(Oslo/Houston, 12 March 2021) Magseis Fairfield hereby publish the Annual Report for 2020. The report is available at www.newsweb.no and www.magseisfairfield.com.
2020 was an important year for Magseis Fairfield. The company turn-around was completed in a challenging market with revenue coming in at USD 193 million and an EBITDA margin of 20% (excl. special items). This was achieved by:
- Securing financial flexibility by executing a USD 30 million private placement and a USD 33 million debt refinancing
- Reducing SG&A costs by ~60% and reduced capex by ~80% YoY
- Replacing the operating model, with a restructured organization, improved operational execution, and fully redesigned financial management and governance of the company
- Working closely with our customers and increasing backlog by 20% YoY to USD 198 million
The company also developed a five-year strategy covering existing and new business areas. This provides the company with a very clear direction for 2021 and beyond including the entry into the renewables business.
The company is seeing signs of the market improving with increased tendering activity for 2021 with projects in the Gulf of Mexico and the North Sea, with potentially higher utilization of the node inventory than previously anticipated.
Alternative performance measures used in this release are described in appendix to the Annual Report for 2020.
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This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
For further information, please contact:
Mark Ivin, CFO
Tel: +47 94 88 86 06
Email: mark.ivin@magseisfairfield.com
Carel Hooijkaas, CEO
Tel: +47 48 04 92 77
Email: carel.hooijkaas@magseisfairfield.com
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