Release of Annual Report 2024
Bergen, Norway, 12th March 2025. M Vest Water (MVW) today published the Annual Report of 2024.
2024 Highlights:
- The total revenues in 2024 increased by 106% compared to 2023.
- Substantial growth in recurring revenue due to NORWAFLOC® supplies to two additional salmon slaughterhouses (Holmøy Maritime and Búlandstindur) from September.
- Entering 2025 with a strong order (sales) pipeline and high gross margins due to a high percentage of recurring NORWAFLOC® supplies.
- Contract award from Downstream Marine for equipment delivery to a new salmon slaughterhouse treatment plant, operational by the end of 2025.
- Increased tender portfolio and tender activity in Oil & Gas, aquaculture and dredging. Substantial potential value of tender and opportunities portfolio.
- Signed an exclusive Agent Agreement with Energy Support Trading (EST) and Invest Supply Company (ISC) to boost sales in the Middle East.
- Technology breakthrough – complete substitution of synthetic polymers for our clients in dredging, municipal wastewater, Sand & Gravel washing, and Mining.
- Awarded a substantial long-term Frame and Cooperation Agreement with VEBIRO GmbH and VEBIRO West GmbH in Germany.
- Strong regulatory drive over the past year.
The Executive Chairman, Tor Olav Gabrielsen, comments; “Over the past year, MVW have established a strong foundation of recurring revenues, strengthened our position in the Middle East, and celebrated a key milestone with our first contract in dredging. Our growing tender portfolio is a proof of concept and reflects the potential of our technology. In addition, MVW’s mission aligns perfectly with global megatrends, including the urgent demand for clean, usable water and regulatory pressures targeting wastewater treatment. Supported by a scalable, capital-light business model, MVW is well-positioned to create long lasting value for our shareholders.”