating identified synergy
opportunities and growth potential.
In the end of the second quarter, a strategic review of Maritime Services was
initiated. Given the business' position in the Norwegian maritime sector and the
potential to capitalise on the ongoing challenging market conditions, the Board
has chosen to explore various strategic alternatives, including consolidation or
divestment of this segment. The strategic review process is expected to be
completed within the next 6 - 12 months.
Eqva's robust order book bodes well for the second half of 2023, and the group
expects to sustain high activity, particularly for Products, Services &
Renewables. Additionally, the group will continue to seek new M&A opportunities.
"In times of turbulence, opportunities arise for leading players with
sustainable business models like Eqva. We maintain a positive outlook for the
future and will continue to focus on expanding our capabilities, driving
long-term growth, and delivering values" CEO Erik Høyvik, added.
A presentation of the results will be held by CEO Erik Høyvik and CFO Eirik
Sævareid today. 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.