Press release archive

TTS Group ASA had an operating profit before depreciation (EBITDA) in the first quarter of 65.5 MNOK, against 29.6 MNOK in the same period last year. – We continue the same positive development we had from last year. Especially promising is our Maratime division, which is our core area of business after the sales of our drilling equipment business, delivered such good numbers, says CEO Johannes D. Neteland.

TTS Group ASA in Bergen has signed a contract with Kleven Verft AS worth approximately NOK 65 million. The contract concerns delivery of a subsea crane. The contract also includes an option for two identical cranes.

For the year 2011 TTS Group ASA reports earnings before depreciation (EBITDA) of MNOK 198.3, compared to MNOK 3.7 for 2010. For the 4th quarter the TTS Group reports an EBITDA of MNOK 72.1, compared to MNOK minus 13.1 last year. – For TTS Group this is the highest operating profit for both a single quarter and for a calendar year. We think the positive trend will continue in 2012, says Johannes D. Neteland, President and CEO. He points out that marine equipment earnings are a key factor to explain the good results.

TTS has completed work on the infrastructure of Stena Line’s new state-of-the-art, purpose-built port, located ten kilometres north of its previous location in Stranraer, Scotland.

Six months into 2011, the TTS Group ASA reported earnings before depreciation of NOK 69.3 million, compared to NOK 22.7 million in the same period of 2010. -This progress is owing to our reversal of the negative results of the Energy division. A brisk order intake has lead to increased levels of activity in Kristiansand as well as in Bergen, and this entails a need for increased manning in both these places, says Johannes D. Neteland, President and CEO.

TTS has further strengthened its position as a top supplier of access equipment for RoRo and cruise vessels with the agreement of a new contract with STX Finland Turku Shipyard for the new environmental friendly passenger ferry for Viking Line.

TTS Marine AB continues to equip the world’s fleet of car carriers with cargo access equipment and two additional contracts have been received to supply ro-ro equipment to four further car carriers.

In 2010, the TTS Group ASA reported earnings before depreciation (EBITDA) of NOK 3.7 million, compared to a loss of NOK 84.3 million in the previous year. EBITDA in the fourth quarter showed a loss of NOK 13.7 million. – With regard to results, 2010 was weaker than expected. However, the market for our products is recovering. The order intake in the fourth quarter was NOK 1 467 million, which is the highest order intake for one single quarter since the third quarter of 2008. This positive trend has continued in 2011, says Johannes D. Neteland, President and CEO.

Nine months into 2010, TTS Group ASA reported an operating profit before depreciation of NOK 16.8 million, compared to a loss of NOK 16.9 million in the same period last year. The third quarter saw a negative operation result of NOK 5.9 million, owing to extraordinary depreciation and cost overruns on ongoing projects. - Two of our three divisions are meeting expected results, but we are not satisfied with the operation and results of the Energy division. We will effectuate further cost-cutting measures in this division, says Johannes D. Neteland, President and CEO of TTS Group ASA.