NTS group sees revenue double

NTS ASA, the big Norwegian integrated aquaculture group and new owners of Norway Royal Salmon, saw its third quarter revenues double.

They totalled NOK 1,369 million (£119m) against NOK 649m (£56m) in the corresponding quarter last year.

NTS successfully acquired Norway Royal Salmon at the end of August following a dramatic contest with rivals SalMar.

This resulted in an EBITDA (operating profit before depreciation and before value adjustment fair value biomass) of NOK 284m (£23.6m) against NOK 194m (£16.8m) in Q3 2020.

The group’s operating profit during the July to September period ended at NOK 172m (£15m) against NOK 108m (£9.3m) for the same period last year, while the third quarter profit before tax for continuing operations ended at NOK 707m (£61m) against a loss of NOK -79m (£6.8m) last year.

Along with the fish farming subsidiary Midt-Norsk-Havbruk, NTS also owns Frøy, (pictured) the country’s largest provider of aquaculture related vessels and various other fish farming support services which also reports a positive quarter.

Revenues totalled NOK 457m (£40m)against NOK 413m (£36m) last year driven by increased capacity and revenues in the wellboat segment.

Revenues from fixed contracts and framework agreements increased by 26% during the period.

Other highlights include:

• EBITDA in Q3 21 of NOK 188m (£16m) up from NOK 180m (£15.6m) in Q3 2020

• A Backlog of 6.1 billion (including options, but excluding framework agreements without fixed minimum value)

• High revenue visibility from backlog and framework agreements

• Multiple ongoing negotiations and opportunities for new agreements in the service segment

• Several requests for new capacity in the wellboat segment.

The company said that to meet sustained high demand, Frøy has decided to place an order for two new wellboats and two large service vessels. It expects the vessels to gain long term charter contracts well in advance of the scheduled delivery dates.