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Third quarter 2021 interim financial results


25 November 2021 – Nekkar ASA (Nekkar) reported revenues of NOK 128 million in the third quarter, an increase of 30 percent from the same quarter last year (Q3 2020: NOK 98 million). Operational EBITDA was NOK 39 million, an increase of 179 percent from the same quarter last year (NOK 14 million), equivalent to an operational EBITDA-margin of 30.9 percent (13.8%). The group’s order backlog stood at a healthy NOK 948 million at the end of the quarter.
“Nekkar delivered another strong quarter, continuing the trend we have seen in 2021. Year-to-date our revenues are up 50 percent versus the same period last year, and our operational EBITDA result has almost trebled in the same period. The numbers reflect continued solid project execution in our Shipyard Solutions business area,” says Preben Liltved, CEO of Nekkar.


Order intake in the quarter was NOK 69 million (264), of which the majority was related to service and upgrade awards, plus one smaller newbuild contract in the Shipyard Solutions business area. At the end of the third quarter, Nekkar’s order backlog stood at NOK 948 million (NOK 1,297 million), which is marginally down from NOK 975 million at the end of the second quarter 2021.

“We are very pleased to see that our efforts to grow our lifecycle services are yielding results. We have a global installed base of more than 200 shiplifts but have not until this year tapped properly into this market, which represents significant growth potential for Nekkar. Moreover, we are starting to see positive signs in the global newbuilding market, where Covid-19 has put contract awards on hold for a long time,” says Preben Liltved.

Nekkar reported revenues of NOK 128 million in the third quarter 2021, up from NOK 98 million in the same quarter last year. The company’s operational EBITDA was NOK 39 million (NOK 14 million), equivalent to an operational EBITDA-margin of 30.9 percent (13.8%). Operational EBITDA excludes losses/gain on foreign exchange contracts not qualifying for hedge accounting. Reported EBITDA was NOK 37 million, up from NOK 14 million in the third quarter last year. EBIT ended at NOK 36 million in this year’s third quarter, an increase from NOK 14 million in the same quarter last year. Nekkar had no interest-bearing debt at the end of the third quarter.


The foundation of Nekkar’s business is superior engineering, electrification, automation, and digitalisation competence. Nekkar applies this competence as levers to develop disruptive technologies that can make high-growth industry sectors – such as aquaculture and renewable energy – even more sustainable, productive, and profitable.

Nekkar is currently involved with two such impact technology development projects: The Starfish closed fish cage and the SkyWalker wind turbine installation solution. Both projects have progressed as planned during the third quarter.
Starfish’s full-scale circulation system has been successfully tested during the third quarter, with tests still ongoing. Nekkar is also currently testing the filtering system, which is showing promising results based on the initial test results. The plan is to build a full-scale Starfish fish cage in 2022.
During the third quarter, Nekkar completed the development of a 1:20 model of the SkyWalker wind turbine installation tool. This is a disruptive installation technology that could significantly reduce the cost and environmental footprint associated with wind turbine installations. Final assembly with electronics and software testing will be conducted until the first quarter 2022.
“Interest level in Starfish and SkyWalker remains very high. Solid progress and positive test results help to fuel further interest in both technologies,” says Preben Liltved.


Subsequent to the third quarter, Nekkar’s subsidiary company, Intellilift AS, established a joint venture company (JV), named Inteliwell, together with a subsidiary of Transocean Inc. for the purpose of commercialising software-based products and services enabling digital well construction. The solutions will also be available for third parties in the industry and are currently being developed in cooperation between the JV partners. Intellilift will hold a 33.33 percent ownership in Inteliwell.

Inteliwell’s digital well construction solution will integrate digital systems for well construction, drilling control and real-time data monitoring. The software solution interfaces with the drilling rig’s control system to autonomously execute tasks outlined in the well plan, serving to expedite the well construction process.
“The JV’s intention is to package software technology into Inteliwell and offer a complete solution to rig operators and oil companies. This creates a great foundation for Intellilift to generate platform fees and SaaS revenues,” says Preben Liltved.