"The Stock Listed Bond Loan at Oslo Stock Exchange is replaced by a long-term loan facility in SpareBank 1 SR-Bank and this was very positive news for the Group," says CFO in Cegal Group Trym Gudmundsen
2016 was a financially challenging year for Cegal. Despite some good news in relation to winning important contracts in 2016 our overall revenue decreased by 11% compared to last year. However, the global downturn in the Oil and Gas industry has in general been 20-30% in the same period and our business model has proven to be resilient in challenging times. Our operating result (EBITDA) ended at 64 MNOK and this is a decrease of 27% compared to 2015. During the year actions have been taken with regards to reducing cost and securing revenue to support a sustainable, healthy and stable Cegal.
On March 24, 2017 Cegal refinanced the Stock Listed Bond Loan at Oslo Stock Exchange. The refinancing is secured by a long-term loan facility in SpareBank 1 SR-Bank and this was very positive news for the Group.
All the figures presented in the annual report for 2016 for Cegal Group is now based on IFRS (International Financial Reporting Standards) compared to last year´s annual report that was prepared based on NGAAP (Norwegian Generally Accepted Accounting Principles).