In the fourth quarter, Endúr ASA had a total turnover of NOK 122 million and a negative operating result before depreciation and amortization (EBITDA) of NOK 11 million. The weak quarterly figure is related to the company Endúr Energy Solutions, which alone recorded a loss of NOK 15 million in the fourth quarter. The board of directors of this company decided yesterday to resolve a petition for bankruptcy
The group’s total sales in 2019 ended at NOK 494 million with a positive operating profit before depreciation and amortization (EBITDA) of NOK 12 million. A pro forma financial statement excluding the numbers from the bankruptcy affected company will for 2019 have an estimated turnover in the Group of NOK 331 million and a positive EBITDA of NOK 18 million.
CEO Hans Petter Eikeland strongly regrets that it has been concluded a petition for bankruptcy for the Stavanger-based company that has had its main activity towards maintenance and modification assignments in the offshore market.
“This company has over time focused on alternative structural and financial solutions that could provide a positive operation in the company, but without success. Significant deterioration in operating results during the fourth quarter has made this work very challenging. In addition, the new corporate management that took office in November 2019 considers the value of the company’s order reserves to be significantly lower than estimated by the previous management. In sum, the basis for further operations was not found to be in place”, says Eikeland.
The bankruptcy in the subsidiary Endúr Energy Solutions AS means that Energi Industrier AS and Energy PMAE AS, both subsidiaries of Endúr Energy Solutions AS, will dissolve from the group. In total, this will give a significant loss of revenue in the Group’s Energy segment. The other two segments in the Group, Maritime and Akva, will not be affected by the bankruptcy.
“We are very pleased with Maritime and Akva segments both delivering satisfactory activity and profitability in the fourth quarter. In sum, these two segments had total sales in 2019 of NOK 300 million and a positive EBITDA of NOK 32 million. The order backlog in these two segments has also been significantly strengthened and is now at 477 million. This represents more than a doubling over the past year”, Eikeland points out.
CEO Hans Petter Eikeland, tel. +47 932 08 177
CFO Morten Riiser, tel. +47 406 39 734