“We are pleased to see that we deliver an underlying financial performance in the second quarter that is a clear improvement on the previous quarters – irrespective of one-off effects,” says Gunnar Larsen, CEO of HAV Group.

Order intake in the second quarter 2023 was NOK 53.3 million (299). As of 30 June 2023, HAV Group’s order backlog stood at NOK 514 million (557).
Subsequent to the end of second quarter, on 17 July 2023, HAV Group announced that it has been awarded a NOK 200 million contract to develop another methanol-fuelled offshore wind service operation vessel for ESVAGT. “We are delighted to win another large and prestigious contract with ESVAGT. Moreover, we are encouraged by IMO’s recently announced revised greenhouse gas reduction strategy that aims to strengthen the energy efficiency design requirements for ships. We expect this to help drive demand for the type of products and solutions that HAV Group provides to the shipping industry,” adds Gunnar Larsen.

HAV Group reported revenue of NOK 200.3 million in this year’s second quarter, and EBITDA* of NOK 63.8 million (18.4). EBIT was NOK 59.6 million in the second quarter of 2023 (13.9). Net cash flow was NOK 19.3 million in the second quarter (-73.5) driven by increase in payments from customers. The group’s cash balance at the end of the second quarter was NOK 259.4 million.


In the second quarter, HAV Group announced technology investments that support its ambition of generating more revenue from provision of fully integrated solutions. This includes the planned acquisition of Undheim Systems AS, whose dynamic positioning technology will be coupled with HAV Group’s smart navigation systems, thereby enabling control of vessels at all speeds and semi-autonomous functionality.

HAV Group also announced that it has agreed to become industrialization partner for Pherousa Green Technologies AS which is developing an ammonia cracker capable of converting ammonia to fuel cell quality hydrogen. Bunkering ammonia and cracking it to hydrogen on board a vessel can solve the storage and infrastructure challenges that face hydrogen as marine fuel, thereby paving the way to zero emission shipping with today's technology.

“Having both hydrogen and ammonia as part of our product portfolio means that we can offer shipowners an even more complete product offering tailored to their specific needs. Combining DP technology with our own navigation technology will also allow us to become a more complete supplier of integrated solutions, in line with our desired strategic direction,” says Gunnar Larsen.


Global megatrends with ambitious goals and increasingly stringent environmental requirements provide incentives and requirements for the maritime industry to reduce its environmental footprint considerably. IMO’s recently announced GHG reduction strategy for shipping has emphasized this further and is expected to strengthen energy efficiency design requirements for ships.

The global maritime market outlook is more positive, but certain investment decisions are being delayed. This, in combination with differences in project mix, is expected to result in weaker margins in H2 2023 compared to H1 2023. HAV Group is currently utilizing excess capacity in projects aimed at improving the group’s competitive position to be able to fully capitalise on the forthcoming growth opportunities.

HAV Group reiterates 2025 revenue outlook of NOK 1.3 billion, with periodic fluctuations reflecting the project-driven business.


HAV Group will present its second quarter and first-half 2023 results via webcast on Wednesday 30 August at 08:00 CET. The presentation is given by Gunnar Larsen, CEO, and Pål Aurvåg, CFO.

Link to webcast
Questions can be submitted during the webcast. However, questions submitted in advance via the link will have better chance of being answered.

Questions can be submitted here
The presentation and board of directors’ report for the second quarter and first-half 2023 are enclosed.
*EBITDA and other alternative performance measures (APMs) are defined and reconciled to the NGAAP financial statements as a part of the APM section of the annual report.

For additional information, please contact: Gunnar Larsen, CEO
+47 901 05 694