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Scanship swings to a Q4 profit

Scanship swings to a Q4 profit
Scanship, a provider of advanced technologies for treating wastewater, food waste, solid waste and bio sludge, swung to a fourth quarter profit of 1.43m Norwegian kroner ($165,000), up from a loss of NOK10.33m ($1.19m) a year ago. Revenues rose 26%, to NOK54.37m ($6.28m), mainly on after-sales business.

Full-year 2015 profit was NOK4.93m ($570,000) on revenues of NOK200.27m ($23.14m).

The order backlog at the end of 2015 was NOK226m compared to NOK185m at the end of 2014.

During Q4 Scanship delivered advanced wastewater purification Helcom-compliant equipment to the fourth Viking Ocean Cruises newbuild and the second Carnival Cruise Line newbuild at Fincantieri. Commissioning was completed on Norwegian Escape, the latest newbuild for Norwegian Cruise Line.

Scanship’s two main development projects in the recent quarter were Microwave Assisted Pyrolysis and exhaust gas management systems through the 70% owned company CHX Maritime Inc.

Scanship said it invested NOK3.9m in Q4 on its product development activities compared to NOK2.7m for the same period in 2014.

In providing a market outlook, Scanship said Viking Ocean Cruises in November signed an agreement with Fincantieri for an additional two vessels. Carnival Corp. & plc in December ordered two newbuilds for Costa Asia, one for P&O Cruises Australia and one for Princess Cruises. In January the riverboat operator Scenic entered the ocean cruise business by ordering a small ship for the expedition market from a Croatian yard. In February MSC Cruises ordered two additional ships in the Meraviglia class from STX France.

Scanship said it continues to tender AWP retrofits to several shipowners.