February 27, 2020
  • Revenue NOK 2,724 million (-12%)
  • EBITDA NOK 819 million
  • Net profit NOK 215 million
  • Award of the long-term Halsa-Kanestraum contract for 2021-2030
  • Delivery of 9 new hybrid vessels and major retrofit of 3 existing vessels.

“2019 was a transitional year with contract portfolio changes and significant investments. We are currently about to complete a comprehensive vessel renewal programme which will turn the vessel fleet into the largest electrified vessel fleets in Norway, resulting in significantly improvement of our environmental footprint. The investment programme is a key step towards our vision to become the most environmentally friendly provider of ferry transportation and to realise the value creation potential that lies in our large long-term contract portfolio”, says Dagfinn Neteland, CEO

2020: 9 new connections

  • New contracts started 1 January.
  • Revenues in 2020 are expected to increase by 10-15% compared to 2019. Operational cost will be impacted by timing of infrastructure completion.
  • Net interest-bearing debt is expected to reverse during 2020 as the vessel renewal programme is completed in 1H 2020, operational cash flow is set to improve, and more infrastructure assets are sold.
  • The completion of the newbuild programme marks a major leap for Fjord1 towards an electrified fleet with low- or zero emissions.
  • The transition towards a low emission fleet is expected to continue gradually with additional upgrades of existing vessels for use of electricity. The timing of electrification depends on completion of onshore infrastructure.