Fourth quarter results 2022

Strong and growing order intake has improved the earnings visibility

Bergen, 24 February 2023: Scana had revenues of NOK 272 million in the fourth quarter, corresponding to an increase of 20 per cent compared with the previous quarter. EBITDA was NOK 15 million, resulting in an EBITDA margin of 6 per cent. Positive cash flow from operations has increased to NOK 55 million compared with NOK 29 million in the previous quarter.

The order backlog reached a record high level of NOK 533 million by the end of the quarter. The order intake for the quarter was NOK 355 million, compared with NOK 214 million in the previous quarter, and representing a book-to-bill of 1.3 times revenues. 

The high activity in the fourth quarter has continued into 2023. Scana’s subsidiary PSW Technology’s contract with Equinor for maintenance services at the Mongstad refinery stands out with a total value of NOK 1.8 billion over nine years, including options.

“We are proud to have landed several major contracts after months of high tendering activity within all our business areas. Our highly competent and dedicated workforce have put in an impressive effort, and we see it as a big declaration of trust that the customers have opted for our solutions. It provides us with strong motivation for continued growth in 2023,” says Oddbjørn Haukøy, interim CEO of Scana.

Revenues in the fourth quarter were spread across the company’s three business areas, Offshore, Energy and Maritime. Offshore was the largest contributor with 42 per cent of the revenues.

“We have experienced high activity in all business areas, and we are now beginning to see the advantages of Scana’s strategy of being an active industrial owner, having stakes in several rapidly growing industries. We have built a broad product portfolio with solid risk diversification, which should be able to perform well during challenging times,” continues Haukøy.

Please find the interim report for the fourth quarter 2022:

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

Scana in brief
Scana is a listed industrial owner company in the ocean industries creating value through active ownership in market-leading portfolio companies. Our vision is to accelerate decarbonisation of the maritime and offshore sector by being a driving force in electrification and emission reduction solutions. Scana’s portfolio companies have a solid innovation and commercialisation history based on core competence in selected niches. Scana is headquartered in Bergen and has around 350 employees.

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