Cegal continues to demonstrate a resilient business model throughout 2017. After having put a challenging 2016 behind us, the start of 2017 continued to be somewhat challenging too. However, during the first part of 2017 we won several important global contracts, and the strong focus on cost base reductions and automation efforts has proven to be effective. The actual turnover for the year ended at 530 MNOK, an increase of 4.6% compared to 2016. The group´s EBITDA (earnings before tax, depreciations and amortization) was 88 MNOK, and this represents an increase of 38.5% compared to 2016.
The downturn in the oil and gas industry has been a challenge, but this also represents important opportunities for Cegal. We offer products and services that enable our oil and gas customers, which represents more than 80% of our actual turnover, to operate more efficiently. This proves that our business model is resilient and can adapt to the state of the market.
For 2018 we will continue to focus on efficiency and automation and be a business partner for our customers in the area of digitalization. We are also putting a lot of energy into strengthen our international footprint and are now present in several new parts of the world compared to 2017.
Our annual accounts are prepared in accordance with the International Financial Reporting Standards, IFRS.
Please read the report here.