Magseis Fairfield has reported revenue of $84.3 million and a gross profit of $25 million in the third quarter 2021, driven by more projects and improved project mix.
Magseis Fairfield has reported revenue of $84.3 million and a gross profit of $25 million in the third quarter 2021, driven by more projects and improved project mix. EBITDA increased to $19.7 million from $14.3 million in the previous quarter and $10.4 million in Q3 2020.
Operating profit was $4 million and net profit after tax was $0.6 million. The company has a cash holding of $26.2 million, and available cash of $41.2 million including undrawn RCF.
Magseis Fairfield reported three contract wins to bring its order backlog to $247 million at end September.
In the quarter it introduced Echova, the first OBN technology platform, which started deployment in 2022 and carried out a pilot project over a windfarm area in Denmark.
‘We see growth opportunities as the current energy market indicates a need for increasing investments from our customers going forward. Our new Echova OBN technology platform will enable us to take a larger part of the value creation in this market. In the third quarter, we continued the execution of our renewables strategy, and successfully mobilized and completed a pilot project over a windfarm area in Denmark, and are continuing to develop new opportunities in the renewables space,’ said CEO Carel Hooijkaas in Magseis Fairfield.
The company predicts 15% market growth in 2022. ‘Key opportunities remain in Europe, the Americas and Asia. Looking further ahead, the company sees 20% average annual growth in greenfield investments in 2022-25, with Magseis Fairfield uniquely positioned to offer OBN solutions into this growth market, the company said in a statement. ‘Magseis Fairfield also sees multiple tendering opportunities for renewables projects in 2022.’
