Fosnavåg, 15 November 2023: Eqva ASA (OSE: EQVA) reports a strong development in
the Products, Solutions & Renewables segment, and divests its shipyard Havyard
Leirvik. 

In the first nine months of 2023, the group reported an operating income of NOK
579 million, an increase of NOK 127 million from 2022 (NOK 452 million). EBITDA
was NOK 8.8 million.

The operating income for Eqva, excluding Havyard Leirvik, was NOK 472 million
with an EBITDA of NOK 22.5 million, calculated on a pro forma basis.

The Products, Solutions & Renewable segment capitalizes on a strong order book
of NOK 504 million, leading to increased activity and improved margins. YTD
segment revenue reached NOK 472 million, up from NOK 276 million in the same
period last year. With growth leveraging current cost levels, the EBITDA margin
increased to 6.9 %, compared to 3.4 % last year. 

For the Maritime Services segment, the negative trend in the service- and
maintenance market continued from Q2 through Q3. Following the sale of Havyard
Leirvik, Maritime Services will no longer be a reporting segment for Eqva going
forward. 

"We are proud of the progress made and our staff's performance in challenging
markets. In Products, Solutions & Renewables, we have increased activity on key
projects, driving notable volume and margin growth," says CEO, Erik Høyvik.


Eqva divests Havyard Leirvik and reaffirms strategic direction
On 13 November, Eqva entered into a sales agreement with Tersan Shipyard to
divest its shipyard Havyard Leirvik. Tersan Shipyard is a leading global
shipbuilder located in Turkey, which has a clear ambition to further strengthen
its position in Northern Europe, with Havyard Leirvik as steppingstone. 

Tersan is buying all shares in Havyard Leirvik Holding AS, including its
subsidiaries Havyard Leirvik AS and Havyard Leirvik Eiendom AS. The transaction
is settled by NOK 30 million in cash. The profit from the share sale will be
booked as financial income in Eqva's accounts, with effect in Q4 2023. 

The transaction allows Eqva to concentrate on further development of its
portfolio companies BKS and Fossberg Kraft. Additionally, as an investment
company and active owner, Eqva will be targeting new investment opportunities
that contribute to the green transition in maritime, power intensive and
renewable industries.


Outlook
Eqva's robust order book bodes well for the last quarter of 2023 and into 2024,
with sustained high activity expected in the Products, Services & Renewables
segment. Additionally, the group will continue to seek new M&A opportunities.

A presentation of the results will be held by CEO Erik Høyvik and interim CFO
Ask Haukaas, alongside the Chair of the Board Even Matre Ellingsen, today. The
presentation will be available on the company's web site www.eqva.no and
https://vimeo.com/webinars/events/f439b041-804d-4a05-9052-b5af8669ff2c from
09:00 CET.


For more information, please contact: 
Erik Høyvik, Chief Executive Officer: +47 916 83 173
Ask Haukaas, Interim Chief Financial Officer: +47 478 92 539
Even Matre Ellingsen, Chairman of the Board: + 47 990 05 500


Eqva ASA in brief
Eqva ASA is a knowledge-based active owner of engineering, construction and
service companies that contribute to the green transition in maritime, power
intensive and renewable industries. 

The group has a well-diversified product and market portfolio, and further
growth will be established through a combination of company-based development,
utilization of synergies between the companies in the group as well as
value-creating M&A activities. 

Key companies in the group are BKS and Fossberg Kraft, each building on decades
of experience and widely recognized by clients in a broad range of industries. 

Read more on www.eqva.no


This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

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© Oslo Bors ASA, source Oslo Stock Exchange