February 24, 2022

Report for Q4 2021

Adjusted EBITDA for Q4 2021 is in line with the same period last year, due to a lower cost base and improved product mix. For the full year, both revenue and adjusted EBITDA were on par with the previous year.

Key figures for the fourth quarter and full year 2021 were as follows:

Revenue for Q4 was NOK 62 million, representing a 25% reduction compared to Q4 2020 when adjusted for property sales. Adjusted EBITDA of NOK 2 million is equivalent to Q4 2020.
For the full year 2021, revenue reached NOK 305 million, matching the previous year when adjusted for property sales. Adjusted EBITDA was NOK 28 million, also in line with the previous year.

A highlight of the fourth quarter – and 2021 as a whole – was Scana’s agreement to acquire PSW, a provider of products, systems and services to the energy sector and maritime industry. The acquisition was completed on 11 January 2022 and was financed through a NOK 400 million share issue and NOK 100 million in bank financing. This secures Scana a unique position in the maritime green transition.

– The acquisition of PSW gives us a strong foundation to contribute to the decarbonisation of shipping, offshore, energy, and aquaculture industries, and supports our strategy for growth in this area. Among other things, we see a large market for the company’s innovative shore power solutions, both in Norway and internationally. PSW currently holds 40 percent of the Norwegian shore power market and is experiencing strong interest from Europe, says Styrk Bekkenes, CEO of Scana.

Although sustainable technology solutions will be the main focus area for the “new” Scana, more traditional products and services for the oil and gas industry will continue to represent an important part of the business. The company is also experiencing increased activity in this segment.