Bergen Group – Interim Report for Q3 2014
Time：2014-11-13
Browse：54
CEO Asle Solheim says that the key figures for the 3rd quarter form the basis for a realistic optimism regarding the future outlook.
“We are now out of the unprofitable shipbuilding activity, and are able to fully concentrate on our ambitions towards further profitable growth within Offshore and Services. Here we have been able to increase the order backlog significantly for the last few quarters. In addition, we see improvement in the profitability of the companies that we now will develop further”, CEO Asle Solheim explains.
In the 3rd quarter Bergen Group had a positive operating profit before tax and depreciation (EBITDA) on the Group’s total activities within Offshore and Services. These segments have increased order backlog from NOK 86 million to NOK 578 million since year end.
“The figures show we are heading in the right direction when it comes to developing a robust platform being the foundation for profitable operations in quarters without large rig projects as well”, the CEO points out.
The negative macro signals indicating a reduction in offshore activities on the Norwegian Continental Shelf are not expected to have a major impact on Bergen Group in the coming quarters. The tender activity has increased in the latter half of 2014 compared to the corresponding period last year, and the potential for growth for various offshore and yard related activities are considered to be relatively good.
“In addition, Bergen Group will continue the work on further developing the Group’s capacity and competence connected to complex maritime service operations. This focus has a solid order intake during 2014, and improved profitability within a segment that traditionally has struggled with satisfactory earning”, says CEO Asle Solheim.
Bergen Group is currently assessing various alternatives regarding long-term funding of the Group’s growth ambitions, and expects to finalise this work during the 1st quarter of 2015. In this connection, strategic measures will be evaluated as a part of the process.