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

People & Company News

AEU Presents Safety Awards

The American Equity Underwriters, Inc. (AEU) presented its 2014 Safety Awards at the annual American Longshore Mutual Association, Ltd. (ALMA) Conference on July 19, 2015, in Key Biscayne, Fla.

Hapag-Lloyd Names Haeser Next CCO

Container shipping line Hapag-Lloyd AG’s supervisory board has appointed Thorsten Haeser as a new executive board member in charge of Hapag-Lloyd’s global sales

MARAD to Host Meeting on Proposed Delfin LNG License

MARAD Announces Public Scoping Meetings for Proposed Delfin Liquefied Natural Gas Deepwater Port Export Facility.   On July 29, the Maritime Administration

Offshore

Activists Block Shell's Arctic Drilling Quest

Greenpeace protestors dangling from a bridge on Thursday in Portland, Oregon, halted an icebreaker that Royal Dutch Shell needs in northern Alaska before it can

MOL Wins Eco Awards in California

Mitsui O.S.K. Lines, Ltd. earned recognition from the ports of both Los Angeles and Long Beach, California, today, for its efforts to ensure compliance with

Mexico to Postpone Deep Water Auction

Mexico, which has started to open its nationalized oil industry to additional private investment, will postpone auctions for deep-water oil exploration and production

Finance

Substantial Demand Underscores Need for TIGER Grants

U.S. Transportation Secretary Anthony Foxx has announced that applications to the U.S. Department of Transportation for its seventh round of Transportation Investment

Diana to Acquire Two Post-Panamax Containerships

Diana Containerships Inc. announced that yesterday it signed, through two separate wholly-owned subsidiaries, two Memoranda of Agreement to purchase from an unaffiliated

Intelsat Records $598 mln Q2 Revenue

Satellite services provider Intelsat S.A. has reported total revenue of $598.1 million and net income attributable to Intelsat S.A. of $60.2 million, or $0.47 per common share on a diluted basis,

 
 
Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Salvage 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: 0.3745 sec (3 req/sec)