25.5.2022 07:00:00 CEST | Nekkar ASA | Additional regulated information required to be disclosed under the laws of a member state
25 May 2022 – Nekkar ASA (Nekkar) reported revenue of NOK 84 million in this year’s first quarter (Q1 2021: NOK 93 million), and operational EBITDA of NOK 12 million (17), equivalent to an operational EBITDA-margin of 14 percent (18%). EBIT ended at NOK 12 million (16).
“As indicated in the fourth quarter presentation, we are delivering a first quarter on approximately the same level as last year’s first quarter. The slightly lower revenue is caused by delays on the customer side. Tender activity remains high, and we have not lost any tenders, so we retain our positive market outlook,” says Preben Liltved, interim CEO of Nekkar.
NEW UPGRADE CONTRACT
Nekkar increased its order intake to NOK 31 million in the first quarter, versus NOK 16 million in the same quarter last year. Most of the order intake was related to a contract to upgrade a shiplift and transfer system that is installed at an undisclosed Egyptian shipyard.
Nekkar’s order backlog stood at NOK 763 million at the end of the first quarter.
“Our strategy to generate more revenues from services and upgrades of Syncrolift’s substantial installed base has proven successful. We continue to experience strong tendering activity for service and upgrade projects. Tender activity for newbuild projects is also high and we expect decisions on large newbuild tenders during 2022. Nevertheless, our strong order backlog provides us with excellent visibility for the next couple of years,” adds Preben Liltved.
Nekkar reported revenues of NOK 84 million (93) in the first quarter 2022. The company’s operational EBITDA was NOK 12 million (17), equivalent to an operational EBITDA-margin of 14 percent (18%). Operational EBITDA excludes losses/gain on foreign exchange contracts not qualifying for hedge accounting. Reported EBITDA was NOK 14 million (17), equivalent to a margin of 16.2 percent (18.3%). EBIT ended at NOK 12 million (16).
MACRO TRENDS DRIVE INTEREST IN IMPACT TECHNOLOGIES
Nekkar is currently developing sustainable and digitalised impact technologies that aim to unlock customer value in ocean-based industries such as offshore energy, aquaculture and renewables. These technologies include the Starfish closed fish cage, the SkyWalker wind turbine installation tool, and the Inteliwell rig automation solution.
“Global macro trends such as increased raw material prices, high energy prices, growing renewable investments, higher food prices and continued pressure to reduce environmental footprint actually benefit Nekkar. Simply because Starfish, SkyWalker and Inteliwell are developed with the same philosophy of highest degree of automation, less manpower involved, lighter structures, lower operating costs and emissions. As a result, we are experiencing growing interest in all our new impact technologies,” says Preben Liltved.
Within Aquaculture Solutions, Nekkar and leading fish farming companies are currently assessing ideal site locations for the first full scale Starfish closed fish cage. Nekkar has already placed orders for key long-lead items for Starfish.
Development of the SkyWalker wind turbine installation tool is also progressing according to plan. Next step is wind tunnel testing of the 1:20 model. Nekkar in in parallel investigating potential industrial partnerships to fast-track the commercialisation of SkyWalker.
In Nekkar’s Digital Solutions business area, the Intellilift team has been in Houston, USA, for large parts of the first quarter to support the Inteliwell joint venture established together with Transocean. The Inteliwell team has successfully completed MVP testing (minimum viable product) and is ready to enter the commercial sales phase. The Inteliwell team already has solid leads on oil and gas SaaS projects.
PRESENTATION AT 08:00 AM TODAY
The first quarter 2022 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 followed from the following URL: https://channel.royalcast.com/landingpage/hegnarmedia/20220525_1/
Disclosure regulation
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
Contacts
Preben Liltved, CEO, +47 480 62 691, IR@Nekkar.com
About Nekkar ASA
Nekkar (OSE: NKR) is an industrial technology group offering impact technologies combined with high-end software solutions. The group combines 50 years’ heritage from the world’s number one shiplift company, Syncrolift, with new investments into sustainable, digitalised technology businesses that aim to unlock growth within ocean-based industries such as offshore energy and renewables and aquaculture.
Attachments
Nekkar ASA_Q1 2022_presentation 250522.pdf
