Nekkar is apparently developing a new type of crane at the request of customers, which can be used as a sail between lifts: Nekkar - Technology transfers. A patent has also been applied for this fuel-saving innovation.
4 Likes
Interesting connection 
Comprehensive X-thread on Nekkari 
https://x.com/hcayouthboard/status/1724850201666412695?s=20
Source of the thread 
:
And Inderes & HC Andersen Capital 
https://www.inderes.fi/fi/tiedotteet/inderes-toteuttaa-suunnitellusti-vahemmistosijoituksen-hc-andersen-capitaliin-ja
6 Likes
Nekkar ASA: Syncrolift awarded USD 15 million newbuild project
source: NewsWeb
a big new order coming through on the eve of the interim report 
5 Likes
Standard report from Nekkar, nothing special at first glance.
“Steady project execution in all businesses lies behind another strong quarter
from Nekkar. We are very pleased with the progress being made in both Syncrolift
business and our growth companies,” says Ole Falk Hansen, CEO of Nekkar.
5 Likes
More grant funding and a collaboration project for the development of SkyWalker
14 December 2023 - A project consortium headed by Nekkar ASA, and including Kongsberg Maritime, DOF, an undisclosed global wind farm developer and several leading research institutions, has conditionally been awarded a research and innovation grant of NOK 75.2 million, in total, through the Norwegian government’s Green Platform Initiative.
The project will develop a remote-controlled, self-hoisting lifting equipment, based on Nekkar’s SkyWalker wind turbine installation tool, that moves up and down the turbine tower to replace the main components like gearbox, blade, etc. while on-site offshore
4 Likes
Small deals from Techano by the end of the year
Nekkar’s subsidiary Techano Oceanlift has been awarded a contract by Sefine Shipyard to deliver an offshore crane to a newbuild subsea IMR/survey vessel.
Techano Oceanlift will supply a 150-tonnes crane capable of performing subsea construction work plus topside lifting operations. The contract value is approximately EUR 6.5 million.
4 Likes
Adding to the backlog
The first part of 5M USD should be completed by the end of 2024
Option for a 24M USD order 
Nekkar ASA: Letter of award for shiplift project to Syncrolift
22.1.2024 08:00:01 CET | Nekkar ASA | Additional regulated information required
to be disclosed under the laws of a member state22 January 2024 - Astilleros y Maestranzas de la Armada (ASMAR) has awarded
Nekkar ASA’s subsidiary Syncrolift AS the tender for the basic engineering
design of a 5,000 tonnes shiplift and transfer system at its shipyard in
Talcahuano, Chile.Syncrolift’s engineering design scope for the shiplift and transfer system is
valued at USD 5 million and will be completed by the end of 2024. In addition,
international engineering firm Royal Haskoning DHV will conduct a separate
engineering scope for civil and maritime works in the harbour area as part of a
consortium with Syncrolift.The letter of award includes an option for a phase two equipment delivery of a
Syncrolift shiplift and ship transfer system. This contract is valued at
approximately USD 24 million and is subject to final investment decision by
ASMAR.
7 Likes
Strong performance 
It’s a pleasure to have this as the largest holding in my portfolio
https://newsweb.oslobors.no/message/610864
https://kommunikasjon.ntb.no/ir-files/17847326/2916/4081/Nekkar%20ASA_Q4_2023_presentation.pdf
Nekkar ASA (Nekkar) delivered all-time high fourth quarter and yearly revenues in 2023. The revenue for the fourth quarter was NOK 179 million, up 43 percent versus the same quarter in 2022 (125). EBITDA was NOK 32 million, representing a 137 percent increase (14). Order intake was strong at NOK 242 million in the quarter (105).
Order intake is strong, and Darwin on top of that 
Intellilift - new customers in the pipeline
Fiizk - closed-cage farms should be put into use, it would solve many problems
And some figures to follow
10 Likes
Some small predictable maintenance contract secured:
Syncrolift Pvt. Ltd, a company owned by Nekkar-owned
Syncrolift AS and Varya Pvt. Ltd., has been awarded a five-year contract for
ongoing maintenance of a ship transfer system currently installed at the Indian
Navy’s naval ship repair yard in Karwar, India.
The total contract value is approximately NOK 23 million over the five-year
period. It is the third consecutive time the joint venture wins this maintenance
agreement.
4 Likes
And more for the order books.
04 March 2024 - Nekkar ASA’s subsidiary Syncrolift AS has been awarded a
contract to deliver a package of ship transfer systems to specialized maritime
zone Dubai Maritime City (DMC) in the United Arab Emirates.The total contract value for Syncrolift is USD 8 million. The equipment will be
delivered during 2024. Syncrolift will conduct project management and
engineering from its headquarter and Innovation Lab in Vestby, Norway.This latest contract follows an award in June 2023 for delivery of an identical
ship transfer system to DMC. DMC has now decided to buy three more transfer
systems.“This transfer system is the future for all shipyards that are struggling with
load capacity. Our new transfer system is designed in such a way that it will
increase the lifting capacity of shiplifts while reducing cost of maintenance,”
says Rolf-Atle Tomassen, managing director of Syncrolift AS.In December 2022, Syncrolift received a USD 10 million letter of award to
modernize two shiplift systems at DMC. The first of these two shiplifts has
recently been successfully commissioned by the Syncrolift team.“DMC has over the past few years become an important customer of our shiplifts
and ship transfer systems. To secure repeat business from DMC is a testament to
the Syncrolift team’s ability to deliver. We are very pleased with this latest
award and our general global win rate in this market,” says Ole Falk Hansen, CEO
of Nekkar ASA.
5 Likes
Darwin is apparently going to Pearlson 
No access to the page in question and the only source at least for now.
Source is the media’s own sources, this was added from a neighboring forum
The full article was shared on the neighboring forum. I won’t bring it here since it’s behind a paywall.
Excerpt
The NT News revealed exclusively this month that the NT government had slashed local procurement targets for the project.
NT companies are given a 20 per cent favorability weighting when tendering for NT government jobs, but this was changed unannounced for the ship lift project to five per cent without industry or community consultation.
A local businessman expressed fury at Pearlson’s failure to engage with the local community in the lead up to and during the tender process.
So three competitors were involved. Regarding the most expensive part of this whole entity, i.e., the cranes, no local alternative was available. The weightings had been on local work, but the weighting was unexpectedly removed entirely from the final decision. There might be appeals or then again maybe not…
4 Likes
Intellilift is a growing technology company specializing in sustainable digital solutions targeted at many industries, including the energy sector. We are currently experiencing significant interest in our self-developed flexible digital ecosystem and have recently initiated several exciting new projects, both with existing and new clients.
3 Likes
+50% revenue compared to Q1/23. Q1 has usually been the weakest quarter for Syncrolift, so naturally, there is a decrease compared to the previous Q4.
Orders growing, backlog larger than in a couple of years
Looking good in many respects then
EPS 0.10 vs 0.11 previously, which is the only negative in this report in my eyes.
In this year’s first quarter, Nekkar ASA (Nekkar) delivered 50 percent increase in revenue and 33 percent higher EBITDA compared to the same quarter last year. Revenue was NOK 152 million (101) and EBITDA ended at NOK 30 million (23), equivalent to a margin of 20 percent (22.6).
Nekkar reported revenue of NOK 152 million (101) in this year’s first quarter. EBITDA was NOK 32 million (23), equivalent to an EBITDA margin of 20 percent (22.6). EBIT was NOK 28 million (20). Cash flow from operations was NOK 31 million in the quarter. Nekkar’s balance sheet is strong with NOK 197 million in
cash, no interest-bearing debt, and an undrawn NOK 200 million credit facility as of 31 March 2024.
Main reasons for the drop in EPS:
Q4 Net financial items includes Nekkar’s share ofFiiZK’s quarter loss, totaling MNOK 6. Net financialitems is also driven by losses on FX contracts notqualifying for hedge accounting
More details:
https://newsweb.oslobors.no/message/618982
And investor presentation:
Nekkar ASA Q1 2024 presentation.pdf (2.7 MB)
Techano at a good growth pace
Skywalker progressing 
9 Likes
New order being confirmed for Chile 
The award of the tender to Syncrolift AS represents a significant investment in technology and safety standards for ASMAR workers. The Director explained that the project will allow shipbuilding, ship repair and support services activities to be concentrated in a specific area of the plant, thus optimizing processes and resources.
With the signing of this contract, ASMAR will have the basic engineering and the purchase option of the main equipment related to the Industrial Complex, subsequently allowing the execution of the works with a total estimated cost of the project in the order of 80 million dollars. .
The new Patio de Varada Industrial Complex will have the capacity to simultaneously carry out dry work for up to five ships, with an elevator car that will support up to 127 meters in length and 4,500 tons of displacement.
The total project is 80M USD, so not exactly a small investment. Of course, only part of this is for Syncrolift.
Edit: this relates to the previous 5M USD design project for Chile’s Asmar, which has an option for follow-up orders worth 24M USD.
6 Likes
The share buy-back program continues 
.
It works well from a non-Norwegian perspective that there’s no need to reclaim excess dividend taxes 
The Board of Directors of Nekkar ASA (“Nekkar” or the “Company”) has resolved to
renew the share buy-back program. The share buy-back program will be executed in
accordance with the authorization granted to the Board of Directors by the
Annual General Meeting of Nekkar held on May 30, 2024. In accordance with said
authorization, the shares acquired are intended to be used in connection with
Nekkar’s incentive programs for employees and board members, to be deleted by
way of reducing Nekkar’s share capital subject to any resolution by the
Company’s shareholder meeting or for other corporate purposes.The share buy-back program covers purchase of up to 10,742,711 shares and the
maximum amount of the program shall be NOK 100 million. Actual utilization
within said limits will depend on several factors, such as trading volumes and
other limitations under commission delegated regulation 2016/1052 (EU) on
buy-back programs, and the number of shares actually bought may consequently be
substantially lower. The buy-back program is expected to commence immediately
and is planned finalized within May 30th, 2025 at the latest.The share buy-back program will be managed by Pareto Securities, which will make
its trading decisions regarding the timing of the share repurchases
independently of, without influence by, and without access to sensitive
information concerning, Nekkar.
5 Likes
Redeye initiates coverage of Nekkar with a base case TP of 17 kronor. One of the analysts also personally owns shares. https://www.redeye.se/research/1017534/nekkar-hidden-marine-engineering-champion?utm_source=initiating&utm_medium=email¬ificationId=e83dd4fe-824e-4837-ad60-8ea020b4ec62
8 Likes
Uutta digitaalista jalkaa kasvulle
2 July 2024 - Nekkar ASA has entered into an agreement to become majority
shareholder of fast-growing and profitable maritime connectivity and digital
service provider Globetech AS.
HIGHLIGHTS
- Acquires company with 10+ years track record of profitable growth
- 20% EBITDA margin with 50% share of repeat revenues
- Predictable revenue stream reduces reliance on Nekkar’s project-based businesses
- Good fit for Nekkar’s strategy of digitizing ocean-based industries
- Commercial synergies between Globetech and other Nekkar subsidiaries
Globetech provides ICT (information and communication technology)
infrastructure, connectivity and support services to the global maritime sector.
The company offers complete solutions for onboard network infrastructure
including hardware, tailored solution architecture and system integration for
satellite communications, and develops software and customized ICT solutions
that focuses on cybersecurity to ensure secure and continuous operations.
In 2023, Globetech delivered revenue of NOK 54 million and EBITDA of NOK 11
million, equivalent to an EBITDA margin of approximately 20 percent. The company
has on average grown 28 percent annually in the past two years, and it expects
to surpass 70 MNOK in revenues for 2024, whilst delivering the same healthy
EBITDA margin levels.
Valuaatiosta:
In the first stage, Nekkar acquires 67 percent ownership of Globetech, which is
valued at NOK 120 million in the transaction. The share purchase will be settled
NOK 64 in cash and NOK 15 in Nekkar ASA shares. Nekkar will utilize the
company’s treasury shares to settle the share-based consideration, valued at
VWAP last five days prior to signing, which is subject to a two-year lock-up
period. The cash-based consideration will be covered by Nekkar’s strong cash
balance, which stood at NOK 197 million at 31 March 2024.In 2027, Nekkar will acquire the remaining 33 percent of outstanding shares in
Globetech. The consideration will be settled in cash based on a multiple of
achieved EBITDA in 2027.
Sijoittajaprsesis kaupasta ja Globetechistä:
7 Likes
Since we finally have analyst coverage available, let’s refer to that:
Solid deal
The transaction is estimated to be finalized in the third quarter of 2024, so we await the finalization and inclusion date into the Nekkar group to incorporate the acquisition into our estimates. Anyhow, we can state that based on our initial take, we expect the acquisition to have a 2% impact on our 2024 figures (impacting only in Q4), while contributing around 9% to our 2025 EBITDA figures. In this contribution, we have excluded the EBITDA attributable to minority shareholders.We are encouraged by the acquisition in several respects, mainly as Globetech has a proven financial track record and a steady base of recurring revenue. Furthermore, we argue that the price tag of 7.7x EBITDA seems fair, which is in line with Nekkar’s own 2023 multiple. Moreover, we like that the founders are still in the company and are now incentivized both with partial share payment (with 2-year lock-up) as well as earnout based on 2027 figures. While we are positive about the acquisition in several respects, we will not make any direct adjustment to our fair value range as it was acquired in line with group multiples.
6 Likes
The joint venture FiiZK is being focused more specifically on the old Starfish and FiiZK’s previous fish farming tank technology. Trimming away the non-core offshoots.
FiiZK is one of Nekkar’s smaller holdings previously providing closed-cage solutions, technical textiles, and software for the aquaculture industry. FiiZK has been going through a restructuring and its software business was sold in June as we described in our initiation report. The company now announced a second divestment of FiiZK’s lice skirt business with a turnover of around NOK100m, representing a market share in Norway of around 80%. The news does not come as a surprise to us and we have previously speculated in our initiation report that it potentially could be sold if the price was right. Potentially the deal could be worth more than NOK100m (5x EBITDA), based on the lice skirts solid margins of around 20% (we estimate). FiiZK will now direct its focus to closed and semi-closed systems as a part of the streamlining process and we are positive to the news. Nekkar does not disclose any transaction details so it’s hard to estimate the net effects on FiiZK financials following the two divestments. As Nekkar is a minority owner, holding 39% of FiiZK, its progress is reported under financial items. We hope to see some more communication regarding the remaining parts of FiiZK going forward.
4 Likes
H1 results and presentation
Nekkar ASA Q2 H1 2024 presentation.pdf (5.8 MB)
Nekkar ASA Financial Statement Q2 2024.pdf (581.9 KB)
InteliWell 
Following friendly public comments from Transocean’s CEO about successful “simultaneous fully automated online drilling, tripping, and offline stand-building” an undisclosed supermajor has chosen to conduct trials of InteliWell’s system in the Gulf of Mexico, with an option to purchase the system. InteliWell has already demonstrated its substantial benefits and we remain optimistic about its future prospects.
Quite a lot has happened in a year
It is worth remembering that just over a year ago, Nekkar consisted of one mature company (Syncrolift), one growth company (Intellilift) and two innovation projects (SkyWalker and Starfish). Since then, Nekkar has added the growth companies Techano Oceanlift, FiiZK and – subsequent to the end of the second quarter – Globetech to our portfolio. Starfish has been transferred to FiiZK, which recently has entered into agreements to sell both FiiZK Digital and FiiZK Protection as part of its restructuring and streamlining, which will see FiiZK focus on unconventional farming methods including closed and semi-closed cages for fish farming going forward.
A few other highlights:
Total cash flow ended at positive NOK 32.6 million, a
decrease of NOK 22.2 million compared to the first half
of 2023, largely due to the share buy-back program.
The backlog currently lasts for about two years. So, new orders are needed. They came in Q1, but Q2 was quieter
The drop in EBITDA margin is quite significant, including one-off costs from transactions.
Not exactly an optimal quarter looking purely at results and the order backlog. But if we look at what has been done and where we are headed, the building blocks for the future are excellent. Share buybacks are in active use and are being utilized for acquisitions. No dividends are paid (which is quite welcome regarding Norwegian policy), instead, the focus is on capital allocation and growth. New projects have continuously improved and reached a new level in generating revenue and now also profit.
8 Likes