“We are satisfied to be able to deliver solids result in spite of the global financial turmoil, the decreasing oil price and a challenging market situation. The bidding activity has been high in the first quarter, and we expect higher order intake further on in 2009,” said Terje Uthus, chief executive officer in Grenland Group
Grenland Group has a total balance of NOK795 million and a net interest-bearing debt of NOK144 million at the end of the first quarter of 2009. The equity ratio was 33.3%, which is an improvement from 30.4% by the end of 2008.
The order backlog amounted to NOK111 million by the end of the first quarter, versus NOK121.5 million at the end of fourth quarter 2008. The order backlog is primarily related directly or indirectly to large oil companies and the counterparts are considered to be solid.
