Endúr : Expects to report record high revenues

On 16 November 2021 Endúr ASA (the «Company») will issue its full financial results for and per Q3 2021. Preliminary, for Q3 2021 the Company expects to report revenues of approx. NOK 566 million, Endúr's highest quarterly revenues ever, both actual and proforma, and adj.

EBITDA of approx. NOK 64 million, which constitutes a material improvement on previous quarters. NIBD per Sept. 30, 2021, was NOK 888 million, as compared to NOK 989 million per June 30, 2021. The Company is in compliance with all financial covenants as defined under its bond loan agreement per Q3 2021. Group order backlog per Q3 was NOK 2,2 billion.

As the Company's preliminary financial results for Q3 2021 represent a material improvement on this year's previous two quarters, both actuals and proforma, and insofar as this significant improvement is not reflected in the market's expectations, the board of directors has resolved to early communicate some key financial highlights through this stock exchange announcement.

A preliminary adj. EBITDA of approx. 64 million in Q3 21 is a substantive increase on previous quarters; NOK 22.9 million (proforma) in Q1 2021 and NOK 37.2 million in Q2 2021. Proforma adj. EBITDA in Q3 2020 was NOK 59.4 million. Preliminary, EBIT for Q3 2021 was approx. NOK 24 million, as compared to NOK -38.2 million and NOK -7.0 million in Q1 2021 (proforma) and Q2 2021 respectively.

Activities in both the Company's main operating and reporting segments - marine infrastructure and aquaculture solutions - have contributed positively towards the improvement in the quarter.

In terms of new notable prospects and contracts, the Company's wholly owned subsidiary Endúr Maritime has entered into an extension agreement with Equinor for maintenance of auxiliary power supply systems on Equinor's offshore installations in the North Sea. The agreement runs through 2024 and is strategically important for Endúr Maritime's activities.

Furthermore, the Company's wholly owned subsidiary Artec Aqua has signed a turnkey agreement with Råknes Gård, Sjømat AS for the development of a grow-out farming facility for spotted catfish (Norw. "flekksteinbit") on the Ylvingen island in the Vega municipality in Nordland county. The agreement, which is subject to the developer obtaining the required license and financing, is a partnership agreement (Norw. "samspillsavtale"), and comprises project development, license application, regulatory matters, engineering and construction of a turnkey farming facility. The project has an expected total cost of NOK 750 million.

Artec Aqua has also signed an LOI with Eco Seafood for project development, engineering and construction of a planned land-based 40,000 mt. capacity on-growth salmon farming facility at Kråkøya in Nærøysund municipality in Trøndelag.

«Endúr delivers a good result in Q3, with an EBITDA margin in line with our ambition of 10-12%. Adj. EBITDA was some 8% higher than the proforma corresponding quarter in 2020. More importantly, the recent quarter marks a significant improvement on the two previous quarters», says CEO Jeppe Raaholt. «Q3 is only the second full quarter where the Company has owned and operated all the subsidiaries and activities that today comprise the Endúr group, we are pleased with the positive operational and financial development, and particularly that this is reflected throughout the group's main activities and reporting segments».

Raaholt continues: «We see apparent potential for further improvement, in both operations and profitability, but on the back of an unsatisfactory Q2 we are greatly encouraged by both the positive development, our strong order backlog and the continued favourable outlook for our main operations. This is illustrated by our signing of new significant contracts that will be quantified and added to our backlog as soon as relevant conditions have been lifted. Importantly, a further positive development is that we have reduced our net interest-bearing debt by approx. NOK 100 mill over the third quarter, even though the higher activity level ordinarily would involve increased working capital requirements».