First quarter results 2023

Fosnavåg,16 May 2023: Eqva ASA (OSE: EQVA) reports a solid start to the new year, driven by strong operational performance, increased volume, and several key contract wins.

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The group achieved an operating income of NOK 200 million in the first quarter 2023, representing a 13 per cent increase from the previous quarter. EBITDA improved significantly to NOK 8.4 million, up 45 per cent from Q4 2022.

"We take great pride in the outstanding work of our employees. This has enabled us to consistently deliver high-quality results across all our projects. Their efforts have been key in driving our strong operational performance. We have built a solid order book and maintain a positive outlook for 2023, despite significant market uncertainties, particularly in the maritime sector in Norway," said CEO of Eqva, Erik Høyvik.

During the quarter, Eqva’s Products, Solutions & Renewables segment saw a significant uptick in activity, including the launch of several noteworthy projects. The group began work on its largest-ever contract with Boliden, valued at NOK 160 million, and the Maritime Service segment made significant progress in its transition to becoming a multi-service platform, eyeing multiple upcoming tenders ahead.

“The strong activity we see, both in terms of volume and incoming orders, is a confirmation that our long relationship with clients and our local presence is appreciated. Our Products, Solutions & Renewable segment continues to deliver according to plan, and with its transition from newbuilding to multiservice puts our yard is well positioned for further growth”, says Høyvik.

With significant contracts awarded since the first quarter, Eqva's order book at the end of April was NOK 450 million, representing a solid increase from NOK 345 million at year-end 2022. This provides further validation for the group's optimistic outlook for 2023.

In addition, to maintaining a robust order book, the company is actively seeking new M&A opportunities. During the quarter, Eqva identified several high-potential and attractive companies along the Norwegian coast. Currently, these processes are in an early due diligence phase, and potential acquisitions will depend on alignment with Eqva's strategic priorities and timing. This further reflects Eqva's commitment to expanding its capabilities, driving long-term growth, and delivering value to its shareholders and stakeholders.