Good afternoon, everybody. Many thanks for joining us as we give our Q3 results. Lots to report as ever, as we made some good progress during the quarter. As usual, I'll be giving this update with Dean Zuzic, our CFO, and he'll concentrate on trading numbers whilst I focus mainly on ongoing operations. Once again, we're giving these results through a pre-recorded webcast, which is not ideal, so we can't take live Q&A afterwards. Therefore, if you do seek any clarifications, please reach out to us and we will respond to your query. Moving to slide three. Just to remind you of our disclaimer, since we are giving some forward-looking statements during the presentation. Okay, moving to slide four. Let's give some details. We've had a satisfactory quarter.
Q3 does tend to be a seasonally weaker quarter due to the effects of a cessation of marine activities offshore India during the southwest monsoon, and also due to heavy staff vacations. Revenues were $38 million, up 9% on pro forma results for Q3 2020, and more or less the same as for Q2. These were driven by a 30% pro forma growth in our renewables sector. Offshore Wind Consultants, our renewables arm, had the best quarter ever, and a very healthy 70% increase in our engineering arm, Longitude. Both are very pleasing. Certainly, I watch results from our engineering arm quite closely, but good performance indicates to me a healthy market. Our EBIT was $1.3 million, and adjusted EBIT was $2 million.
During the quarter, a lot of hard work has continued with the integration of the LOC post-merger, particularly in this quarter, with the introduction of a single common ERP system to all entities. I'm sure Dean will comment on this later. Cost synergies targets for the LOC merger remain at $4 million, and these will start manifesting themselves properly towards the end of this quarter. Cash stood at $23.2 million, a slight decrease on the previous quarter, following continued debt repayments and working capital requirements. I'm pleased to announce that the board has approved a second dividend for 2021 of 0.25 NOK per share, in line with previous, and should be paid in December. Moving to the next slide.
For those of you who are not familiar with us, just to remind that we are a consultancy, energy consultancy focused on the various energy markets, and we record our trading into three different sectors: the renewables market, the maritime or shipping sector, and the oil and gas markets. Moving to the next slide. Within that, we provide consultancy in various arms. The main part of our consulting and engineering covers design engineering, it covers various analyses, it covers cable engineering, site investigations, and all our marine operations. A good wealth of different consultancies. Then we have our loss prevention arm, which is really focused on mitigating risk.
A lot of it is on behalf of insurance companies, where we act as marine warranty surveyors. We do a lot of marine surveys, pre-inspections and pre-contract audits to ensure that marine assets are compliant with the operation they're going to be undertaking. Finally, in loss management, we provide a 24/7 marine casualty support service. We also provide expert witness and litigation into the various markets to resolve disputes. Moving to slide 7. Our strategic vision is fairly straightforward. It remains the same. Continued expansion in the offshore renewables markets and also in sustainability-orientated services, oil and gas and maritime.
We have an ambition of 50% of our revenues to be driven by renewables and the green markets by 2025. We're making good progress on that front. We see no reason to change that ambition. It's a stretch target for us, but we think we're on track. Secondly, we want to leverage our market-leading position within the more mature businesses of shipping and oil and gas to improve profitability. Finally, and very importantly, we are driving for capital efficiency, improved capital efficiency, and returning cash to shareholders on a regular basis. Moving to the next slide. A quick look at our market sectors.
Revenues of $148 million in the last twelve months, of which approximately 25% now comes from renewables, which is a good step up over the last twelve months. Particularly as we actually in Q3 we recorded a 30% growth rate in renewables. We are making significant achievements in that sector. The remainder comes from shipping and from oil and gas. If we look into breakdown of regions and business sectors, we can see that Europe and Asia-Pacific are our two largest regions, followed by Americas and Middle East. OWC, our renewables arm with the various trading companies in renewables, covers around about 13%.
Our engineering arm of Longitude is the remaining 5%. Okay, moving on into our global footprint. Pleased to say that we are continuing to expand. During the quarter, we've opened up an extra office in Cork in Ireland, which will be focused on the offshore wind market and the renewables market. We now have 63 offices in 39 countries. The global footprint is extremely important to us. It is one of the main selling points to our clients, that we have offices around the world and we're able to attend on-site almost everywhere that major operations are undertaken, and it gives us a good competitive advantage on our competitors.
Number of employees during the quarter remained static at 922. Given that this is a slightly weaker quarter, that still reflects underlying growth, and I'll give a bit more detail as we move forward in this presentation. Okay, moving to the next slide, we start looking at the markets. Let's start with renewables as ever. This remains a very buoyant market. I think this slide here gives a very succinct summary of the trends. Looking at these bar charts, if you look at the right-hand side, you can clearly see how the market is expanding. In 2020, offshore installations by numbers were focused mainly in Europe and a growing segment in China.
By 2025, we expect a significant increase in other global markets, such that greater than 50% of installations will now be outside of Europe. By 2030, it significantly increases yet again. Looking at the left-hand side, we can see the expected steep upward growth measured in gigawatts, such that by 2030, new installations will triple in number from an enhanced 2021. It's a fairly steep growth in that. This is what we're seeing in the markets as we service them. Moving to the next slide and give a bit of detail about what we're doing. This one here covers some technical due diligence that we did on behalf of BASF in Holland.
It's their first significant investment that BASF have made into renewables. It covers a wind farm offshore in Holland, which will, on completion, be the largest wind farm in the world. 140 11-megawatt wind turbines, and will be operational in 2023. Our work in this consisted of analyzing the design, the supply and construction contracts, and assessing technical risks. It's just the high-end consultancy work that we like to win. I think by covering projects like this, it just demonstrates our position as one of the leading renewable consultancies in the world. Moving to slide 12. I thought here that we would cover exactly where we stand in the market.
If we go back a year, we were very focused as a company on the fixed and floating wind. With the acquisition of LOC, we expanded our services, particularly through Innosea, into R&D, particularly on wave and tidal and solar energy, and also increasing amount on emerging technology. We had a very good foundation from which to build. During this quarter, we've expanded our services wider with some new recruitments. We will start to put on those into onshore wind, also into hydrogen, which we see a great upside in the near future.
Particularly on battery storage, which I think of all the segments that we aren't covering at the moment, battery storage represents the one with the most likelihood of increased growth, and it's something that the industry is desperate to have. Okay, moving to the next slide. In oil and gas, we see continued optimism in the market, both on spend, which increased spend is being predicted year on year. Also we focus again on the rig front, because that drives a lot of the markets that we service.
Again, looking at the top, right-hand side on the light green, we can see that we have definitely passed the lowest point of jack-up utilization, and it continues to head in the right direction. We also start to see some increased day rates on rigs in various pockets around the world, which is a good sign for us. The same for floaters. Floaters have also passed their low point, and we're starting to see an increase there. I think in general, we concur with what analysts are telling us that the market is hardening and in 2022, 2023, we should start seeing some significant upside. Moving to the next slide, into specific projects.
Last quarter, we focused very much on Australia and some wins that we had down there. This time, we're gonna focus on Brazil. This first project is a marine warranty project that we have won with Saipem on the Búzios 5 project. It's located in deepwater, 1,500-2,000 meters, offshore Rio de Janeiro. It involves the installation of subsea facilities that will connect 15 wells to the FPSO through various risers, flowlines and other subsea architecture. Work on this will start in this quarter, Q4 of 2021, and will continue for a couple of years into late 2023. It's a good win for us. Moving on to the next page.
This again is another project also, offshore Brazil, the Mero Two project, where we're working as a marine warranty surveyor for TechnipFMC. This is a follow on from the Mero One project that we had previously won. The work consists of installation of FPSO, together with all the connection of associated subsea facilities, including risers, umbilicals, and flowlines. Work on this project will start in 2022, and the field should be operational in 2023. By offshore standards, this is a fairly fast-track project. I think both these two projects are showing the significance of Brazil and the expectations in the near future. We do think Brazil is gonna be a very strong market once again, as we come out of this recession.
Moving to the next slide. On the maritime front, I'm very delighted with this project. This has been won by Longitude, our engineering arm. It's an R&D development of a green hydrogen production barge, which will be installed in Poole Harbor in southern England. We won this through a competitive open tender in the market. Essentially, it will be a barge that will be moored in the harbor that will generate, store, and provide hydrogen for bunkers within the port. The hydrogen will be produced from electrolysis powered by onshore renewables, so it's a very green facility all through.
What's pleasing about this project, it comes close on the heels of a previously announced contract design that we have won to build Europe's first emission-free hydrogen seagoing ferry that will work in the Scottish waters. I think this demonstrates that our growing competence in hydrogen, and we hope this will lead to other opportunities in the short term. Moving to the next slide. On superyachts, this is a business line that we rather underreport, and I thought it's about time that we put something together to show what we're doing. It's actually a very buoyant market at the moment.
We have, you know, we are bound by some strict confidentiality agreements with our clients, and so therefore can't identify all the work that we're doing. We can say that the market is very buoyant. If we put in line all the superyachts that we have inspected during the course of 2021 so far, the length would exceed 1.2 kilometers, which I think gives an indication of where that market is given the size of these vessels. It's a good niche market for us. It's a well-respected market, and the margins are quite strong in this area, which is obviously good for us as well. Moving to the next slide.
On adjacent front, we have continued to expand our focus away from simply upstream energy. This is the foray here into the renewables market. Pleased to say that we have won an instruction in the Arabian Gulf for solar, for a solar farm in a construction site there. This follows on the heels of some wins that we've had in Vietnam earlier on in the year in the same segment. It's nice to see that we are getting some success now in new areas in those markets. Okay. I think this completes some of the work that we've been doing.
Looking at our staffing numbers, so as I said before, we ended the quarter with 922 full-time equivalents, more or less, the same as the end of Q2. Q3 being seasonally weaker means that we use less subcontractors in our work. Therefore, you can see that the light gray part of the graph has decreased slightly. What's important here is that the dark blue, our permanent staff, continues to grow. We now stand around about 700 full-time equivalent staff in the permanent markets. I think this is good. It's good reflection on us, you know, so soon after merger to continue expanding is good.
It shows that we are making progress in how we service the market and to some extent it gives an indication of the health of the market. With that, I would like to pass across to Dean Zuzic and let him give some extra color into the financial performance during Q3.
Thank you. Thank you, David. Let me just run you through the trading numbers for Q3. If we take page 21, we see that revenues came in at $38 million this quarter, which we are very satisfied with in a normally what should be a weaker seasonal quarter. Q3 is always our weakest time in season. The fact that the revenues are flattish compared to what we had in Q2 shows again the high growth that renewables are experiencing nowadays. Revenues up 106% compared to what we reported last year, 18.4. On a pro forma adjusted basis, we are up 9% this year. Very satisfied with, I mean, that.
Our adjusted EBIT came in at NOK 2 million, which was up significantly from NOK 0.6 million last year. Just to mention again that we are consolidating LOC from Q1 of this year. EBIT margin 5.2%, which is up 2% from the same period of last year. The results we're very satisfied with. Next page. If we look at our segment revenues, here you see the difference between the different regions in the world. Asia-Pacific had a strong Q3, as part of the result of some of the COVID measures loosening up. But mainly again driven by an increased utilization in the quarter.
The Asia-Pacific region was the one that was most severely affected with COVID restrictions in Q2 and Q3. We have seen towards the end of Q3 some of these restrictions loosening, but we'll see what happens now in Q4, given the increasing number of, I mean, infections. Middle East seasonally weak due to the monsoon season. We have a reduction in revenues compared to Q2 and a comparable reduction in EBIT. Europe, Americas, holiday season, we see the same effect, flat to increasing revenues and lower EBIT, which is again very normal for Q3.
OWC and Longitude are the bright spots, with the renewable business increasing by 30% and the engineering business by 70%, pro forma year-on-year, which we are very satisfied with. Next page, please. The top-line figures, revenues, as I mentioned, are up 106% compared to Q3 2020. Came in at $38 million compared to $18.4 million. Reported growth driven by the consolidation of LOC, which we are doing from Q1 of this year, adjusted on a pro forma basis, we're up 9% compared to Q3 2020. Reported EBIT of $1.3 million, adjusted EBIT $2 million. There is a table showing adjustments at the back of the presentation. In the appendix, we do have adjustments of $4.6 million.
The largest part, $4.55 million, related to share-based compensation to employees. Adjusted EBIT margin of 5.2%, which is up 2% compared to the same period of last year. We do see an increase in depreciation, amortization, and impairment, which is part of the result of us being a larger company, of course, this year, but also the fact that it does include approximately $4.8 million of intangible assets related to the acquisition of LOC last year. This is something that we will be amortizing over a 10-year period with $4.8 million every quarter going forward. Next page, please. Strong financial position.
We had NOK 23.2 million in cash, which is down somewhat from NOK 24.5 million in Q2. Positive cash flow from operations of NOK 4.5 million, affected slightly negatively from the increase in working capital and tax. We have implemented a new ERP system and where the last entities came on board in September of this year, resulting in somewhat late invoicing for some of our entities, and that influenced working capital. You can expect this to normalize as we enter Q4. Financing came in at NOK 1.4 million negative cash flow, NOK 900,000 repayment of debts, NOK 100,000 in interest, and the rest was related to lease payments.
Our bank debt stood at NOK 12.5 million at the end of the quarter, and capitalized leases of NOK 3.1 down from NOK 3.5. The reduction in the right-of-use assets or the capitalized leases is partly the fact that our rental contracts are maturing, but also the fact that we are not renewing some of the leases as we are taking our synergies from the acquisition. We are reducing the number of offices we will operate from. Net working capital NOK 35.2 million, which was somewhat up from NOK 34.7 million, but we do see that the working capital percentage has stabilized around 90%-92%.
We are fully focused on freeing up working capital. That will continue going forward. In spite of the working capital increase we had in Q3 related to the ERP implementation and late invoicing, we have managed to keep it stable at around 92%. You can expect that to be reduced in the coming quarters. Next page, please. Dividend. The board declares dividend of NOK 4.25 per share(uncertain), which is the same dividend we had in the first half of this year, bringing total dividend for the whole year up to NOK 4.5.
It will be paid out about December 3 to shareholders that own shares at the end of 29 October 2020 once the stock will be traded ex-dividend on November 1. For distribution, the distribution of the dividend for tax purposes will be considered as a repayment of paid in capital. Our focus will continue to be on returning capital to shareholders. That is and will remain a strong strategic priority for us. I think I will give the word back to David to do a summary.
Good. Thanks, Dean. I appreciate that. Moving to the last slide, and I'll conclude with our outlook and summary. I guess to reiterate, I think we had a satisfactory quarter. Both revenues and EBIT were broadly in line with expectations, and we achieved year-on-year growth in revenues. Indeed, just to remind that, OWC, our renewables arm, had a record results in this quarter. We've made good progress on the final stages of the integration with LOC, especially as Dean has just talked about with respect to the introduction of a single ERP system. Efficiency in our financial reporting should be much better going forward.
By the end of Q4, we expect the last of our major offices to be co-located, which will be the final stage of bringing the two companies together. We maintain our expectation of cost synergies of $4.0 million per annum to be realized from the LOC acquisition, and that these costs will largely be recognized in Q4 onward. We feel that we're in a good place with respect to the short- to medium-term in the outlook of the various markets. As I've discussed earlier on, the renewables market remains particularly strong, and we're expanding into new areas. Of course, we've made some investments into new areas.
We brought on a lot of extra new staff during this quarter, which obviously takes a little bit of time to turn around and to make good progress. I think we're in a very good position, and that market is looking extremely good, not only in Europe, but globally. That's what we set ourselves up for the global expansion. The maritime sector is trading very strongly globally. High utilization of ships, high charter rates, and so on, and we think this should benefit us going forward. The oil and gas market is improving.
Oil and gas prices are very high at the moment, which kind of feeds on to the rest of the market. We're very busy at the moment with call out contracts in the OpEx markets and brownfield sites. I think, you know, overall we concur with analysts' expectations that there will be quite a large upside in 2022 and 2023. I think from that point of view as well, that we're in a very good position now that we completed our integration with LOC to service the markets as and when they expand.
Again, pleased to announce the intention to pay a second dividend for this year. As Dean has mentioned, it will be paid in Q4. Finally, you know, we still have more supply in the market than demand in our consulting areas. There are likely to be opportunities for further consolidation in the market. If we identify anything of significance which will help our business offering and which gives shareholder value, we'll certainly be interested to look at those opportunities. With that, I would like to conclude. I thank you for listening. Just to remind you that if you do have any queries, please reach out to us and we'll address those as soon as we can.
I'd like to thank you for listening, and I look forward to presenting Q4 results in a few months' time. Thank you very much.