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First quarter 2021 Keeping up the pace VOW Oslo , 29 April 2021 - Vow ASA again reported strong performance in its Projects Cruise business in the first quarter this year , and it announced important partnerships for industry decarbonisation with leading landbased industrial groups . The order backlog remains solid at NOK 969 million . The aftersales business , meanwhile , continued to be affected by the Covid - 19 pandemic . Group revenues in the first quarter of 2021 came in at NOK 92.7 million , which is NOK 23.4 million less than first quarter last year . The change is mainly a result of the slow - down in Aftersales related to cruise ships being docked as a consequence of Covid - 19 . This segment would in a normal year have represented around NOK 25-30 million higher revenues in the quarter . EBITDA before non - recurring items was NOK 10.2 million , down from NOK 14.0 million in the same period last year , mainly explained by the decline in EBITDA in Aftersales , and high activity in Landbased related to commissioning of systems and process integration with the aim of meeting current customers ' demand for industry scale solutions . The order backlog currently stands at NOK 969 million , including orders won in April , up from NOK 952 million at year - end , and from NOK 975 million at the end of the first quarter last year . In addition to the firm backlog , shipowners have placed options on the newbuild series being equipped with Scanship systems amounting to NOK 665 million in likely future revenues related to the Projects Cruise segment . “ Our performance in the Projects Cruise business is remarkable , as is the cruise operators ' commitment to renew and upgrade their fleets to new environmental standards . We have signed three new contracts for newbuilds and retrofits so far this year , and in Aftersales we are seeing signs of increased activity " , said Henrik Badin , CEO of Vow ASA . " First quarter 2021 will also be remembered for our launch of Vow Green Metals , a new company which will offer decarbonising as a service . The company will be spun off to Vow's shareholders , with Vow itself retaining 30.5 percent ownership " , Badin added . During the quarter , Vow successfully completed a private placement raising gross proceeds of NOK 230 million . Parts of the proceeds will be used as initial funding of Vow Green Metals . Vow Green Metals is planning to build a full - scale facility for production of biocarbon and CO2 neutral energy based on Vow technology at Follum in Eastern Norway . Vow Green Metals will be an important customer for Vow's Landbased business going forward . Key figures - Vow Group Amounts in NOK million Q1 2021 Q1 2020 2020 Revenues 92.7 116.1 459.8 EBITDA before non - recurring items 10.2 14.0 46.6 EBITDA before non - recurring items margin % 11.0 % 12.1 % 10.1 % Order backlog 969 975 952