Third Quarter Results 2020
MHWirth reported revenues of NOK 735 million in the quarter, a decrease of 37 percent year-on-year. EBITDA for the quarter was NOK 71 million, giving an EBITDA margin of 9.7 percent.
Digital Technologies continues to receive good traction in the market for its digital solutions, focusing on automating and increasing efficiency of rig operations.
“Despite a challenging market, all our industrial holding companies continued to deliver positive contribution also in the third quarter. We are happy to see that MHWirth maintained its EBITDA margin at around 10 percent, despite a drop in revenues following lower activity within Projects and Products, demonstrating again the importance and robustness of the service business. Going forward, focus for MHWirth is on aligning its cost base with market activity level. Further, we are excited by the merger between NES Global Talent and Fircroft, creating a leading company within engineering staffing and forming a solid basis for growth as the market improves.”
Akastor CEO Karl Erik Kjelstad
Third Quarter highlights and presentation – link to akastor.com