First quarter results 2024

Delivering record high revenues.

Scana has delivered a quarter with historic high revenues and EBITDA.

The Energy division is accelerating growth, with its highest revenue level so far, driven by energy storage solutions and e-house modules. The order intake is stable and there is a strong project pipeline expected to be concluded the next quarters. The Offshore division has strong growth driven by the sale of well control preparedness equipment. A strong order intake in Offshore is driven by strategic win of a 10-year contract for operation and maintenance of coastal base properties included in backlog with NOK 134 million.

Scana will from Q1 2024 go from three to two divisions: Offshore & Energy. The change is driven by enhancing efficiency, and focusing on core areas, with Offshore and Energy directly supporting primary business segments. The previous Maritime division is now part of the Offshore division.

The Company’s financial position is strong, giving possibilities for growth investments.

1Q 2024 Financial Highlights

  • Revenue NOK 541 million
  • EBITDA NOK 97 million
  • EBITDA margin 17.9 %
  • Order intake NOK 553 million
  • Order backlog NOK 1,138 million

“In this quarter we have signed several strategic contracts within our Energy and Offshore division. With the newly announced acquisition of Mongstad Industrier AS, we show our ability to identify and execute value-creating transactions within Scana’s business areas and our strong belief in increased activity in the Mongstad and Fensfjord basin,” says Pål Selvik, CEO of Scana.

“After this quarter’s close, several contracts have been signed. PSW Power & Automation has signed a substantial contract for the delivery of a series of E-house modules and Seasystems a substantial contract for the delivery of a turret structural connector system for a FPSO. In addition, we announced in our Q1 video that PSW Power & Automation is entering the electricity balancing market. This will make us able to generate both short-term and long-term revenue streams from our battery storage connected to the power grid,” concludes Selvik.

Scana held a presentation of the results, followed by a live Q&A session with Pål Selvik, CEO, and Torvald Ulland Reiestad, CFO, representing Scana. The session was hosted by SpareBank 1 Markets.

See video of webcast in this link.

Please find enclosed the report for first quarter 2024.

For more information, please contact:
Pål Selvik, CEO, +47 97 04 65 02
Torvald Ulland Reiestad, CFO, +47 97 98 78 95
Anette Netteland Dybvik, Head of IR and Communication, +47 41 66 77 87

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