Stavanger, 19 December 2024
The listing followed the company’s recent raise of about NOK 1 billion in new equity through a share issue, which implied a post-money equity value for the company of approximately NOK 2.55 billion. Proceeds will be used to repay debt and for general corporate purposes.
“The listing is an important milestone for Moreld and means that investors from Norway and abroad can now buy shares in the company on a public marketplace. Investors become co-owners of what thousands of employees have created together with and for our customers, and they get to share in our exciting plans for the future,” says Geir Austigard, CEO of Moreld.
The company has an attractive and asset-lite business model, which generates strong cash flow. The company intends to maintain moderate debt levels going forward, which means that the company is positioned to pay dividends and seek to provide an attractive balance of growth and income for investors.
“The company has seen rapid growth over the past few years, and with almost NOK 9 billion in revenue, an estimated NOK 1.0-1.1 billion in EBITDA[1] for this year and an order backlog of approximately NOK 10 billion, the company is well placed to benefit from access to capital and market visibility on a public market,” says Austigard.
“The group has a history dating back almost fifty-years, but the recent past has been an exciting period, following the acquisition of Ocean Installer earlier this year. The listing is a natural evolution for our company.” Added Austigard.
Moreld is a leading offshore engineering group servicing the energy and marine industries, with headquarters in Norway and with global operations. The company’s shareholder base comprises respected industrial and financial investors, including McIntyre Partners which owns approximately 29 percent of the shares at time of listing and participated with an order of c.NOK134 million in the placement.
Moreld comprises three wholly owned subsidiaries. All three are well-known and highly respected names in the industry:
Apply provides maintenance and modification services on offshore oil and gas platforms in the Norwegian continental shelf, as well as servicing renewable projects, including carbon capture, hydrogen, and offshore wind.
Ocean Installer provides subsea installation services for offshore oil & gas developments. The company operates within the SURF, mooring, renewables and IRM segments.
Global Maritime is a marine, offshore and engineering consultancy supporting the energy transition in the offshore energy and marine industries, with c.45 percent of revenues derived from renewable projects. For more information, please see the company’s web page www.moreld.com
[1] EBITDA = Earnings Before Interest, Taxes, Depreciation and Amortization excluding IFRS 16.