In the second quarter, Endúr ASA had a total revenue of NOK 75 million and a negative operating profit before depreciation and amortization (EBITDA) of NOK 2.3 million. At the end of the quarter, the group had an estimated order backlog of almost NOK 470 million.
“This has been a demanding quarter for us along with many other companies and businesses in general, due to the challenging Covid19 situation that have characterized most of the quarter. This is affecting both sales, profit and order intake in the quarter”, sums up CEO Hans Petter Eikeland.
“Nevertheless, we are proud to have managed to maintain our delivery obligations to our customers along the entire Norwegian coast. This proves that we have a robust operational activity that is evaluated attractive in the market”, says the CEO.
The group will complete a merger with Oceano AS in the third quarter, a company which through its subsidiaries delivers complete infrastructure solutions in a marine environment, including engineering services within this market area.
Eikeland considers the merger with Oceano AS to be a significant change of pace in the group’s ongoing growth process:
“This merger will strengthen Endúr’s core business, while at the same time provide the group with a significant increase in activity and complementary expertise. Oceano will provide Endúr with solid expertise and strong operational operations in marine services. Together with the group’s already well-established businesses, the merged Endúr will be a leading marine contractor and service provider”, sums up Eikeland.
A key part of Endúr’s strategy is profitable growth through consolidation and acquisitions. The merger with Oceano is the first step.
“The market for marine services are growing, and there are great opportunities for Endúr to take a leading position in a fragmented sector. The acquisition is thus expected to provide significant synergies and open up new markets and future growth opportunities”, CEO Hans Petter Eikeland emphasize, and points out that the recently completed issue of NOK 100 million gives the merged company a good capital base for further consolidation.
Interim report Q2
CEO Hans Petter Eikeland, tel. 932 08 177
CFO Nils Hoff, tel. 930 92 346