Intership continues to grow

2020 is the first year the underlying earnings are starting to become visible.


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. 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 says CEO, Ole Peter Brandal.

Intership achieved its best ever financial performance last year as we more than doubled our profit to a solid NOK 65m compared to NOK 29m in 2019.

Revenues and EBITDA in 2020 was NOK 243m and 125m, respectively. This represents an increase of 12% and 29% compared to 2019. The EBITDA margin improved from 45% in 2019 to 51% in 2020.

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.

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 563m by year-end 2020, which represents 40% of total assets.