Nordic Conglomerate Posts 2012 Loss, Renegotiates Loan Terms

MarineLink.com
Monday, April 22, 2013

Scana lndustrier ASA, supplier of products & system solutions to energy-related businesses, including the offshore sector has released its 2012 financial report.

Scana lndustrier ASA has companies in Norway, Sweden, China, U.S., Poland, Singapore, Brazil and South Korea with the Group’s head office in Stavanger. Their key business is supplying products and system solutions to energy-related businesses. This encompasses oil and gas, other energy and marine businesses related to the offshore market.

Global recession caused a reduction in revenue in 2009 and 2010. 2011 did show a slight increase in revenue and 2012 ended on the same level as 2011. Revenue amounted to NOK 2,039 million with an operating loss of NOK 152 million. A write downs of goodwill and postponed tax benefits have charged the accounts with NOK 77 million.

The order inflow of NOK 1,965 million is a decrease of 16% compared with 2011. The order reserve at the end of the year was NOK 1,113 million.

Going concern
The challenges for the Group as a result of the financial crisis and the subsequent European debt crisis have been greater than the Group expected. This is due to the scope and duration of the market decline, coupled with a very strong Norwegian and Swedish Krone.

There is uncertainty as to whether the Group will be able to comply with the adjusted loan conditions related to EBITDA in 2013 and the market development. However, the Board assesses the Group to gradually regain profitability through a well diversified and niche oriented product portefolio that are leading in their market segments, and through ongoing and completed strategic and operational initiatives.  In this regard, the private placement, which was completed in February 2013, and the planned repair issue, combined with the adjusted loan conditions incl. a grace period in amortisations, are important.

The newly negotiated loan terms require that share issues with an aggregate net proceeds of NOK 135 million are implemented. Of this amount, a private placement with gross proceeds of NOK 100 million has already been completed. The subscription period for the subsequent repair offering of up to NOK 67.9 million will begin in early May.
 

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Ship as Lifeboat Concept Disputed by ICV

A recent meeting at the National Transportation Safety Board in Washington, D.C. (attended by International Cruise Victims (ICV) Board representatives) discussed

McDermott Elect G.P. Luquette Board Chairman

Provider of integrated engineering, procurement, construction and installation (EPCI) services for upstream field developments worldwide, McDermott International, say that Gary P.

Ill-Considered Energy Policies Threaten US Navy: Report

The United States government has pursued energy policies based on “the mistaken belief in the unproven science that claims carbon dioxide (CO2) emissions from burning

Offshore

BP Gulf Spill Trial Set For January

The high-stakes penalty phase of BP's trial over its role in the 2010 U.S. Gulf of Mexico oil spill will start next January, court officials said on Tuesday,

North Sea Maintenance Offsets Lack of Sales to Asia

North Sea Forties crude differentials were unchanged on Tuesday in light trade, supported by upcoming North Sea maintenance, but the forward curve weakened due

Saipem: A Fleet Grows in Brazil

As some pre-salt plays begin production, a wide range of subsea infrastructure is being built, with O&G transportation pipeline grids being one of the vital downstream systems.

Finance

Korean Prosecutors Raid Home of Ferry's Owner

Prosecutors investigating the fatal sinking of a South Korean ferry have raided the home of Yoo Byung-un, the head of a family that owns the Chonghaejin Marine Co.

UK Subsidises 8 Renewable Energy Contracts

The British government on Wednesday awarded investment contracts under a new subsidy regime to eight renewable energy projects, including five offshore wind farms and three biomass plants.

Two Navy Contracts for GD Bath Iron Works

Included in the latest listing of contracts awarded by the US Department of Defense, Navy, are two contracts with General Dynamics Bath Iron Works, Bath, Maine.

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Pipelines Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1314 sec (8 req/sec)