Kongsberg Maritime Swings to Profit

Egil Haugsdal: President of Kongsberg Maritime

Kongsberg Maritime (KM) has reported third-quarter 2017 revenues at NOK 1.81 billion, relatively flat with NOK 1.85 billion in the corresponding period in 2016.

Kongsberg’s largest business area has seen order intake in the quarter at NOK 1,67 billion, resulting in an accumulated order intake at quarter end of NOK 5,64 billion.

For the first nine months of 2017, KM generated revenues of NOK 5.55 billion, almost NOK 1 billion less from the corresponding comparable period. According to the company, revenues are expected to stabilize in 2018, and profitability should gradually improve.

EBITDA was NOK 176 million, with margin of 9.7 percent, compared to negative NOK 255 million same time last year, and negative margin of 13.8 percent.

Kongsberg Maritime reported order backlog of NOK 4.9 billion, against NOK 5.2 billion at the end of Q2 2017.

Number of employees at KM was reduced by 55 since June 30, 2017, and by 336 since end-2016.

“Kongsberg Maritime has in the last two years carried out significant organisational changes and capacity adjustments that are beginning to yield improved profitability. This restructuring has been necessary both in dealing with lower demand in certain markets and at the same time due to intensified competition. Some markets are still challenging, but we expect the new organisation and business model to make Kongsberg Maritime more robust and better adapted to the current market situation and expected future development. We are continuing to take strategic positions with new concepts and focusing on segments with growth, and see considerable opportunities ahead of us,” says Geir Håøy, president & CEO.

As a Group, Kongsberg generated profit after tax on NOK 79 million, on revenue of NOK 3.28 billion, versus loss of NOK 144 million on revenue of NOK 3.43 billion.

Share this article

Follow Subsea World News

Events>

<< Oct 2017 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Oceans of Knowledge 2017

An event exploring how ocean observations improve ocean,weather and climate prediction enabling better informed business decisions at sea, on land and in the air…

read more >

4th annual Caspian Technical Conference and Exhibition

This year’s theme “Chasing the Margins,” will explore the issues currently faced by the E&P industry in Azerbaijan and the broader…

read more >

Oceanology International China

Oceanology International China is the only forum in Asia where industry, academia and government share knowledge and connect…

read more >

Deepwater Operations Conference & Exhibition

The Deepwater Operations Conference and Exhibition provides a unique experience for attendees and exhibitors to share…

read more >