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First quarter 2024 financial results


16 May 2024 – In this year’s first quarter, Nekkar ASA (Nekkar) delivered 50 percent increase in revenue and 33 percent higher EBITDA compared to the same quarter last year. Revenue was NOK 152 million (101) and EBITDA ended at NOK 30 million (23), equivalent to a margin of 20 percent (22.6).

“A solid financial result driven by good project execution across our three revenue-generating businesses Syncrolift, Techano Oceanlift and Intellilift. We are constantly chasing improvements and we believe our financial results reflect these efforts,” says Ole Falk Hansen, CEO of Nekkar.

Order intake in the first quarter 2024 was NOK 188 million, significantly higher than the same period last year (27). Contract wins in the quarter include a USD 5 million basic engineering design project for ASMAR in Chile, a five-year maintenance contract with an Indian naval shipyard, and a USD 8 million contract to deliver additional ship transfer systems to Dubai Maritime City.

Nekkar’s order backlog increased to NOK 888 million at the end of March 2024 (832). This is the highest backlog level since the third quarter of 2022, on the back of two recent quarters with solid order intake.

“Moreover, the job for ASMAR in Chile includes an option for delivery of a shiplift and ship transfer system worth approximately USD 24 million, which is not part of our current backlog. Delivering a high-quality engineering design project is therefore top priority for Syncrolift in 2024,” adds Falk Hansen.

Nekkar reported revenue of NOK 152 million (101) in this year’s first quarter. EBITDA was NOK 32 million (23), equivalent to an EBITDA margin of 20 percent (22.6). EBIT was NOK 28 million (20). Cash flow from operations was NOK 31 million in the quarter. Nekkar’s balance sheet is strong with NOK 197 million in cash, no interest-bearing debt, and an undrawn NOK 200 million credit facility as of 31 March 2024.


Nekkar’s most mature business, Syncrolift, which is the world’s leading supplier of shiplifts and ship transfer systems, delivered revenue of NOK 126 million (93) in the first quarter of 2024. The two businesses categorized as “growth companies” in Nekkar’s portfolio, Techano Oceanlift and Intellilift, delivered first quarter revenue of NOK 22 million (0) and NOK 8 million (10), respectively. The Nekkar portfolio delivers consistent high EBITDA margins.

“The InteliWell joint venture is gradually attracting international recognition due to its ability to improve efficiency of offshore drilling operations. InteliWell’s first customer, Transocean, has publicly spoken highly of the benefits of the system’s automation capabilities, while an undisclosed supermajor is conducting trials in the Gulf of Mexico. We are encouraged by the market’s reaction to InteliWell’s solutions,” says Ole Falk Hansen.


Nekkar will hold a live webcast presentation today at 08:00 CET. The presentation can be viewed from this URL:

The presentation material can be found here.


In addition, Nekkar will hold a physical presentation at 12:00 (CET) today at Clarkson Securities AS, Munkedamsveien 62C, 0270 Oslo. Attendees can register their attendance with