Nekkar ASA - Norwegian disruptor

Funding for a crane and port area has been confirmed for Cairns, Australia. The previous Aussie tender in Darwin went to Pearlson, with an emphasis on local labor. Now there’s a new opportunity with Syncrolift :crossed_fingers:

Green lights for fully funded Cairns Marine Precinct

  • The Palaszczuk Government invests a further $30m to deliver full funding of the new Common User Facility at the Cairns Marine Precinct
  • 5000-tonne shiplift, worth $360 million, will be fully funded by Federal and State Labor Governmentst

The Palaszczuk Government has announced another $30 million for the Cairns Marine Precinct, delivering full funding and green lights for the Cairns Marine Precinct Common User Facility (CUF).

The $360 million facility includes a 5000-tonne shiplift, allowing ships of up to 120 metres in length to be repaired and maintained on three hardstand areas.

The CUF will have state-of-the-art facilities, such as the two climate-controlled sheds which will allow for 24-hour operation of blasting and painting vessels.

The Self-Propelled Modular Transporter (SPMT) will be integral to the CUF. The SPMT is a platform heavy hauler with a large array of wheels which are able to be positioned in any direction allowing the manoeuvre of large vessels from the shiplift to the sheds and the three hard stand areas.

The project will also include more capacity for wet berths to allow for additional in-water maintenance.

This additional $30 million completes the project’s funding requirements in line with the detailed Business Case recommendations.

This commitment follows the Australian Government’s confirmation of matched funding in this year’s Federal Budget.

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Dubaihin parit nosturit :handshake:
5M USD ja toimitus 2026 alkupuolella
https://newsweb.oslobors.no/message/650738

4th July 2025 - Nekkar ASA’s subsidiary Syncrolift AS has been awarded a
contract to deliver two ship transfer systems to Dubai Maritime City (DMC) a
specialized maritime zone in the United Arab Emirates.

The total contract value for Syncrolift is USD 5 million. The systems will be
delivered in the beginning 2026. Syncrolift will conduct project management and
engineering from its headquarter and Innovation Centre in Vestby, Norway.

“DMC continues to showcase its satisfaction with and trust in Syncrolift as a
critical supplier. Continuous 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 Rolf-Atle Tomassen,
managing director of Syncrolift AS.

Tiedonantopolitiikka meni myös uusiksi.

UPDATE TO CONTRACT ANNOUNCEMENT POLICIES:

In order to increase transparency and awareness surrounding contract award
announcements from operating companies, Nekkar ASA has updated its Investor
Relation policy with the information provided below. This information can also
be reviewed at
Nekkar.

Contract announcement policy:

Nekkar ASA comprises multiple operating companies across different industries
and with a different level of company maturity. This means that the nominal
value of a single contract and its ability to impact overall company perception
will differ across companies, highlighting the need for a case-by-case
consideration in many cases.

Syncrolift, Nekkar ASA’s largest and most mature operating company, is different
from the other operating companies in this regard with its size, maturity,
global position and influence on overall Nekkar performance. Nekkar ASA has
therefore separated contract announcement thresholds into two brackets as per
below: (i) Syncrolift awards, (ii) all other awards.

For Syncrolift contract awards, values above NOK 50 million will be subject to
regulatory stock exchange announcements in addition to updates on the Nekkar
webpage and in social media. Contract awards with a value above NOK 20 million
(but below NOK 50 million) will be reported as non-regulatory press releases, in
addition to updates on the Nekkar webpage and in social media. Awards below NOK
20 million will be subject to social media and webpage announcements on a
case-by-case basis.

For contract awards in other operating companies, the differentiated nature and
maturity of the companies means a strategic consideration on a case-by-case
basis will be a more prudent approach. Contracts with relatively little revenue
value may for example still be deemed strategically important. If so, awards of
low nominal value may still be published as a non-regulatory press release.

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It’s quiet, so let’s bring up Globetech’s cooperation arrangements now

Expanding Reach, Enhancing Capabilities

The partnership is designed to unlock new commercial opportunities by combining Globetech’s strong customer relationships and technical expertise with VesselITSupport’s local capacity and service technicians in Rotterdam. Together, the companies will offer enhanced support for marine vessels and offshore installations across the globe.

“This partnership allows us to deliver faster, more efficient service to our customers operating in and around Rotterdam,” says Hans Eirik Onarheim, CEO of Globetech AS. “It’s a strategic move that strengthens our value proposition and ensures we remain competitive in a rapidly evolving maritime industry.”


Technicians from VesselITSupport will operate under Globetech branding during assignments, ensuring a unified customer experience. The companies have also agreed on mutual confidentiality, customer protection, and governance structures to support long-term cooperation.

So VesselITSupport apparently provides services for Globetech in the Port of Rotterdam, if I understood that summary correctly.

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image

summary borrowed from a neighboring channel

Nekkar is an industrial technology holding company and central to our investment case are:

    1. A solid revenue base from Syncrolift (75% of LTM revenue), with EBITDA margins >20% over the past six years. The share of service revenues is growing (+170% from 2020 to 2024) and now represents ~20% of revenues. Furthermore, the company operates a capital-light model, with OpFCF margins of ~20% due to low capex needs. Additionally, Syncrolift effectively operates in a duopoly, with the company maintaining a ~60% market share over the last decade.
    1. You get the rest of the business for “free”: FiiZK, Globetech, Techano, and Intellilift — of which 3 out of 4 were profitable in 2024, with a blended EBITDA margin of ~10%.
    1. Nekkar is NOK154m net cash (14% of current market capitalization) and has an active M&A agenda which has been successful historically.
    1. our SOTP (sum-of-the-parts) yields NOK15/sh. If one assumes company guidance of NOK2bn in 2027e revenue and an EBITDA margin of 10–20%, the share currently trades at 3x EV/EBITDA and P/E of 6x.
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H1 out, not with such high expectations in my own estimates, but it could have gone better :neutral_face:

https://newsweb.oslobors.no/message/654044

28 August 2025 - Nekkar ASA (Nekkar) delivered revenue of NOK 139 million in the
second quarter, a reduction of 7% from the same quarter in 2024 (150) mainly
driven by lower activity within Syncrolift. EBITDA was NOK -12 million (20),
equivalent to a margin of -9% percent (13%) driven by the above-mentioned
activity in Syncrolift and cost increases in Techano Oceanlift projects. The
balance sheet remains strong with a net cash position of NOK 225 million.

image

Precis
https://api3.oslo.oslobors.no/v1/newsreader/attachment?messageId=654044&attachmentId=310652

And H1 report
https://api3.oslo.oslobors.no/v1/newsreader/attachment?messageId=654044&attachmentId=310653

The result still fluctuates with Syncrolift, but other operations will soon start to bear a larger part of the whole. Synro has not lost tenders, but they haven’t been won either. Processes have taken longer than expected. In addition, USD-NOK exchange rates have been unfavorable.


Demand for the Defence sector is expected in the future, but processes there also take time :person_shrugging:

Tender activity in the defence segment remains particularly high, both for new shiplifts and upgrade projects. Geopolitical uncertainty is increasing agility requirements for naval shipyards, which is expected to drive further investment in this area. As Syncrolift is a project-based business, quarterly fluctuations must be expected. However, Nekkar anticipates that defence-related revenues will account for a growing share of the company’s overall revenue streams, driven by Syncrolift.

General overview by operations
image


Let’s add Redeye’s quick comments as a follow-up
https://www.redeye.se/research/1125814/nekkar-q2-2025-top-line-beat-while-elevated-costs-pressure-profitability

Redeye comments on Nekkar’s Q2 report, that presented mixed figures during a relatively slow period. Techano delivered sales above expectations, driving a top-line beat of 15%. Costs also grew increasingly, missing our profitability expectations with negative EBITDA figures. We expect to make downward adjustments for our near term estimates, while arguing that long term fundamentals remain strong.

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This should appeal to Fiizk :cowboy_hat_face:


And for Intellilift, a contract with InteliWell. Certainly more to come in the future.

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https://www.marketscreener.com/news/danske-bank-initiates-coverage-of-nekkar-with-buy-rating-and-target-price-of-18-norwegian-kroner-b-ce7d5ad3db8fff24

If anyone has access to Danske’s analyses, I would gladly receive a summary here :blush:
Or you can also send it privately :slight_smile:

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Nekkar’s new website launched, very clear and investor-relevant information is now easily available :+1:

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Mowi ordering 4 closed pens, has been a Fiizk customer and developing systems.

And if you look at the logo, it looks very familiar. According to that, 12 more of these are needed so that the licenses can be restored :smiling_face_with_sunglasses:

https://mowi.com/wp-content/uploads/2025/11/Mowi_Q3_2025_Presentation.pdf

And regarding Intelliift / Inteliwell, an additional order from Transocean, now the fourth one is underway and more are coming

Nekkar ASA: Subsidiary wins new rig services contract

4.11.2025 21:21:54 CET | Nekkar ASA | Non-regulatory press releases November 4, 2025 - Intellilift and InteliWell sign a contract for their joint venture’s game-changing drilling automation solution.

InteliWell, a joint venture formed to accelerate autonomous well construction, has today announced that it has secured a contract to provide automation services on the Transocean Deepwater Titan, an ultra-deepwater drillship operating in the Gulf of America.

The InteliWell platform will be installed in the coming quarter. Initially, automation services will concentrate on automated tripping and drilling connections, utilizing the InteliAutomate and InteliTrak applications.

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Redeye Theme Event: Defence

CEO Ole Falk Hansen presenting Syncrolift specifically from a Defence perspective

  • Good overview of Syncrolift’s product range :green_circle:
  • Backlog is being cleared, only about a year’s worth of revenue remaining :yellow_circle:
  • Tailwinds are expected from the Defence sector, demand from the Navy side is also increasing, which should also be reflected in the development of shipyards :green_circle:

the announcement came from there - with a slight delay, as they apparently had to wait for the ink to dry :joy:

12 November 2025 - Aquaculture industry supplier FiiZK, which is an associated company of Nekkar ASA (Nekkar), has been awarded the delivery of four Protectus closed containment systems to a Norway-based undisclosed customer.

The Protectus systems will according to plan be delivered in series of two through the end of 2026 and beginning of 2027.

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Waiting game :thinking:

  • Revenue is falling again with Syncro
  • Still have cash, no debts
  • Cash flow is negative
  • More orders received, also after the end of the quarter

https://api3.oslo.oslobors.no/v1/newsreader/attachment?messageId=659499&attachmentId=314500

There is a promise of a better future, just waiting for implementation

Nekkar ASA (Nekkar) delivered revenue of NOK 124 million in the third quarter, a reduction of 12% from the same quarter in 2024 (140), mainly driven by lower activity within Syncrolift. EBITDA was NOK 3 million (14), equivalent to a margin of 2.5% (10%). The reduction reflects lower Syncrolift activity and a negative contribution from Techano Oceanlift projects. The balance sheet remains strong with a net cash position of NOK 170 million.

While third quarter results were impacted by temporarily lower activity and one-off cost overruns, Nekkar, with roughly one-third of activity linked to a growing defence segment, remains well positioned to deliver on its long-term ambitions. In that regard, Nekkar will today hold a physical Capital Markets Day to further elaborate on its ongoing development and aspirations. The presentation from the Capital Markets Day will be published on our webpages alongside quarterly material.


Today’s CMD materials

https://api3.oslo.oslobors.no/v1/newsreader/attachment?messageId=659538&attachmentId=314529

targets 2027:


acquisitions are expected as per previous info, to reach 1.5->2.0 BNOK

Some small addition coming soon

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https://api3.oslo.oslobors.no/v1/newsreader/attachment?messageId=665500&attachmentId=318756

The fourth quarter and 2025 results highlights were:

  • Operational cash flow for the year was NOK 36 million, driving a net cash
    position of NOK 150 million after NOK 64 million in share buybacks through
    the year
  • Full year group revenues of NOK 571 million down 8% YoY, while Syncrolift
    decreases 36%, highlights the growing maturity of remaining investment
    portfolio
  • During the fourth quarter FiiZK completed a milestone delivery of two
    Protectus closed containment systems to Mowi who are now successfully in
    operation
  • Mowi also ordered additional 4x Protectus closed containment systems,
    solidifying FiiZk as a market leader
  • InteliWell, a joint venture including Intellilift, was awarded two new rig
    contracts through the quarter as well as a conversion from trial to full
    deployment and counts five active or confirmed rigs in total by year end
  • After quarter’s end, InteliWell, the JV between Intellilift and Transocean,
    also secured a major agreement for drilling automation solutions on 11
    offshore rigs. Installations are set to commence during the second quarter
    with one or more rigs to be deployed per quarter over a 30-month period
  • Tendering activity continues at a record high level across the group, with
    specific award timing yet to be determined

This reflects current progress well; while one part is stalling, a couple of others are moving forward nicely. The cash position and balance sheet are in good shape, we just need to get those Syncrolift orders in.

“Despite Syncrolift declining 36% in YoY revenues due to little new order
intake, Group figures are holding up well and highlighting that Nekkar is
increasingly becoming a more diverse portfolio as some of the growth companies
are maturing and entering new phases. As long-awaited orders eventually start to
materialize, the platform from which we can continue to build toward our 2027
ambition on continues to look solid.” says Ole Falk Hansen, CEO of Nekkar ASA.

Investor presentation included as well
https://api3.oslo.oslobors.no/v1/newsreader/attachment?messageId=665500&attachmentId=318756


Intellilift and Inteliwell announced a major contract at the same time. Previously there were 5, now 11 more are coming, meaning 16 implementations in total. 10-year recurring revenue contracts. :star_struck:

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Redeye’s comments follow:

Effects on estimates

We expect to make mixed estimate revisions to our FY26-27 forecast; we will likely downgrade Syncrolift in FY26 due to the absence of new awards in the market. Moreover, the breakthrough deal with Intellilift will lead to a raised forecast. We will await the update to state the net impact of our changes, but we welcome the financial improvements seen during Q4’25.

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