A robust quarter that concludes a record year for Scana.

Scana has delivered a solid quarter with significant growth in revenues and margins compared to the fourth quarter last year. The energy division is accelerating growth, replacing offshore revenue with energy storage and modules. Furthermore, high end Offshore customers such as Odfjell Drilling, and a Norwegian E&P company has reiterated their trust in our services through the award of multiyear frame agreements.

Strong operational cashflow in the quarter and the announced divestment of well control preparedness equipment in Q1 2024 provides a strong fundament for growth investments and dividend distribution.

4Q 2023 Financial Highlights

• Revenue NOK 412 million
• EBITDA NOK 37 million
• EBITDA margin 9.0 %
• Order intake NOK 487 million
• Order backlog NOK 1,196 million

2023 Full-Year Financial Highlights

• Revenue NOK 1,606 million
• EBITDA NOK 181.3 million
• EBITDA margin 11.3 %
• Order intake NOK 2,262 million

“With this quarter Scana conclude a transformational year with increased revenue and profitability demonstrating the positive effects of the PSW acquisition in 2022. The energy division is especially delivering this quarter, with revenue increase to all time high level, combined with important wins with new contracts for deliveries of BESS,” says Pål Selvik, CEO of Scana.

“This quarter our maritime division has delivered high profitability and our offshore division had notable wins with frame agreements for capping stack services and marine risers and subsea equipment services. After the quarter’s close West Asset Management AS (NewCo) was awarded a 10-year contract for operations and maintenance of strategically important properties associated with coastal bases along the Norwegian coastline giving a great start to 2024,” concludes Selvik.

For more information, please contact:
Pål Selvik, CEO, Scana ASA, +47 970 46 502
Torvald Ulland Reiestad, CFO, +47 97 98 78 95
Anette Netteland Dybvik, Head of IR and Communication, +47 41 66 77 87