Green shoots

The company released a positive update which triggered a 60% spike in the stock price. While there are various elements in the update, we believe the large stock move is mainly due to the strong growth seen in both oil & gas and wind activities (8.2 France). Furthermore, the company intends to pursue external growth in wind services, as it expects the Dolfines / 8.2 France combination to attract other market players.

  • 1 by 2 stock split, total share count: 19,145,548 shares
  • Acquisition of 8.2 France near completion
  • Acceleration of the development of the 15MW turbine carrier float

Wind services: the acquisition of 8.2 France is ongoing with a signing objective by the end of the month. The growth seen in 2020 (sales +16% yoy) is accelerating in 2021. The company mentions that the Dolfines / 8.2 France combination is paving the way for other value-creating external growth operations. While the funding is still pending, the company will provide more information at a later stage.

Oil & gas: the strong rebound in sales seen in Q1 (sales +68% yoy) continues with the company being in demand for several projects. The commercial activity at Factorig (rig audit and inspection services) is higher than before 2019. We stick to our recommendation for now and will update our model after the 8.2 France transaction.

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