Press release archive

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.

Marine Aluminium AS and TTS Energy are forming the Uptime Alliance, a technology and marketing collaboration that will contribute to increased efficiency and safety for offshore vessels and marine installations.

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.

So far this year a number of vessels equipped with TTS RoRo equipment have been delivered.

Following last year’s order to design and install two double-tier linkspans for Copenhagen Malmö Port, TTS Port Equipment AB has been given the go-ahead to supply a semi-automatic mooring system. Installation of the linkspans will begin in late 2010 with the mooring system delivered at the same time.

In 2009, the TTS Group accumulated an operating loss before depreciation of NOK 84.3 million, against a profit of NOK 145.5 million last year. Extraordinary depreciations have been entered into the accounts, which in addition to weak results resulted in a pre-tax loss of NOK 311.9 million for the company.

In October this year a Swedish ferry, the Stena Baltica, demolished a passenger gangway while berthing in stormy weather at the ferry terminal in Karlskrona in the south of Sweden. Repair work has since been undertaken by TTS Port Equipment AB, the gangway being brought back into service on 20 December, one day before the estimated completion day.

Bankruptcies and cancellations have influenced the results of TTS during the first 9 months of the year. TTS Group (former TTS Marine) accumulated an operating loss before depreciation following nine months’ trading of MNOK 16.9. This is MNOK 183.6 less than for the same period last year. The consequences of the financial crisis have been considerable for our enterprise. The market is still weak, but there are clear indicators that the demand for our product and services is on the increase, states CEO Johannes D. Neteland.