Scana — Earnings Release 2022

Nov 4, 2022

Scana ASA - Third quarter results 2022 – Strong demand for sustainable energy solutions generated record revenues

Scana ASA - Third quarter results 2022 – Strong demand for sustainable energy solutions generated record revenues

Bergen, 4 November 2022: Scana’s revenues reached a new all-time high in the third quarter. Revenues increased by 10 per cent from the previous quarter to NOK 227 million, while EBITDA was NOK 20 million, representing an EBITDA margin of 9 per cent.

The Energy business area represented 49 per cent of revenues and was the major contributor to the revenue growth.

“We see a rapidly growing demand for our solutions within electrification and renewable energy. At the same time, we enter new markets and expand our product portfolio. During the quarter we launched a hydrogen-based shore power solution and won sizeable contracts for our new mobile battery systems,” says Styrk Bekkenes, CEO of Scana.

The order backlog sustained at a record high level of NOK 447 million. The order intake for the quarter was NOK 214 million, compared to NOK 270 million the previous quarter. The order intake represents a book-to-bill of 0.9 times.

Scana is organised in three business areas: Offshore, Energy and Maritime.

“There is high tendering activity across all business areas with substantial contracts expected to be decided in the coming months. For the business area Offshore, the order backlog grew at a slower rate than expected in the third quarter, due to customers postponing investments and purchasing services. This is expected to reverse as deferred orders are placed,” continues Bekkenes.

Please find enclosed the interim report and the highlights for the third quarter 2022.

Visit Scana’s website to find a summarised video presented by CEO, Styrk Bekkenes:

https://scana.no/news/third-quarter-results-2022

For more information, please contact:

Styrk Bekkenes, CEO, +47 40 40 35 20, styrk.bekkenes@scana.no

Torvald Ulland Reiestad, CFO, +47 97 98 78 95, torvald.reiestad@scana.no

Anette Netteland Dybvik, Head of IR and Investments, +47 416 67 787, anette.dybvik@scana.no

Scana in brief

Scana is a listed industrial owner company in the ocean industries creating value through active ownership in market-leading portfolio companies. Our vision is to accelerate decarbonisation of the maritime and offshore sector by being a driving force in electrification and emission reduction solutions. Scana’s portfolio companies have a solid innovation and commercialisation history based on core competence in selected niches. Scana is headquartered in Bergen and has around 350 employees. www.scana.no