Press release archive

TTS has completed work on the infrastructure of Stena Line’s new state-of-the-art, purpose-built port, located ten kilometres north of its previous location in Stranraer, Scotland.

Six months into 2011, the TTS Group ASA reported earnings before depreciation of NOK 69.3 million, compared to NOK 22.7 million in the same period of 2010. -This progress is owing to our reversal of the negative results of the Energy division. A brisk order intake has lead to increased levels of activity in Kristiansand as well as in Bergen, and this entails a need for increased manning in both these places, says Johannes D. Neteland, President and CEO.

TTS has further strengthened its position as a top supplier of access equipment for RoRo and cruise vessels with the agreement of a new contract with STX Finland Turku Shipyard for the new environmental friendly passenger ferry for Viking Line.

TTS Marine AB continues to equip the world’s fleet of car carriers with cargo access equipment and two additional contracts have been received to supply ro-ro equipment to four further car carriers.

In 2010, the TTS Group ASA reported earnings before depreciation (EBITDA) of NOK 3.7 million, compared to a loss of NOK 84.3 million in the previous year. EBITDA in the fourth quarter showed a loss of NOK 13.7 million. – With regard to results, 2010 was weaker than expected. However, the market for our products is recovering. The order intake in the fourth quarter was NOK 1 467 million, which is the highest order intake for one single quarter since the third quarter of 2008. This positive trend has continued in 2011, says Johannes D. Neteland, President and CEO.

Nine months into 2010, TTS Group ASA reported an operating profit before depreciation of NOK 16.8 million, compared to a loss of NOK 16.9 million in the same period last year. The third quarter saw a negative operation result of NOK 5.9 million, owing to extraordinary depreciation and cost overruns on ongoing projects. - Two of our three divisions are meeting expected results, but we are not satisfied with the operation and results of the Energy division. We will effectuate further cost-cutting measures in this division, says Johannes D. Neteland, President and CEO of TTS Group ASA.

Gothenburg’s TTS Ships Equipment AB has won a contract from Norway’s Bergen Group Fosen for the supply of Cargo Access Equipment to two cruise ferries under construction for Fjord Line.

TTS has settled the dispute with Ability Drilling. TTS has agreed to acquire one land rig for MNOK 75 with a seller’s credit for 2 years. All other claims in the matter are now resolved. – We are satisfied that this dispute has been settled without a long legal proceeding says Johannes D. Neteland.

TTS Group ASA reported an operating profit before depreciation of NOK 1.2 million, compared to a loss of NOK 27.5 for the same period last year. – Two of our three divisions showed solid operations and good results. As expected, it will take some time to increase turnover and improve results in the Energy division, says Johannes D. Neteland, President and CEO. Meanwhile, at the start of the second quarter, the Energy division received a letter of award from PetroVietnam Marine Shipyard Company, regarding the delivery of a drilling equipment package for a jack up rig currently under construction at the shipyard. The contract, which is expected to be signed during the second quarter, is worth approximately NOK 130 million.

On April 29, 2010, the first ever built Car Carrier in Vietnam was delivered from Vinashin’s Ha Long shipyard to its owner Ray Car Carriers of Israel.