30.8.2022 07:00:00 CEST | Nekkar ASA | Half yearly financial reports and audit reports / limited reviews
30 August 2022 – Nekkar ASA (Nekkar) reported revenue of NOK 100 million in the second quarter 2022 (Q2 2021: NOK 122 million), and operational EBITDA of NOK 25 million (39), equivalent to an operational EBITDA margin of 24.7 percent (32.2%). Order intake was NOK 24 million (0).
“With an operational EBITDA margin of close to 25 percent, we are very pleased with the second quarter. Nekkar has delivered consistent project and service execution in the period which underlines the results. Our backlog remains solid and tender activity is high, which gives a good foundation for coming quarters,” says Ole Falk Hansen, CEO of Nekkar.
Order intake in the second quarter was NOK 24 million, related to service and upgrades of existing equipment, versus zero in the corresponding quarter last year. Nekkar’s order backlog increased from NOK 763 to NOK 795 million during the second quarter.
Subsequent to the quarter, Nekkar’s Shipyard Solutions business area signed a contract of approximately USD 5 million to upgrade an existing shiplift for an undisclosed international customer.
“It is great to see that our aftersales and services strategy continues to yield results. There is still significant potential in our installed base. Moreover, we are hopeful that the shiplift sector will see a comeback in newbuild tender awards in the second half of the year,” adds Ole Falk Hansen.
Nekkar reported revenues of NOK 100 million (122) in the second quarter 2022. The company’s operational EBITDA was NOK 25 million (39), equivalent to an operational EBITDA-margin of 24.7 percent (32.2%). Operational EBITDA excludes losses/gain on foreign exchange contracts not qualifying for hedge accounting. Reported EBITDA was NOK 6 million (38), equivalent to a margin of 6 percent (31.5%). EBIT ended at NOK 4 million (37).
STRONG SKYWALKER TEST RESULTS
Nekkar is currently developing sustainable and digitalised impact technologies that aim to unlock customer value in ocean-based industries. These technologies include the SkyWalker wind turbine installation tool, Starfish closed fish cage, and InteliWell rig automation solution.
In June, Nekkar concluded wind tunnel testing of the SkyWalker model, with test results above expectations. The wind tunnel tests confirmed that SkyWalker can operate in significantly stronger wind speeds than the existing operating window for today’s solution.
“This is a lot more than what a crane is capable of, which underlines SkyWalker’s unrivaled operating window and associated cost and efficiency benefits,” says Ole Falk Hansen.
Nekkar successfully completed the pilot test of the Starfish closed fish cage in the second quarter. Based on the test results and input from fish farming companies, the company is now making certain design improvements to further enhance the go-to-market product. Discussions are ongoing with fish farming companies regarding the first location for a full-scale Starfish closed fish cage installation.
INTELIWELL INTEREST
Subsequent to the end of the second quarter, global communication company Viasat Inc. announced that it has agreed to join the InteliWell joint venture (JV) together with Transocean Ltd. and Intellilift AS, a subsidiary of Nekkar ASA.
The InteliWell JV has been established with the object to accelerate the decrease of drilling time through rig automation, and to streamline well construction process through new AI-driven processes and tools.
“The fundamentals for the offshore rig market support the InteliWell business case. An active fleet of close to 500 rigs underlines InteliWell’s market potential. The oil and gas industry is highly determined to continue reducing costs and its environmental footprint, and this is exactly what InteliWell does,” adds Ole Falk Hansen.
PRESENTATION AT 08:00 AM TODAY
The second quarter and half-year 2022 report and presentation are enclosed to this announcement.
Nekkar ASA will hold a live webcast presentation today at 08:00 CET. The webcast presentation can be followed from this URL: https://channel.royalcast.com/landingpage/hegnarmedia/20220830_1/
Disclosure regulation
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
Contacts
Ole Falk Hansen, CEO, +47 988 14 184, 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 Financial Statement Q2 H1 2022.pdf
Nekkar ASA Presentation Q2 H1 2022.pdf
