“We deliver a solid financial quarter driven by good progress in our extensive project base of shiplifts and ship transfer systems,” says Ole Falk Hansen, CEO of Nekkar.

Order intake in the fourth quarter was NOK 27 million (31). Nekkar’s order backlog increased to NOK 832 million (763) at the end of the first quarter, positively affected by strengthening of USD versus NOK.

“Tender activity is still high in the Shipyard Solutions segment. We are hoping to see additional project awards during 2023,” adds Falk Hansen.

Nekkar reported revenue of NOK 101 million (84) in the first. The company’s operational EBITDA* was NOK 23 million (12), representing a margin of 23% (14%). Reported EBITDA was NOK 24 million (14), while EBIT was NOK 23 million (12). Nekkar’s balance sheet remains solid. At the end of the first quarter 2023, the company had NOK 188 million in cash, no interest-bearing debt, and an undrawn NOK 200 million credit facility available for future investments.

STRONG PROGRESS FOR IMPACT TECHNOLOGIES

Nekkar is currently developing sustainable and digitalized impact technologies that aim to unlock customer value in ocean-based industries. Significant commercial progress was made during the first quarter 2023.

The InteliWell joint venture, which Nekkar is part of together with Transocean and Viasat, signed its first commercial contract in the first quarter. The four-year contract is with Transocean for the semi-submersible drilling rig Transocean Norge, which will support Wintershall Dea and OMV on a 17-well campaign on the Norwegian continental shelf.

Nekkar’s subsidiary, Intellilift, will execute the project on behalf of the joint venture during 2023.

In March, Nekkar strengthened its business offering with smart, electric lifting and handling solutions through the acquisition of Techano Group. This acquisition further strengthens Nekkar’s presence and product offering within the renewables and aquaculture industries. Subsequent to the first quarter, Nekkar/Techano secured a EUR 4 million contract to deliver an offshore crane to a newbuild cable-lay support vessel for offshore wind farms. Nekkar acquired Techano Group for an undisclosed immaterial amount.

“The first quarter has been highly encouraging for moving our impact technologies from development to commercialisation. InteliWell has had its commercial breakthrough in a market with huge commercial potential. We have also secured the first order for Techano’s cranes. All in all, we are pleased with the progress we are making,” adds Ole Falk Hansen.

PRESENTATION AT 08:00 AM TODAY

Nekkar’s first quarter 2023 business update presentation is enclosed to this announcement.

Nekkar ASA will hold a live webcast presentation today at 08:00 CET. The webcast presentation can be watched from this URL: https://channel.royalcast.com/landingpage/hegnarmedia/20230525_5/

*Operational EBITDA is defined by Nekkar as EBITDA excluding losses/gain on FX contracts not qualifying for hedge accounting.