It's a pleasure to welcome you to this presentation of Havyard and our performance for the first half year period. My name is Erik Høyvik, and I am the CEO of Havyard Group. With me today, I have CFO, Eirik Saevareid, who will guide you through the financial results for the period. I will start today's presentation by giving you a short recap of our strategy and financial targets. I will continue by sharing with you some insight into our new business segments and how we are organized to position ourselves for the future growth. Eirik will then take you through the financials before we wrap up. As many of you know, the combination of Havyard Group and HG Group was completed this summer. Following this transaction, Havyard became 100% owner of BKS Holding AS and Fossberg Kraft AS.
This transaction makes an important milestone in the ongoing development of the company by adding complementary revenue streams to our existing businesses. By joining forces, we have opened up for new routes to growth and a potential for utilizing synergies across the companies. Our businesses are built on more than 100 years of experience. Our ability to deliver high quality and is widely recognized to our customers. As a supplier of in-demand services and solutions to growing industries at sea and land, we have a strong foundation of value creation. We contribute to the green transition by helping customers to minimize their environmental impact and to secure energy-efficient solutions. Following the combination with HG Group, we have organized our business into two segments, Maritime Services and Products, Solutions & Renewables. Our segment, Maritime Services, consists of Havyard Leirvik.
Havyard Leirvik has been in the business since 1918 and has delivered a significant number of new buildings over the years. In 2022, we made a strategic shift from new building to service and maintenance. Our solution help to reduce emissions and increase the lifespan of ships and equipment. We carry out conversions, repairs, and maintenance of all vessel types. We have strong quay capacity and a built-in dry dock. Products, Solutions & Renewables was added as a new reporting segment following the acquisition of HG Group. It consists of service and maintenance provider BKS with underlying subsidiaries and the power plant development company, Fossberg Kraft. We will consider our options and opportunities. There are three global trends that stand out as more important than the others for our continued growth and value creation. First and foremost, digitalization.
Digitalization and automation are speeding up in both the maritime industry and land-based industry in Norway. We see an increasing need for different systems and high-tech solution in a changing environment. Second, the decarbonization and growing demand for clean energy sources. Regulation and legislation such as EU Taxonomy and economic realities such as increasing energy prices are moving companies in most industry space towards new solutions. This brings me to the third driver, namely the maritime industry's embrace of new and more sustainable solutions. This can for instance be services such as electrification of ferries and support vessel to the offshore and aquaculture industries. With our business model and deep domain knowledge, Havyard Group is well equipped to handle and to take advantage of these macro trends. We have three defined strategy priorities that enable us to grow in the coming years.
First, we have a diversified product and market portfolio that will secure broad revenue streams across cycles. We experience strong underlying growth in all the markets we are exposed to. With the acquisition of HG Group, we see strong potential for utilization of synergies between the companies in the group. Second, we experience strong demand for all markets we are exposed to and see potential to capitalize on the key macro trends presented on the previous slide. We will grow organically and also follow acquisition opportunities closely. We are gradually moving into new geographies and new industries, creating a truly resilient portfolio of companies that enable us to produce good cash flows and strong results through market cycles. Now let me show you what these priorities will result in terms of our financial targets. Some of you may recognize these numbers.
In May, when the acquisition of HG Group was announced, we communicated these medium-term targets for 2022 and 2023. Supported by our existing order backlog, we reiterate these medium-term targets now. We aim for a full year revenue in 2022 in the range of NOK 550-NOK 600 million and an EBITDA margin of 5%-6%. For 2023, we have a target revenue in the range of NOK 650-NOK 750 million, with an EBITDA margin of 7%-8%. With our foundation for further growth and business model covered, let's take a brief recap of Havyard's operating segments, management and board.
The Maritime Services segment that consists of the shipyard, Havyard Leirvik, represents about 40% of the pro forma revenues in the first half year period. The segment offers a broad variety of services and solutions to its wide customer base, ranging from standard maintenance and services to more tailor-made and complex type of projects. High quality with superior precision is a key characteristic of every project. There are currently 70 permanent employees at the yard, and it has a capacity to run 3-6 projects in parallel. The Products, Solutions & Renewables segment that consists of BKS and Fossberg Kraft will be fully consolidated from July 1st, therefore, it will be fully included in the P&L in the third quarter report. Based on pro forma figures, the segment represented 60% of revenue so far this year.
BKS is a service and maintenance provider to the land-based and maritime industry along the whole coast of Norway. The company is full service supplier of technical installations, with a presence through the value chain from idea to installation. Through its long history as a preferred service provider in Western Norway, it has developed strong relationship with the large, well-known players. Fossberg Kraft specializes in the development and operation of small-scale hydropower plants. Since its establishment in 2018, the company has developed and operated several small power plants in the southern Norway. Through its ownership in Fossberg, Havyard wants to focus on the utilization of renewable energy. The company currently operates several small-scale power plants and is also developing new projects. Here is an overview of the management group, which has a broad background from the industry.
In fact, together, we have 120 years with industrial experience. Havyard Group is backed by a strong board, and we have a good combination of shareholder representation and independent expertise. About 38% of the share capital is represented on the board, either directly or indirectly, and the board also has valuable representation from the company's employees. With that, I give the word to our CFO, Eirik Saevareid , who will run through the financials, and then I will wrap up with some key takeaways afterwards. Your word, Eirik.
Thank you, Erik. I will start out spending a few minutes on Havyard's operational and financial highlights before I go through the first half year pro forma results in some more detail. In June, the combination of Havyard Group and HG Group was successfully completed. This marks an important milestone in the process to become a fully integrated service provider to the Norwegian industry and to take a position in the market for hydropower. As Erik addressed earlier, we have made a strategic decision in Maritime Services to go from new building to services, and the yard has carried out a number of major and minor assignments during the first half of 2022. Among the larger assignments, an electrification conversion of a ferry has been delivered in this period.
In the order book, there is a new large electrification project set for Q3 2022 as well as a number of smaller assignments. The management group has been strengthened during the spring and summer through, for instance, our recent hiring of Sverre Olav Handeland and Trygve Kjerpeseth. When it comes to the financial highlights, we have included the pro forma figures in this presentation, which include BKS and Fossberg Kraft acquired in June. We had a group revenue of NOK 327 million in the first half of the year, and the EBITDA was NOK 2.1 million. Compared to pro forma figures for the first half of 2021, revenues and the EBITDA margin were lower.
This is mainly due to the transition to our new strategy from new building to service and maintenance projects and that some projects has been postponed to the second half of 2022. Taking a look on the incoming demand for our services and our order book for the rest of the year, we are optimistic about the future. We currently have an order book of a total of NOK 253 million. Hence, we keep our guidance of achieving a full-year revenue of NOK 550-NOK 600 million in 2022 and NOK 650-NOK 750 million next year. We also keep our guidance of an EBITDA margin in the range of 5%-6% in 2022 and 7%-8% in 2023.
As mentioned, close to 40% of our revenue comes from Maritime Services. In the first half of the year, the segment had revenues of NOK 126 million with an EBITDA of NOK 5.6 million. The main reason for the lower revenues and EBITDA compared to previous years is, as mentioned, a consequence of our successful transition to our new strategy to focus on services rather than new building contracts. With the change in strategy, our revenue base has become less volatile and more resilient to market cycles and is an important part of our strategic plan. The yard carried out a number of major and minor assignments during the first half of 2022. Among other things, a major conversion to a ferry to a full electric system has been delivered.
We experienced strong demand from our long-term clients, especially when it comes to electrifications and conversions in order to reduce emissions and increase the lifespan of ships and equipment. In the order book, there is, for instance, a new major contract for an electrification project that will be done during the second half of 2022. The pro forma revenue for the segment Products, Solutions & Renewables was NOK 200 million, and the EBITDA was NOK 8.5 million in the first half of 2022. BKS also secured many exciting agreements in the period that will secure steady revenues going forward. To mention one example, BKS landed a large installation contract at a food factory in Eastern Norway with a contract value of about NOK 30 million. For Fossberg Kraft, the current projects under development is going according to plan.
Looking forward, we have a strong pipeline, and the order book for the second half of 2022 is good. The group's results are impacted by the reporting segment Other, which includes parent company costs and companies without a normal operation. The NOK 10 million costs connected to the transaction and restructuring falls under the reporting segment Other together with general overhead costs. We have a solid financial position with an equity ratio of 48%, which makes us well-equipped to capture opportunities within the M&A space going forward. Our investments in the period has mainly been related to the acquisition of HG Group. Our debt position is also comfortable with a net interest-bearing debt on a low level compared to EBITDA. The group's order book totals NOK 253 million, including order books from the newly acquired companies.
The largest project in the Maritime Services order book is the electrification project that I mentioned. For BKS, the order book is a combination of both projects and frame agreements. Two of the large projects awarded this summer has a total value of about NOK 40 million for BKS. Fossberg Kraft has two power plants under construction and a list of projects to be converted to projects creating revenues in 2023 and forward. In total, our order book supports a strong second half of 2022, despite a turbulent and uncertain market environment. Back to you, Erik.
Thank you. To sum up, the Havyard Group has been transformed during the first half of 2022. We have successfully consolidated Havyard Group and HG Group. With the combined company, we are well-positioned to capitalize on strong market trends. We have built a resilient group of businesses, open up for new routes to growth, and we see a lot of potential for collaboration and synergies across the companies. We are optimistic about the future and see solid demand for our services, which is backed up by a strong order book. At the same time, we operate in a global market, which is characterized by more uncertainties than we have seen for quite some time. The geopolitical situation impacts macroeconomic conditions, which in turn leads to price increases on input factors and longer lead times for materials.
This situation will surely test our ability to meet and adapt to the rapid changing conditions. The long-term fundamentals of our business remain strong, driven by the requirement of clean energy and our joint promises to reduce emission. As a supplier of in-demand services and solution to growing industries at sea and land, we have a strong foundation for value creation. Hence, we stand by our financial targets for the full year period and next year. That ends the presentation. If you have any question, just reach out to us by mail. I would like to thank everybody for following presentation today. Have a great day.