From Press Release

Environmental task at Fayard

We have just completed an environmental task at Fayard in Odense.

The Portuguese containership Victoria – which in February went aground northwest of Fynshoved and punched a hole in several tanks – is now in for repair at Fayard in Odense. Here we had an urgent task of helping to protect the dock and the environment from oil spill from the ship.

Norisols work consisted of covering parts of the dock with heavy plastic, so that oil pollution could be avoided. We worked fast and flexible Thursday, Friday, Saturday and Sunday and no less than 4,600 m² plastic was laid out and secured the 250m long and 44 m wide dock.

Even though the measurements were taken, the grounding still caused an oil slip in Storebælt and there was still around 200 tons of oil left in the ship’s tanks.

The majority of the remaining oil is now removed and Fayard is in the process of welding new steel, where the old steel sheets were ripped up.

Thanks to our talented and flexible employees, we could do the job on-time and resolve the issue for the client.

Call our specialized department: Poul-Erik Nielsen, Senior Project Manager, +45 25 25 92 02

 

 

 

Norisol had the best year ever and prepares for sale

2016 was the year, where a comprehensive turnaround-plan has proven to yield results. Despite a lower turnover the profit has been turned from a deficit to a double-digit million surplus.

In 2016, The Norisol Group achieved a turnover of 866 , which is lower than last year. However, the group achieved a higher profit before tax of 18.9 mill. DKK compared to -1.7 mill. DKK in 2015.

The decreased activity level is, partly, due to the market situation in Norway as well as to a strategic choice not to contract onshore fixed price projects with shipyards within the oil/gas segment with significant risks. Norisol Denmark has experienced an increased level of activity, and the profit has improved accordingly. Here, we see a promising order book and, especially, an increase in activities within the “Construction” market segment.

This is a result of the turnaround-plan implemented by Group CEO Carsten Hoeck.

Norisol faces a sound future based on profitability and competitiveness. We have become significantly better at optimising projects, so that they are performed in a way that creates value for both the customers and ourselves. The improvement is due to a focused effort to restore a sound financial position. Profitability has already increased, our risk profile is sound, and the quality of our order portfolio has increased significantly. In Norisol, we believe that involving customers, partners and suppliers will lead to a profitable business. Profitability comes before sales growth.  Says Group CEO Carsten Hoeck.

Risk Management Model

In 2016, Norisol introduced, and partly implemented, a new Risk Management Model. The board is supervising that the risk management and control systems are functioning correctly. This task has been delegated to the Executive Board, which is providing regular feedback to the board on both issues.

The Risk Management Model makes it possible to improve processes, perform risk assessments and prevent losses/risks.

Focus on Cash flow and NWC

Norisol has been focusing a lot on improving liquidity within the group. All project managers have participated in a Cash flow campaign in 2016. This has produced visible results and has improved the free cash flow in operations significantly by 42.2 mio. DKK.

At the same time, the group has achieved a substantial improved net working capital (NWC) by means of a reduction of the tied-up capital.

The Result of 2016

The turnaround-plan and the improvement of our professional platform shows visible results in 2016. For this reason, we consider the activities satisfactory.

Norisol has achieved significant improvements in relation to risk management, profitability and customer focus, and we are expecting further improvements within these areas. We have thus achieved good results in terms of sales, margins, and cash flows, each of which have exceeded the expectations of the beginning of the year.

In 2016, we had a revenue of 866 mio. DKK and the EBITDA was 49.3 mio. DKK, which corresponds to a margin of 5.7 %.

Financial ambitions towards 2020

 

During the duration of the strategy period 2017-2020, it is Norisol’s ambition to keep the revenue at the current level based on the shift of focus from volume to risk reduction and profitability. Simultaneously, we will be focusing on increasing the EBITDA margin further.

A good result preparing us for sale

Dansk Erhvervsinvestering, Maj Invest and Mogens de Linde bought Norisol in 2003 and have for some time been open for a sale of Norisol. We have now initiated the actual preparations for such a sales process. And we expect that already in a few months a potential buyer will be on the field.

“We are excited to start this process at such a good foundation, which we have now – both in terms of human resources in the organization and our excellent financial results. And I am sure that a new buyer will appreciate this forward. “Says Chairman Peter Lindegaard.

Result 2016

New bar on the ship Stena Germanica

The dancing restaurant on the ship Stena Germanica is very popular and therefore we were needed to renovate the worn out bar area.

Stena had some ideas about a new bar with new stainless refrigeration units, but required some creative solutions and designs. Thanks to our interdisciplinary cooperation (Project manager, foremen, joinery foreman and design department) we could present the perfect solution for Stena. The bar was made of various types of wood and with a 6meter counter top in solid walnut. The assembly of the bar was completed with our helpful colleagues in the Southern Region.

So now they will be dancing and having fun in the bar again on Stena Germanica!

Annual Report 2015

Norisol has turned major deficit from a loss-making project to a minor deficit for the Group. Cash-flow from operating activities was 40 million in 2015 compared to 28 million in 2014. Especially the performance of the Danish business has exceeded all expectations with a turnover above the high level from 2014 and an EBITDA margin of no less than 7% compared to 4.3% last year.

 

 

We have had a busy year with some major changes and the results are beginning to show. Our turnaround has not yet been completed, but in 2015 we have shown that Norisol has a sound future, based on profitability.

We have become significantly better at optimizing projects so that they can be executed in a manner that benefits both our customers and ourselves. In parallel with our work to complete the unprofitable projects, we are consistently building up a strong, forward-looking platform. We are particularly focusing on improving efficiency, organization and risk management.

As we set higher performance standards, we expect more from our human resources. We will continue to invest in our employees in order to make sure that we can continue to grow our company.

Loss-making project in Norway

The result for 2015 is largely influenced by the deficit of the Edvard Grieg project in Norway. The project was a contract on a fixed price basis. The work is performed at a shipyard onshore in the oil / gas segment, and the contract was highly unfavorable for Norisol Norway. It has led to the CEO in Norway has been replaced in 2015 and 2016 is expected to be a “reorganization-year”.

It has been decided that Norisol Norway in the future will not be taking on projects on fixed price conditions for onshore shipyards in the oil / gas segment with significant risks. We have an expectation that the Norwegian company has positive earnings in the future.

A major deficit in Norway has been absorbed in the activities for the Group

The Edvard Grieg project affects profit negatively by just over 40 million NOK. If the financial statement is “cleaned” for this project, other operations are healthy and profitable. A turnaround with visible results in 2014 and 2015 confirms that our improvements are leading to a bright future.

We believe that the activities and especially the result for Denmark and Sweden for 2015 can be qualified as satisfactory. Norisol has achieved significant improvements in terms of risk management, profitability and customer orientation and further progress is expected in these areas.

In 2015 the revenue was DKK 1,174 million. The EBITDA was 30 million, which was a margin of 2,6%.

The Board of Directors has adopted a new strategy framework focusing on profitability. The focal point of our strategy is productivity, a tight risk model and profitability requirements. Our task is to improve productivity in all we do. This will ensure a sound financial position for the company, but optimum productivity is also our guiding principle in every single customer contact, in all our collaborative relationships and on every single project. In this way we will also play our part in increasing productivity in the industry and the community as a whole.

The expected development in 2016 and the many initiatives put in place will have an increasingly positive effect on our operations and the profitability of our projects.

 

We aim to meet our target of an EBITDA margin of 4% by the end of 2016.

 

norisol_aarsrapport_2015_final_Web

New country Manager in Norisol Norway

New Country Manager in Norisol Norway

Peter Matthiasen has been appointed new Country Manager in Norway with effect ultimo 2015.

Peter Matthiasen is 54 years old, Danish citizen and comes from a position as COO at Bilfinger Industrier Norge AS.

“I am delighted to be taking up this new and exciting opportunity at Norisol Norway. The company’s portfolio is impressive and has great potential” says Peter Matthiasen. “Norisol has taken large steps to become a unified company after an intense period of acquisitions during the past decades. My intention is to deliver the existing strategy and focus on risk management and profitability”, Peter concludes.

The Board of Directors has adopted a new strategy framework focusing on profitability. The focal point of our strategy is productivity, a tight risk model and profitability requirements. Our task is to improve productivity in all we do. This will ensure a sound financial position for the company, but optimum productivity is also our guiding principle in every single customer contact, in all our collaborative relationships and on every single project.

 

In parallel with our work to complete the unprofitable projects, we are consistently building up a strong, forward-looking platform. We are particularly focusing on improving efficiency, organization and risk management.

“Peter Matthiasen has long experience in working in industrial oriented environments and he will be a strong leader in executing our strategy for the coming years. He will be a business oriented Manager, who wil be able to contribute significantly within the Norisol Group’s competencies. The Board and the Executive Team looks forward to working together with Peter.” Says Group CEO, Carsten Hoeck.

Peter M

Norisols turnaround shows clear results

We have had a busy year with some major changes and the results are beginning to show. Our turnaround has not yet been completed, but in 2014 we have shown that Norisol has a sound future, based on profitability.

We have become significantly better at optimizing projects so that they can be executed in a manner that benefits both our customers and ourselves. In parallel with our work to complete the unprofitable projects, we are consistently building up a strong, forward-looking platform. We are particularly focusing on improving efficiency, organization and risk management.

A turnaround with visible results in 2014 confirmed that our improvements are leading to a brighter future. We believe that the results for 2014 can be qualified as satisfactory.

In 2014 the revenue was DKK 1,2 billion. The Company’s EBIT was DKK 14 million which was as expected. EBITDA was 37 million in 2014, which was a margin of 3%.

The Board of Directors has adopted a new strategy framework focusing on profitability. The focal point of our strategy is productivity, a tight risk model and profitability requirements. Our task is to improve productivity in all we do. This will ensure a sound financial position for the company, but optimum productivity is also our guiding principle in every single customer contact, in all our collaborative relationships and on every single project.

The expected development in 2015 and the many initiatives put in place will have an increasingly positive effect on our operations and the profitability of our projects.

We aim to meet our target of an EBITDA margin of 5% by the end of 2015.

 

PressReleaseAnnualReport20142

Here comes Goliat The Giant!

It has been a great day in Hammerfest today. The waiting time is over and Goliat came home from Korea this morning after about 65 days at sea. The flags have been up in town and ENI Norway has celebrated with cake and speeches.
Norisol is in place at the Polar Base in hook-up phase (Goliat Project) where we are represented by a man on warehouse / logistics. In addition there is one man on scaffolding / TT. Our core team for Goliat Operation (3 man) are also mobilized and running and waiting for an opportunity to get on board. Tomorrow morning they travel on a scaffold / TT job to be performed for Aibel / Technip.


We are rolling up the sleeves for a new era in the north. And look forward to the upcoming activities in the Barents Sea, which Norisol are so lucky to be a part of. The picture is taken just outside Polarbase where the field should be pulled by Dockwise Vanguard. The next operation is to pull Goliat further few hundred meters into a cove, where it should be consolidated in a so called Fjord Phase.

Goliat