Gunnar Pedersen
Chief Executive Officer
Good morning, everyone, and welcome to this third quarter presentation for Vow. For technical issues with the network in the auditorium, we had to do our last minute move into this conference room. So it’s a bit packed in here, but we certainly hope everything is working out to your satisfaction and that everyone is receiving this webcast.
So today, I have Cecilie Hekneby, with me, our CFO, to do the presentation of the financials. My name is Gunnar Pedersen. I’m the CEO of Vow.
So I’m going to share with you some highlights first. Cecilie will take you through the financials. I’ll come back with the market and business update before we go into summary and outlook and finally, open up for questions.
So starting off with Q3. So Q3 was a very busy quarter across the whole company, especially in Maritime Solutions, where we had record high revenues. We also continued our structured assessment of the company. And in Q3, specifically, we did some deep dive into the big industrial projects. What we found was that there was 2 big projects that had underestimated cost to completion, which has impacted the margins and also leading to a reversal of revenue. Cecilie will take you through the details of that. And also it’s been published in a notice earlier in October.
So in the Maritime Solutions segment, we’ve had record high revenue and also a very positive development on the margins, perhaps a bit on the very high side compared to what you normally should expect. This is due to a reduced share of legacy contracts, but also the
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