Charter revenues for the full year were NOK 542 million. EBITDA was NOK 234 million, corresponding to an EBITDA margin of 43 percent, an increase of 40 percent compared to the previous year.
The overall operating profit for the year was NOK 497 million, compared to NOK 40 million in 2021. The difference is largely due to the reversal of previous write-downs of NOK 332 million, following the improvement in the company's situation and the market development.
“The numbers document that our long-term restructuring strategy has been correct, and that Olympic has recovered. We have entered, or are in the process of entering, into contracts within both renewable energies and oil & gas for a combined value of more than NOK 2 billion,” says principal owner and chairman of the board, Stig Remøy.
The group’s balance sheet shows a strong development in 2022, with the shareholder’s equity improving by more than NOK 0.5 billion, to NOK 312 million compared with negative NOK 200 million in 2021.
“We are expecting the equity and the company’s total value to continue growing because of the market situation and the new restructuring agreement,” says Remøy, who is the group’s majority owner through his investment company SRR Invest AS.
The company’s positive figures are announced the day after an extraordinary general assembly decided to add new equity in the form of a cash deposit of NOK 140 million. In addition, NOK 55 million in shareholder loans have been converted into shares. These initiatives will further strengthen the equity in first quarter 2023.
Olympic Subsea has thus fulfilled the conditions for a new restructuring agreement with the creditors, with a duration until 31 March 2026. Through the new agreement, Olympic will retain all its seven ships in the group. Installments on the company's debt are increasing, in line with existing and expected improvements in the market.
“All our ships are now fully active, and the values of concluded and expected agreements are at levels we have never seen before. We are very pleased to see that our early positioning towards renewables is now bearing fruit, supported by the general upswing in the subsea market,” says Remøy.
Olympic Subsea has management on three more ships, controlled by SRR Invest AS. Further, SRR Invest has contracted two newbuilds for the renewables and offshore wind industry, which are under construction at Ulstein. These are to be delivered during the spring and summer 2024.
Stig Remøy, Chairman of the Board
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