Photo: Rolf Estensen

MHWirth employee. Photo: Rolf Estensen

MHWirth reported revenues of NOK 1,113 million in the third quarter, an increase of 48 percent year-on-year.

The EBITDA for the third quarter was NOK 133 million, giving an EBITDA margin of 11.9 percent.

“In an offshore rig market that is still struggling with overcapacity, MHWirth delivered strong revenue growth of 50 percent in the third quarter. A solid EBITDA margin of 11.9 percent in MHWirth reflects that the restructuring measures in the company have been successful,” says Akastor CEO Karl Erik Kjelstad in a press release.

Akastor, owner of MHWirth, reports that the Projects business area continues to grow as several projects are in a delivery phase. The market outlook for newbuilds remains challenging with current oversupply of rigs, although there are some niche projects in the market.

The Products business area has more than doubled their revenue year-to-date compared to one year ago. The business segment has experienced particularly strong demand from onshore and non-oil market segments.

Revenue for the aftermarket business area (DLS) increased sequentially driven by high activity on overhaul and SPS in the third quarter. MHWirth expects the high activity level to continue into the fourth quarter.

Lastly, Digital Technologies, a new business area within MHWirth, has seen rapidly increased demand for the DEAL digital platform and is scaling up to meet the demand from clients. Three new DEAL automation systems were installed in the third quarter, increasing the installed base to five rigs in operation.

April 18th 2024

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