Annual Report and Sustainability Report 2020

YEAR 2020

Important milestones 2020


  • Strong results and good operations in an extraordinary year.
    • The organisation has shown a great appetite for change and adaptability during a challenging year with COVID-19, where our employees’ health, day-to-day operations and financial strength have been our main focus.
  • We end the year with a record-high order backlog and a 2020 order intake of MNOK 28,818, representing a book/bill of 1.13.
  • Successful integration of the acquired companies.


  • Good order intake with important contracts including NASAMS for Hungary, JSM for Japan and weapons stations for the British Army.
  • Solid growth and good project implementation. EBITDA margin 19.5 per cent in 2020.
  • Maintained solid activity level through COVID-19, with operations almost at normal levels.


  • Realised cost reductions by a total of MNOK 640 as a result of the integration of Commercial Marine and the associated economies of scope. The goal was originally set at MNOK 500 before the end of 2022.
  • The business area increased profitability at a difficult time for the global maritime market. EBITDA margin up from 6.6 per cent in 2019 to 9.4 per cent in 2020.
  • Sold Hydroid, Inc. for MUSD 350 to Huntington Ingalls Industries, and also entered into a strategy cooperation agreement with the same company.


  • International framework contract for the delivery of digital twin solutions, Kognitwin Energy, with Shell Global Solutions, and contract worth MUSD 25 with international energy company for software for aggregation and visualisation of real-time data.
  • Partnership agreement for computer platform cooperation with DNV GL, MAN and ABB Turbocharger.
  • Growth in the business area’s new digital initiatives.
To the top