Hi, everyone, and good morning. Welcome to this prerecorded presentation of Eqva's third quarter results. My name is Erik Høyvik, and I am the CEO of Eqva. With me today is CFO Eirik Sævareid, who will share with us some details on the financial results for the period. I will start today's presentation by giving you a short recap of our businesses and how we are organized to position ourselves for future growth. Eirik will then take you through the financials before I sum up and make a few comments about the outlook. Monday this week, we reached another important milestone as our new company name, Eqva, was formally approved. The name change supports our company strategy and development as a fully integrated service company. The name Eqva reflects who we are, where we come from, and what we aspire to be.
The transaction we completed this summer, where the group became 100% owner of BKS Holding and Fossberg Kraft, marked the start of our new growth journey to become a leading owner of integrated service companies that contribute to the green transition in maritime, power-intensive, and renewable industries. The strategic and operational rationale for the transaction we did this summer is significant, and we do expect that this will convert into increased shareholder value going forward. We see a potential for synergies and a strong cooperation between BKS and Havyard Leirvik. The companies are already well on the way with the planning of future collaboration processes. In fact, in the beginning of fourth quarter, the companies initiated a collaboration project that potentially can imply significant volumes in 2023 and 2024 for the group.
Since the completion of the acquisition this summer, we now have complementary revenue streams across industries. The combined groups business are built on more than 100 years of experience. We also have the best people with the drive to deliver high quality in everything they do, and we have a strong relationship with our customers. These features gives us a strong competitive advantage that is especially important in today's market that is characterized by high uncertainty and volatility. I will get back to you on more details regarding the maritime market later, but let me just add this. In today's turbulent times and hazy outlook, we must remind ourselves why our strategic shift towards becoming a fully integrated service provider is different in different industries have been so important.
We have secured a much more resilient business with a broader revenue base that will help us to navigate through the hazy macro environment. Let's take a quick look on the highlights of third quarter. When it comes to the operational highlights of third quarter, we have delivered and are currently working on a couple of signature projects within maritime, fuel cell, and pipe installation in our segment Products, Solutions and Renewables. For the segment Maritime Services, we experience increasing activities at the yard with new markets such as aquaculture and land-based industry, and these are markets we will continue to focus on going forward. Our new name was approved on Monday, and we have also initiated the process to establish a separate real estate division.
When it comes to the financial highlights, we reported revenues of NOK 125 million and an EBITDA of NOK -1.1 million in the third quarter. Year to date, the revenues of the group totaled NOK 452 million with an EBITDA of NOK 12 million. The macroeconomic environment has influenced our financial performance, and we see that some customers within Maritime Services have reduced their budgets. Hence, some of our projects have been delayed, which impacted the volumes at our yard in the second half of 2022. However, we experienced higher tender activities from key customers in Products, Solutions & Renewables, which we expect to materialize in Q4 and in the beginning of 2023. I would also like to say a couple of words on some of our key strategic projects this quarter.
The first project I will highlight is an innovative hydrogen fuel cell project in Western Norway. Here, BKS played a key role in the construction phase. In addition, BKS is currently installing a piping system in a biotech company with a total contract value of about NOK 40 million. With that, I give the word to our CFO, Eirik Sævareid, who will take you through the financials.
Thank you, Erik, and good morning. Let's start with taking a closer look at our segments performance. The Maritime Services segment carried out a number of assignments in the third quarter and delivered a quarter with a revenue of NOK 46.4 million and an EBITDA of NOK 2.8 million. This is a significant improvement from the second quarter of 2022 and a margin of 6% in the current market environment is something we are proud of. The segment has been hit by the general market uncertainty in the Norwegian maritime sector, and we do experience that some contract award processes takes longer time compared to the same period last year.
In addition, the proposed resource tax on aquaculture that the government announced this quarter has created additional uncertainty in the whole maritime sector along the coast, and we see that many investment decisions are reassessed or put on hold. Hence, we, like the rest of the industry, have seen that some projects in the pipeline for end 2022 are put on hold or canceled. Despite this, we still have several upcoming projects in the tender phase, which we expect to give significant volumes during next year. The segment Products, Solutions & Renewables consist of the company's BKS and Fossberg Kraft, and the segment is now fully consolidated in the group's P&L. Products, Solutions & Renewables delivered a quarter with strong underlying operational performance. The revenue from the segment ended at NOK 78.2 million, and the EBITDA was NOK 0.7 million this quarter.
The result was partly affected by lower volumes in the third quarter than initially estimated due to some projects being delayed or pushed into Q4 or the beginning of 2023. In addition, the segment was affected by inflationary pressure on input factors that has affected the margin this quarter. Despite this, the current high tender activity we now see in the beginning of the fourth quarter indicates a positive outlook for BKS. Fossberg Kraft has added two new projects in the order book for execution in 2023, which will secure higher capacity utilization and higher margins for next year. Here is an overview of the consolidated figures in the third quarter. As you can see, the group results are impacted by the reporting segment other, which include parent company costs and other general overhead costs.
The NOK 2 million costs connected to the transaction and restructuring in the quarter falls under this segment. The group's order book totals NOK 230 million. The largest project in the Maritime Services order book is a new electrification project of a ferry. For BKS, the order book is a combination of both projects and frame agreements, and today's order book indicates a significant increase in volume in the fourth quarter and going forward into 2023. We have a solid financial position with an equity ratio of 47%, which makes us well-positioned to capture opportunities within the M&A space going forward. Our debt position is comfortable, and we are compliant with all covenants as of the end of the third quarter. Back to you, Erik.
Thank you, Eirik. Given the current market environment, I will just say a few words to remind our viewers of why Eqva is well-positioned for growth and shareholder value creation. The current geopolitical situation impacted global macroeconomic conditions, which also lead to price increases on input factors and long lead times for materials in the short term. However, the long- term for the fundamentals for our business remains strong. The current geopolitical and macroeconomic environment makes it even clearer that the need for clean energy, new sustainable solution and efficient technologies are crucial. Eqva aims to be a driving force in the transition to a more sustainable economy. Hence, we see how important it is that we are transparent and report according to the most important ESG standards. Therefore, a strategic priority in 2020-2022 has been to increase the quality of our sustainable reporting initiatives.
When it comes to our financial targets, we have increased our revenue guidance for 2022 from NOK 550 million- NOK 650 million based on a solid outlook for Q4 for the segment Products, Solutions & Renewables. At the same time, the guidance for our EBITDA margin in 2022 is reduced from 5%-6% to 1%-3%, mainly due to a shift towards lower margin products than earlier forecasted. Given the current market uncertainty, we take a more cautious stance on the outlook for 2023. The 2023 revenue guidance is reduced to NOK 600 million-NOK 700 million, and the guided EBITDA margin is reduced to 4%-6%. However, the targeted EBITDA margin in the long run is still 7%-8%.
As we have earlier communicated, one of our strategic priorities is to grow organically and by utilizing synergies between the group companies, but we still also grow through value-adding acquisitions. Eqva is an active owner of fully integrated service companies with a proactive approach to potential new M&A opportunities. Therefore, we are constantly following the market and have a structured approach to potential opportunities. We have also initiated an exciting strategic project this quarter to restructure our real estate asset to a separate division. In short, we will restructure the facility BKS has in Sunde and the shipyard in Havyard Leirvik in Leirvik into a separate division, and we expect the restructuring to be completed within the end of this year. We expect this strategic initiative to help us achieving better visibility of the substantial underlying value of these assets.
To sum up, Eqva delivered a quarter of improving underlying operational performance despite some delays in projects and inflationary pressure that affected the results. Maritime Services was hit by general uncertainty in the maritime sector but still delivered a solid operational quarter. Products, Solutions & Renewables had a quarter with high activity, and it played a vital role in the innovative hydrogen project at the western coast of Norway. We are confident that our focus on strong partnership with key customers and our deep market knowledge will create opportunities going forward, and we are well-positioned to capitalize on macro drivers in the long- term. That ends the presentation. If you have any questions, please don't hesitate to reach us by email or phone. I would like to thank everybody for following our presentation today and have a great day.