Strong growth throughout last year resulted in another year of double-digit growth for Cegal. The turnover ended at NOK 1.9 billion, an increase of 15% from 2022.

CEO Dagfinn Ringaas sums up last year: 
“The goal has been to build a stellar next-gen tech company for the energy sector. The figures for last year show that we are making progress in the areas we have invested in cloud operations, associated consulting services, and our own software.”

Cegal ended 2023 with a turnover of NOK 1.9 billion (NOK 1.6 billion in 2022) and delivered an impressive 15% revenue growth, underpinned by robust performances across all business units.

Our pro forma adjusted EBITDA margin reached 18%, demonstrating robust and profitable growth showcasing our operations' resilience and efficiency. EBITDA ended at NOK 342 million compared to NOK 310 million in 2022. At the end of 2023, Cegal had a record order backlog of NOK 2.43 billion, up from NOK 2.42 billion at the end of 2022.

CEO Dagfinn Ringaas at Cegal summarizes: 
“Cegal's products and services meet several of the trends in the energy sector. The strongest is pervasive digitization, and that more companies are now working with more energy sources. Keywords for digitalization are cloud services, a stronger focus on cyber security, data collection with analysis, reporting, and visualization, as well as the use of artificial intelligence (AI). These are areas where Cegal stands strong.”

“Our operational priorities will be to continue our global expansion in energy through scalable cloud operations offerings, pursue larger global customers in close partnerships with Nasuni, Microsoft, and Oracle, cross-sell and upsell our software, data management, and IT governance services.”

Cegal has structured its business in three areas:

• Cloud services
• Consulting services
• Industrial software

All areas saw growth in 2023. Cloud grew 10% year-on-year, consulting 7%, and software 20%.

Ringaas concludes: 
“Our vision is to build a global tech powerhouse for the energy sector that will contribute to the green shift. Record-breaking order backlog combined with solid growth and profitability means we are optimistic and ready to turn complex IT into real business value with both old and new customers.”

KeyFacts Energy Industry Directory: Cegal