A good year for Moreld
In 2021, Moreld had a year with good strategic progress on our industrial plan with restructuring, refinancing, and a new corporate structure. Company revenues reached 5 billion NOK in our first full year as a corporation – where we had robust growth despite the pandemic and delays of several large projects in the oil and gas industry.
Moreld delivered an EBITDA of 166 mNOK, a reduction compared to 2020, mainly due to restructuring costs, weaker margins in some segments and significant investments in new companies to strengthen our future growth profile in renewables and sustainable industries. The operating result was -83 mNOK, a reduction in losses by 50% compared to the year before.
Impairments of 7 mNOK was related to the Life-cycle division and Agility, compared to 184 mNOK in 2020, including an impairment of Deepwell of 155 mNOK.
Strengthened the balance sheet
Moreld refinanced the company and strengthened the balance sheet significantly. By year-end the debt had been reduced to 600 mNOK, compared to 1,3 billion NOK in 2020.
«In 2021 we restructured the group, refinanced, and implemented a new corporate structure. It was a good year for Moreld with strong progress on our industrial plan, says CEO Geir Austigard, who wants to highlight three areas:
- The solid order intake with several large contracts being won
- The stronger balance sheet with large debt reductions
- The three new companies established with a very positive reception in the market, providing Moreld with a strong foothold in sustainable industries
Leading in the energy transition
Moreld puts ESG (Environmental, Social & Governance), including health, safety, and the environment as priority number one. Moreld had 8 lost time injuries during the year. We have worked systematically to improve and reach our 0-vision.
Moreld has developed industry-leading solutions for decarbonizing the energy industry. We helped our customers to reduce their emissions by 188.000 tons during the year. We also cut our own emissions by 17% (scope 1 og 2), compared to 2020. Since the start, Moreld has worked systematically with the low-carbon agenda and collaborated well with our customers to achieve a 33% cut in emissions (scope 1,2 and 3). The result makes us proud, and we stay committed to continue with full force.
Moreld are an industrial company with strong expertise within oil, gas and renewables. We employ more than 3000 people through recognized brands like Apply, Global Maritime, Karsten Moholt and Ross offshore. After we implemented the new corporate structure, we have been able to better utilize our expertise across companies and work as integrated and cross-functional teams. Our customers have benefitted from strong expertise in many areas and during the year we further strengthened our professional centers of expertise to manage the challenges of the energy transition even better.
Moreld’s vision is to enable the energy transition. This means we support transition to new and sustainable industries through establishing new companies and providing decarbonizing solutions to the oil and gas industry. Moreld established three new companies in 2021; Moreld Ocean Wind, Moreld Aqua and the digital company btwn.
Financial results in MNOK:
*Time period April 1 to year-end 2020.