From Pressemeldinger

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

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.




Her kommer kjempen Goliat

Det har vært en stor dag i Hammerfest i dag. Ventetiden er over og Goliat kom hjem fra Korea  i morges etter ca 65 dager på sjøen. Flaggene har stått til topps i flaggstengene i byen og ENI Norge har markert med kake og taler.

Norisol er på plass ved Polarbase i hook-up fasen (for Goliat Prosjekt) der vi er representert med en mann på lager/logistikk. I tillegg er det 1 mann på stillas/TT. Vårt core-team for Goliat Drift (3 mann) er også mobilisert og går og venter på anledning til å komme om bord. I morgen tidlig reiser de 4 sistnevnte ut på en stillas/TT jobb som skal utføres for Aibel/Technip.

Nå bretter vi opp ermene for en ny tid i nord. Og tar en god sats for den kommende aktiviteten i Barentshavet, som Norisol er så heldige å få være en del av. Vedlagte bilde er tatt like utenfor Polarbase der Goliat skal trekkes av Dockwise Vanguard. Neste operasjon blir å trekke Goliat videre noen hundre meter inn i en vik, der den skal forankres og klargjøres i en såkalt Fjordfase.