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EIVA announces 2017 results

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World Pipelines,

EIVA, a Danish engineering specialist in software and hardware solutions for the international maritime construction and survey industry, is celebrating its fortieth anniversary and has published its 2017 annual report showing strong results.

The 2017 results showed 20% growth (on gross profit) compared to 2016 and solid EBITDA and net results.

EIVA CEO, Jeppe Nielsen, commented: "The entire maritime industry has been affected by the oil price downturn since mid-2014. EIVA is no exception, but as we are seeing increased activity, we can conclude we have been less affected than many others have, and that EIVA is now in a stronger position than ever. We believe this is due to our strategy of using these past years to increase investments in product development, combined with the diversity of the segments in which we operate – covering not just oil and gas but also wind, construction, ocean science and hydrography, among others."

One example of a product development initiative brought to life in 2017 is the establishment of a software development team dedicated to bringing AI, deep learning and computer vision technology into the EIVA NaviSuite software products – a team which EIVA is now further expanding due to the strong interest from customers in the possibilities this technology offers.

EIVA’s outlook for 2018 is an expectation of 20-25% growth (on gross profit) with similar growth in EBITDA and net results.

The positive development of 2017 and expected results of 2018 have been attributed to significant activity from customers specialising in offshore wind, as well as increased activity in the oil and gas sector due to the increase in oil prices seen over the past 12 months.

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