Scana ASA: Strategic Insider Moves and Financial Milestones in 2024

Scana ASA (SCANA:NO), a listed industrial owner company based in Bergen, focuses on driving decarbonization in the maritime and offshore sectors. With around 400 employees, Scana leverages its portfolio companies’ innovative and commercial capabilities to accelerate electrification and emission reduction solutions.

Insider Trades Recently Reported

Scana has seen notable insider trading activity recently, reflecting strategic moves by its key executives. On June 19, 2024, Chief Operations Officer Baste Tveito through his related party Mebas AS acquired 245,000 ordinary shares at NOK 2.045 per share, totaling approximately NOK 501,025. Additionally, on June 21, 2024, Board Member Morten Sverre Blix through his related party Spiralen Holding AS purchased 852,631 ordinary shares at NOK 2.093 per share, amounting to NOK 1,784,556.

Insiders' Experience:

Morten Sverre Blix co-founded Herkules Private Equity Fund in 2003 and has extensive investment experience from his 14-year tenure at Orkla’s Financial Investments division. His broad range of investment activities, including private equity, underscores the significance of his insider trades.

Baste Tveito, with a robust background in senior management positions within the oil & gas and systems industries, has international sales and negotiation expertise. His track record of commercializing products from R&D to finished solutions highlights the strategic value of his insider purchase.

Strategic Developments: Securing Major Contracts

Scana's subsidiary, PSW Power & Automation, recently secured a significant contract to provide an international client with mobile DC chargers and integrated battery systems. This project, commencing immediately and slated for completion in the first half of 2025, enhances Scana's position in the growing electrification market.

Financial Performance: Q1 2024 Highlights

Scana reported the highest revenue in its history for Q1 2024, reaching NOK 541 million, driven by robust growth in the Energy division and the sale of a 10k capping stack. The company’s EBITDA surged by 116% to NOK 97 million, with a net profit of NOK 45 million. Scana's liquidity reserve stood at NOK 178 million, and the order backlog at the end of Q1 was NOK 1,138 million, with NOK 740 million expected to be executed within the year.

With strategic insider trades, significant contract wins, and strong financial performance, Scana ASA is well-positioned for continued growth and innovation in the industrial and maritime sectors.