Vow ASA 2H 2020 and full year 2020 results and spin-off of Vow Green Metal

Vow ASA reported revenues for 2020 at NOK 460 million, up 21% compared to 2019, and NOK 47 million in EBITDA (before non-recurring items), corresponding to a 10% margin. The year was marked by continued strong performance in Cruise Projects, which reported EBITDA of NOK 71 million. Group profit before tax was NOK 28 million, an improvement of NOK 35 million compared with 2019.

“While newbuilds and retrofit projects in cruise make most of our order backlog, we are increasingly focused on our Landbased business which was awarded several landmark contracts for valorisation of waste, biomass, and industry decarbonising,” says Henrik Badin, CEO of Vow ASA.

“In 2020, Landbased celebrated several transformative achievements, including agreements with leading industry players Repsol and ArcelorMittal. We are currently replicating our successful and proven delivery model in cruise for projects on land. Aftersales in cruise, meanwhile, continued to be negatively impacted by Covid-19 as cruise ships are still docked,” Badin adds.

Vow ASA has continued strong performance within Cruise projects and has awarded several landmark contracts. Vow secured new contracts to a total value of NOK 369 million in 2020, and the order backlog was NOK 952 million at the end of December 2020, up from NOK 890 million the year before. Since then, orders worth an additional NOK 60 million have been confirmed and reported.

For the second half of 2020, Vow reported revenues of NOK 212 million mainly driven by continued high activity in cruise projects. EBITDA before non-recurring items came in at NOK 22 million, representing a margin of 10%.

In December 2020, Vow launched Vow Industries as an incubator for business development, and today, Vow is introducing Vow Green Metals, a new separate entity, which will be spun off to existing shareholders and listed, likely before summer 2021. Vow Green Metals will build, own and operate plants and deliver high value biocarbon and CO2 neutral gas for metal industries.

“Demand for biocarbon is expected to increase significantly in the next few years, driven partly by increasing CO2 taxation and corporate net zero strategies. With the launch of Vow Metals, we are providing large, international industrial groups with the technology to achieve their goals of CO2 neutrality”, Badin says.