Strong growth in revenue drives increased profitability - order backlog breaches
the NOK 1 billion mark
Bergen, 26 May 2023: Scana has delivered adjusted revenue of NOK 400 million in
the first quarter, corresponding to an increase of 93 percent compared the first
quarter of 2022. Adjusted EBITDA was NOK 51 million, resulting in an adjusted
EBITDA margin of 13 per cent. Positive cash flow from operations in the period
was NOK 22 million.
The order backlog reached a record high level of NOK 1 171 million by the end of
the quarter. The order intake for the quarter was NOK 1 035 million driven by
the award of Equinor's maintenance contract. This is an increase of 194 percent
compared to the first quarter of 2022 and represents a book-to-bill of 2.6.
Offshore was the largest contributor with 50 per cent of the revenue driven by
high activity towards mobilization of ultra deep-water rigs destined to West
Africa. All business areas deliver growth in adjusted revenue compared to first
quarter 2022.
"Scana has delivered solid financial results this first quarter. With a
historically high order backlog and strong order intake in this quarter, we are
well positioned for continued growth ," says Oddbjørn Haukøy, interim CEO of
Scana.
"This quarter we have been awarded important offshore contracts involving
service for deep water BOP systems and repair of risers for Ultra deep-water
operations. This demands unique competence, advanced equipment and highly
skilled employees. We are busier than ever this spring, and we experience strong
demand for our service offerings in all our business areas," concludes Haukøy.
Please find enclosed the interim report for the first quarter 2023.
For more information, please contact:
Oddbjørn Haukøy, interim CEO, +47 91 17 19 14, [email protected]
Torvald Ulland Reiestad, CFO, +47 97 98 78 95, [email protected]
Anette Netteland Dybvik, Head of IR and Investments, +47 41 66 77 87,
[email protected]
Scana in brief Scana is a listed industrial owner company in the ocean
industries creating value through active ownership in market-leading portfolio
companies. Our vision is to accelerate decarbonisation of the maritime and
offshore sector by being a driving force in electrification and emission
reduction solutions. Scana's portfolio companies have a solid innovation and
commercialisation history based on core competence in selected niches. Scana is
headquartered in Bergen and has around 400 employees. www.scana.no