First quarter results 2023

Strong growth in revenue drives increased profitability and 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 deepwater 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 presentation for the first quarter 2023.

For more information, please contact:
Oddbjørn Haukøy, interim CEO, +47 91 17 19 14
Torvald Ulland Reiestad, CFO, +47 97 98 78 95
Anette Netteland Dybvik, Head of IR and Investments, +47 41 66 77 87