Pete Miller, Chairman of the Board of Directors at MHWirth.

MHWirth reports revenues of NOK 1 154 million in the first quarter, an increase of 20 percent year-on-year.

EBITDA for the first quarter was NOK 136 million, giving an EBITDA margin of 11.8 percent. Step Oiltools was transferred and consolidated in MHWirth from the first quarter.

Revenues from Projects & Products grew 13 percent compared with last year, driven by progress on larger projects. Uncertainty related to the market outlook has increased during the quarter due to lower oil price and continued rig overcapacity, affecting investment level of key clients.

Drilling Lifecycle Services & Digital Technologies revenues were NOK 620 million in the first quarter, an increase of 27 percent compared to last year. The key driver for this segment is the development in number of active rigs with MHWirth equipment, with more uncertainty going forward following recent market turmoil.

MHWirth saw a continued high activity level during the quarter within Digital Technologies, with focus on deliveries on existing contracts.