PRESS RELEASE: Ecoslops, an innovative technology company that upgrades ship-generated hydrocarbon residue, or “slops”, into valuable new fuels and light bitumen, today presents the highlights of 2017.
Vincent Favier, Chairman and CEO of ECOSLOPS, declared:
“2017 is just the second year with our Portuguese industrial unit in Sines fully operational but it is also a key year marked with a strong acceleration of our results and development.
The Sines unit generated €6M sales (+40% vs. last year incl. +80% for the sale of refined products) with a positive profitability at both EBITDA (approx. 25% of sales) and EBIT levels.
This performance is due to the value of our products by our large international clients (GALP, SOPREMA…), the excellent performance of the industrial unit and the impact of the costs reduction initiated in 2016. Our project in Marseilles progressed favourably in 2017 with the filing of the permit, the launching of detailed studies and the signature of local supply contracts covering already 65% of the capacity.
Construction is scheduled to start mid-2018 with operation starting at early 2019. Antwerp will follow Marseilles with a time lag of nearly 12 months considering common internal resources dedicated to the two projects. Several other projects are being reviewed (Suez Canal, Mini-P2R…) and will feed the pipeline of future growth. Lastly, the financial situation of the company strengthened again with the conversion of convertible bonds into new shares (€5.5M) and the success of the capital increase at the end of 2017 (€5.0M). Cash position at the end of 2017 was €8.3M.”
