Intership increased last year’s profit by 164%. Wellboat company expects even better figures this year

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The growth is, to a great extent, a result of a satisfying operation.

“The result is according to budget and a result of previous market activity, in addition to good operational work both at land, and onboard our vessels,” said CEO Ole Peter Brandal.

From 2019 to 2020, Intership had a pre-tax profit jump from EUR 2.5 million to EUR 6.6 million.

Intership achieved its best financial result ever. Revenues and EBITDA in 2020 were EUR 24 million and EUR 12.5 million, respectively. This represents an increase of 12 per-cent and 29 per-cent compared to 2019. Operating margin was 34.2 per-cent.

“Just as pleasing as our good result is our first agreement in Chile, and an additional agreement on the east side of Canada, which has led to two new wellboats under construction. The vessel in Chile started its operation in the middle of September, so the full-year effect won’t be visible before later this year,” added Brandal.

“The 2020 figures are positively impacted by our successful acquisition of the 2017-built Inter Fiord vessel, and commencement of its long-term charterparty to Mowi in Chile from September 2020 and four years onwards. We expect further improvement in our 2021 EBITDA due to the full year effect from “Inter Fiord”, said Brandal.

Intership has two vessels under construction at the Zamakona yard in Bilbao, Spain, for delivery in 1Q and 4Q 2022.

Booked equity included shareholder loans was EUR 56 million by year-end 2020, which represents 40 per-cent of total assets.