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Solid results from Grenland Group
In the first quarter of 2009, Grenland Group achieved revenues of NOK 393.5 million and an EBITDA of NOK 22.4 million, which is about on the same level as the first quarter last year. The EBITDA margin in the first quarter was 5.7 %, compared to 5.6 % in the first quarter of 2008.
- We are satisfied to be able to deliver solids result in spite of the global financial turmoil, the decreasing oil price and a challenging market situation. The bidding activity has been high in the first quarter, and we expect higher order intake further on in 2009, says CEO Terje Uthus in Grenland Group.
The company has a total balance of NOK 795 million and a net interest-bearing debt of NOK 144 million at the end of the first quarter of 2009. The equity ratio was 33.3 %, which is an improvement from 30.4 % by the end of 2008.
The order backlog amounted to NOK 1 110 million by the end of the first quarter, versus NOK 1 215 million at the end of fourth quarter 2008. The order backlog is primarily related directly or indirectly to large oil companies and the counterparts are considered to be solid.
Please see the enclosed first quarter report (in Norwegian only) and presentation for further details.
For more information, please contact:
CEO Terje Uthus, tel. + 47 95 02 83 40
CFO Steffen Føreid, tel + 47 93 09 76 31
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