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 January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Zamakona, Finnish GS-Hydro Ink Deal

The presentation ceremony of the Finnish multinational leader in water services GS-Hydro, new partner of Zamakona Yards in Canarias was held yesterday (January 29th at 7 p.

Naval EXPO Coming to Washington

For the first time ever, the general public will be admitted free to the Naval Future Force Science and Technology EXPO general exhibit hall Feb. 4-5 where they

Adani Group Revamps Businesses

Adani Enterprises Limited together with its subsidiaries Adani Ports and Special Economic Zone Limited (“APSEZ”) and Adani Power Limited (“APL”) today announced

Offshore

Sjo Resigns from Polarcus Board of Directors

Polarcus Limited announced that Hege Sjo will resign from its board of directors effective February 2, 2015.   Sjo has accepted an appointment as Deputy Director

BOEM Issues Supplemental Environmental Impact Statement

The U.S. Department of the Interior, Bureau of Ocean Energy Management (BOEM), announces the availability of the Draft Supplemental Environmental Impact Statement

Europe's Offshore Wind Capacity Growing

New capacity edges down 5 pct from record 2013; industry body forecasts stable growth over 2015/6. Europe's offshore wind capacity kept up a steady rate of growth

Finance

Adani Group Revamps Businesses

Adani Enterprises Limited together with its subsidiaries Adani Ports and Special Economic Zone Limited (“APSEZ”) and Adani Power Limited (“APL”) today announced

PHA Budgets $ 275 mi for Capital Improvements

In 2015, the Port of Houston Authority has budgeted $275 million for various capital improvement projects. About $184 million is being allocated to its container

Shippers Must Monitor Greek Government Changes

Moore Stephens says shipping must monitor developments in wake of Greek government change   International accountant and shipping adviser Moore Stephens says

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Port Authority Salvage Ship Repair
rss | archive | history | articles | privacy | terms and conditions | 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: 0.2005 sec (5 req/sec)