From Crisis to Positive Numbers
In a tough industry, BOA points to another quarter of revenue growth: In the first half of the year, operating revenues are as much as 90 million higher than at the same time last year. And that only a few years after the bankruptcy threatened the company.
The oil crisis in 2014 has left a challenged industry. After a gloomy 2017, BOA Offshore AS was on the verge of bankruptcy, and a financial restructuring was necessary to save the company. In 2020, a further restructuring was initiated, including a new strategy. This strategy should prove to give good results.
Recruiting to Offer Breadth
To create growth in the barge and project activity, BOA has invested heavily in recruiting and strengthening its competence.
– What sets us apart from others is that we have in-house engineers and maritime project expertise. CEO, Helge Kvalvik, points out that it is this breadth and ability to offer the full range and complete services that makes BOA unique.
– Through the crisis, we created a niche in order to make money. We are not so dependent on oil and gas; a significant part of the turnover is from other industries and renewable energy, says Kvalvik.
BOA is now experiencing high demand in the market. The process of hiring more engineers and project managers is ongoing.
– The new strategy that has been put in place means that we believe in the future because it ensures that we grow in the area that is our niche, he says.
– Especially on barges, BOA has a unique position.
The Financial Reports
The group’s operating revenues in the first half of 2021 are NOK 455 million (NOK 365 million in the same quarter in 2020). Operating profit before depreciation (EBITDA) was NOK 120 million (NOK 103 million). Net financial items were NOK -36 million (NOK 215 million) and the net result was NOK 9 million (NOK 247 million). Net financial items and profit in 2020 were affected by restructuring effects.