Well attended Q4 presentation

CEO Per Christian Grytnes, left and CFO Tom Henrik Sundby, right during the presentation of Fourth Quarter 2018 results in Oslo, Norway.

The Fourth Quarter 2018 Magseis Fairfield ASA result was presented today in Oslo, Norway by CEO Per Christian Grytnes and CFO Tom Henrik Sundby.
20 participants attended the presentation and quite a few through the live webcast.

Highlights of the Q4 2018 report are:

  • MUSD 233 acquisition of Fairfield completed, MUSD 145 of equity raised in private placement at market
  • Magseis Fairfield total backlog of MUSD 418 (FY2019 MUSD 388)
  • Signed a MUSD 150 technology sale to Chinese BGP Offshore
  • Revenue of MUSD 76.2 compared to MUSD 4.8 in Q417 and MUSD 16.0 sequentially
  • EBITDA of MUSD 8.0 compared to MUSD -4.5 in Q417 and MUSD -0.5 sequentially
  • EBIT of MUSD 0.1 compared to MUSD -8.0 in Q417 and MUSD -4.7 sequentially
  • Net profit of MUSD -2.0 compared to MUSD -9.8 in Q417 and MUSD -5.9 sequentially
  • Cash flow from operations MUSD 9.1 compared to MUSD 2.4 in Q417 and MUSD 7.6 sequentially

Moments after the presentation, Magseis Fairfield published a press release, announcing a letter of award for a North Sea project. The Press release is available at Oslo Stock Exchange.

The report and presentation, as well as a recording of the webcast is available here.

Magseis Fairfield presented certain clarifications with respect to the effect of the sales of nodes to BGP Offshore on the financial statements for Q4 2018 and the expected effect on the financial statements for 2019 at DnB Market’s 12th Annual Oil, Offshore & Shipping Conference. Read the Press Release here.

You will find the presentation held at DnB Market’s 12th Annual Oil, Offshore & Shipping Conference on our Investor Presentations page, here.