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Endur ASA

Record high revenues | Fourth quarter and full-year 2021 interim financial results

By 25.02.2022November 3rd, 2023No Comments

25 February 2022 – Endúr ASA (Endúr) delivered consolidated revenues of NOK 663.2 million in the fourth quarter 2021, up 50 percent from the same quarter last year (Q4 2020: NOK 443.5 million proforma). This is the company’s highest quarterly revenues ever, both actual and pro-forma. Adjusted EBITDA was NOK 62.2 million, up 66 percent from the fourth quarter last year (NOK 37.6 million proforma). EBIT ended at NOK 29.1 million in the fourth quarter 2021, a significant improvement from the same quarter last year (NOK -51.8 million proforma).

“It is important to note that we are delivering record revenues in the fourth quarter of the year. We are engaged in outdoor construction and maintenance activities that are impacted by seasonal effects, so to deliver such strong growth at the start of the winter season is highly encouraging,” says Jeppe Raaholt, CEO of Endúr.

Endúr is a leading provider of marine infrastructure and land-based aquaculture solutions. The group conducts business segment reporting through two core business segments: Marine Infrastructure and Aquaculture Solutions, plus a third segment comprised of Endúr’s legacy business and group functions.

The Marine Infrastructure segment achieved record production and results in the fourth quarter 2021. The Aquaculture Solutions segment, driven by Artec Aqua, continued its very high growth rate, but margins were affected by organizational investments undertaken for rigging the company for further growth, as well as earning some revenues in the quarter without margin (cost compensation only) where the actual project cost exceeded the agreed target. Endúr Sjøsterk’s result in the period contributed negatively to the segment’s margin in the quarter.

“We are achieving strong growth across both segments. After an unusually cold and long winter in Sweden last year, which put a lot of projects on hold, we have seen somewhat of a ‘ketchup effect’ in the Swedish marine infrastructure market in the second half of 2021. However, there is still pent-up demand in this market,” adds Jeppe Raaholt.

Endúr had a solid order backlog of NOK 2,162 million at year-end, up from NOK 1,391 million (proforma) a year prior. The order backlog at year-end 2021 does not include the Heads of Terms agreement that Artec Aqua entered into with Salmon Evolution on 7 February 2022 for phase 2 of Salmon Evolution’s land-based grow-out facility at Indre Harøy in Norway. This project could involve estimated revenues of NOK 1.3 – 1.4 billion for Artec Aqua. The final design and construction agreement is expected to be effectuated in the second quarter of 2022. Neither does the order backlog include other announced projects for which Artec Aqua has entered into letters of intent.

“We retain our positive outlook for both the aquaculture and marine infrastructure segments.  We expect both markets to continue growing and we are well positioned to capitalise on this,” adds Jeppe Raaholt.

Endúr’s net interest-bearing dept was NOK 687 million at year-end 2021, down from NOK 894 million at the end of the third quarter 2021.

For the full-year 2021, Endúr delivered consolidated proforma revenues of NOK 2,186.0 million (2020: NOK 1,793.7 million), proforma adjusted EBITDA of NOK 187.8 million (2020: NOK 222.9 million), and proforma EBIT of NOK 13.8 million (2020: NOK 29.3 million).


Endúr will host live webcast presentation today at 08:00 (CET). Investors, analysts, lenders and media are invited to follow the webcast from the following URL:

The fourth quarter and full-year 2021 interim results presentation is enclosed to this announcement.
Endúr ASA – Q4 2021 presentation

This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

This stock exchange announcement was published by Lasse B. Kjelsås, CFO of Endúr ASA, on 25 February 2022 at 07:00 CET.


For further information, please contact:

Jeppe Raaholt, CEO of Endúr, tel: +47 976 69 759

Lasse B. Kjelsås, CFO of Endúr, tel: +47 908 49 772

About Endúr ASA
Endúr ASA (OSE: ENDUR) is a leading supplier of construction and maintenance projects and services for marine infrastructure, including facilities for land-based aquaculture, quays, harbours, dams, bridges and other specialised concrete and steel projects. The company and its subsidiaries also offer a wide range of other specialised project and marine services. Endúr ASA is headquartered in Bergen, Norway. See

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