September 19, 2021

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Hitechvision’s oil service group Morald minus 425 million – E24

Hitechvision’s new team will take big losses in the form of writing on Moreld 2020 accounts. – CEO Khair Astigart says the merger of 20 companies is complex and demanding.

Moirald CEO Khair Astigart came from the Øglænd organization in September last year.

Mary Van Croke

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Hitechvision’s oil service group Morelt had gross revenue of NOK 4.7 billion last year and pre – tax loss of NOK 425 million. The company was formally founded last April 1st, so these figures are only valid for nine months.

The CEO says that these accounting figures give a false picture of the situation and that the company’s operations are indeed satisfactory.

Morldt originally owned 20 different oil service companies owned by finance hi-tech. Hitechvision has been trying to sell companies for years, but the fall in oil prices in 2014 meant no one wanted to buy. Thus, Ole Erdock and others at Hitechvision decided to set up a new industrial group in Stavanger with a total of 3600 employees.

At the time of setting up Morel in the spring of 2020, Attlee Eat of Highvision said it had a turnover of NOK 10 billion and an operating profit of NOK 870 million by 2020.

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Everything has changed

But the latest oil service group has been plagued by epidemics and oil prices have fallen, and conditions have changed dramatically.

In addition, the Aarbakke AS in Morel, the second highest-grossing company after the application, was sold in August last year. Morbell owned 50% of the Orbach.

Our figures for 2020 look bad, but the economic facts are much better than you think, says Khair Astigart. The group’s activities increased in 2020, and although some companies have been declining so far this year, I am also satisfied with the operating results.

He insists that the revenue converted over 12 months was NOK 6.7 billion and the operating profit before depreciation and discount (EBITDA) was NOK 325 million.

Large writing records

The reason for the negative performance results in 2020 is extensive depreciation and writing. This means that the company is depreciating in accounts more than ever before. It is included in the cost of operating accounts, and what is written in Morel is NOK 625 million.

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– So even if we have a NOK 188 million operational loss, Astigart says the basic functionality is a plus.

Extensive depreciation is primarily related to the surplus values ​​that arise for intangible assets in group formation, usually contracts and customer relationships.

But drilling company Deepwell also has a remarkable record. Many years later, Deepwell lost important contracts with Equine, and many employees were laid off. Deepwell, based on Carmey, is now sold to rival Archer.

debt

Morald had a total debt of NOK 4.2 billion at the beginning of the year.

– How are you going to reduce debt?

– I don’t care about the debt ratio. Osticard says we have a strong balance sheet with NOK 2.5 billion book equity. The long-term, interest-bearing credit was NOK $ 1.3 billion at the beginning of the year, and was significantly reduced in the first half of this year after the sale of Vryhof / Deep Sea Mooring and Deepwell. Properties

Khair Astigart began as CEO of Moreld on September 1 last year. He has been leading the Øglænd organization since 2000.

Acquisition Financial Hi-Techvision founded Morel last year. Attlee Eid (front), a senior partner at Hitechvision, co-founded Morell with co-founder Andre Alberg.

Christian Jacobson

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