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quarter and resulted in increased activity in the cruise industry and growth in
the aftersales business. Vow has secured several milestone contracts in recent
months, resulting in an all-time high current order backlog of NOK 2.1 billion
including options.
“At the same time, we have consistently built capacity. Since early 2020, we
have increased our workforce with more than 30 per cent, invested time and
resources to develop our business and strategic partnership, and increased our
financial strength. Vow is robust and ready for the upturn,” said Henrik Badin,
CEO of Vow ASA.
The order backlog currently stands at NOK 1 284 million, up from NOK 952 million
at the start of the year. Vow secured several contracts in cruise in the third
quarter which ensures good visibility into 2025/26. In Landbased, the company
received confirmation of a purchase order for delivery of process equipment and
engineering support to Vow Green Metals valued at NOK 215 million.
In addition to the firm backlog, shipowners have placed options on the newbuild
series being equipped with Scanship systems amounting to a record-high NOK 849
million in likely future revenues related to the Projects Cruise segment.
“As predicted, the cruise industry is bouncing back after the pandemic,
welcoming guests back on their ships, and with that comes increased demand for
our Aftersales services. Meanwhile, ship upgrades and fleet renewals continue to
provide a sound platform for our Cruise Project business,” said Badin.
“We are also eyeing a new normal for Vow with increased activity in our
Landbased business. The third quarter this year will be remembered for the
listing of Vow Green Metals, and Vow’s start of construction of equipment that
will go into Vow Green Metals’ biocarbon production plant in Norway, the largest
of its kind in Europe,” Badin added.
Outlook
Vow continues to support its customers in their quest to decarbonise their value
chains and become more environmentally sustainable.
Activity in the cruise industry is increasing as society opens up, and Vow
remains confident about the long-term market outlook for its cruise related
operations. These growth prospects are supported by increasing demand for
solutions for cleaner oceans.
Segment Aftersales started the return to growth in the third quarter as more and
more cruise ships are returning to normal operations with restrictions related
to Covid-19 gradually being lifted. As an increasing share of cruise ships are
delivered with Vow systems, the aftersales market is growing, and Vow remains
positive about the long-term market opportunities for Aftersales.
Vow continues to make investments in the Landbased segment to support growth and
profitability going forward and is working closely with its valued customers and
partners to refine technology and solutions.
At 09:00 CEST today, the company’s CEO Henrik Badin will present the results
live at Haakon VII’s gate 2, 0161 Oslo. Participants are welcome to join in
person or to follow the presentation via livestream. The stream will also be
available for replay after the event.
Use the following link to follow the presentation via livestream:
https://channel.royalcast.com/landingpage/hegnarmedia/20211027_7/
Attachments (see link at end of document)
Q3 2021 Update - report
Q3 2021 Update - presentation
For more information, please contact
Henrik Badin, CEO, Vow ASA
Tel: + 47 90 78 98 25
Email: henrik.badin@vowasa.com
Erik Magelssen, CFO, Vow ASA
Tel: +47 928 88 728
Email: erik.magelssen@vowasa.com
About Vow
Vow and its subsidiaries Scanship and Etia are passionate about preventing
pollution. The company’s world leading solutions convert biomass and waste into
valuable resources and generate clean energy for a wide range of industries.
Cruise ships on every ocean have Vow technology inside which processes waste and
purifies wastewater. Fish farmers are adopting similar solutions, and public
utilities and industries use our solutions for sludge processing, waste
management and biogas production on land.
With advanced technologies and solutions, Vow turns waste into biogenetic fuels
to help decarbonise industry and convert plastic waste into fuel, clean energy,
and high-value pyro carbon. The solutions are scalable, standardised, patented,
and thoroughly documented, and the company’s capability to deliver is well
proven. They are key to end waste and stop pollution.
Located in Oslo, the parent company Vow ASA is listed on the Oslo Stock Exchange
(ticker VOW).
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
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