Hi, everyone, and good morning. Welcome to this pre-recorded presentation of Eqva's fourth 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 of the details on the financial results for the period. I will start today's presentation by giving you a short business update, some reflection on the year of 2022, and how we are positioned for the future growth. Eirik will take you through the financial highlights before I sum up and make a few comments about the outlook. I would like to begin by emphasizing the success completion of our business combination in 2022, which brought together Havyard Leirvik, BKS, and Fossberg Kraft. This marks the start of our exciting new growth journey.
Our goal for this growth journey is to become a leading owner of integrated service companies that are vital in driving the green transition in maritime, power-intensive, and renewable industries. We are proud to present a summary of 2022, which was characterized by solid operational performance across all our companies and a promising outlook for the future. We delivered a solid fourth quarter, meeting our expectations. The group has a strong order book and outlook for 2023, boosted by major contract wins in the latter part of the fourth quarter and early 2023. This includes BKS' largest contract in the history with Boliden, with a value about NOK 160 million, which resulted in a substantial increase in the order book.
Our strategic shift in the Maritime Services reinforced our reputation on a dependable partner with strong relationship with our customers in both land-based and maritime industries. This has also proven to be a key to success in current macro environment. Havyard Leirvik is developing to become a multi-service site and has recently proven to pre-qualify to bid towards large potential customers within offshore and land-based industry. Towards the end of 2022, we launched an employee and incentive program aimed at creating a strong and motivated team that is dedicated to delivering value to our shareholders over the long term. This program aligns the interest of our key personnel with those of the shareholders, which we believe will contribute to our continued success and growth as a company. I would also like to highlight a few strategically important contracts that we have recently secured.
One of these is the major contract with Boliden, which I mentioned on the previous slide. This is the largest contract in BKS history. In this project, BKS will contribute to Boliden's expansion plans for the zinc plant in Odda. The aim is to double the zinc production capacity at the plant while reducing carbon emission by 15% from an already world-leading position. For both Eqva and BKS, this contract is part of a growing trend we see in the market and a series of future assignments towards more climate-friendly projects in the Norwegian industry. The other contract I would like to highlight is the contract secured by Havyard Leirvik in January 2023 with Boreal Sjø, which involves the conversion of the ferry M/F Vannes. This contract marks the establishment of a new important client relationship with a major actor in the sea transport segment.
For 2023, we have set some priorities to ensure that we continue to improve our sustainability efforts. We plan to deepen our materiality assessment on a group level, set sustainability reporting goals, and prepare a GRI compliance sustainability report. These steps will help us become a more sustainable company and continue to drive the green transition in the Norwegian industries. With that, let's take a quick look on the operational highlights of the fourth quarter. Our Maritime Services segment delivered a solid performance in the fourth quarter with a continuing focus on our strategic shift towards service and maintenance. One of the key contracts secured during the quarter was with the Fjord1. This project involves a change of engines on a ferry M/F Veøy to make it more environmentally friendly and meet the strict environmental requirements in the area.
The Products, Solutions & Renewables segment experienced high activity in the quarter and secured several contracts for the upcoming year. One of these contracts was secured by Fossberg Kraft that enter into an agreement to de-develop and sell the Skjeggestad Hydropower Plant in Drangedal to a U.K.-based investor. With that, I give the word to our CFO, Eirik Sævareid, who will walk us through the financial of the segment.
Thank you, Erik. Good morning. Let's begin by looking at the performance of our Product Solutions and Renewables segment, which includes BKS and Fossberg Kraft. This segment had a busy quarter with high activity levels at the beginning of the period, followed by the normal seasonal slowdown around the holidays. In terms of financials, the segment reached revenues of NOK 392 million and achieved an adjusted EBITDA margin of 5% in 2022. BKS had a strong quarter with a high order intake in terms of both contracts and volumes under existing frame agreements. For example, BKS secured multiple contracts for a combined value of NOK 43 million from lead customers in the Norwegian process industry.
We are also satisfied with the performance of Fossberg Kraft, which during the quarter both delivered the Båtsfjord plant and entered into an agreement to develop and sell the Skjeggfoss hydropower plant to the same customer. This, combined with other projects in the order book, means that the budgeted volumes for Fossberg Kraft in 2023 have already been secured. Now let's turn our attention to the Maritime Services segment. In the fourth quarter, the Maritime Services segment continued its strategic shift where the segment is increasing its focus on the new sectors such as aquaculture and land-based industry, with the aim of increasing utilization of the yard's infrastructure. During the quarter, the yard secured some exciting projects within these sectors, confirming a successful implementation of the new strategy. Year-to-date operating revenues reached NOK 235 million, and the adjusted EBITDA margin was 6%.
The yard is experiencing high project and market activity, where many of the projects have short lead times as normal in the service and maintenance market. Nonetheless, the underlying operational performance in the quarter was solid, and the company is working on some exciting projects in the tender phase. Let's take a closer look at the consolidated figures at the end of the year 2022. As you can see, the group's results are impacted by the other segment, which include parent company costs and activities outside core operations. The total NOK 21 million cost is mainly associated with the transaction and restructuring of the group and falls under non-recurring items. Our financial position remains solid with an equity ratio of 43%. This puts us in a strong position to pursue opportunities in the M&A space as they arise.
The cash position decreased in 2022, mainly due to non-operational activities and debt reductions. We expect solid cash generation from operational activities during 2023. At the end of 2022, our net interest-bearing debt was NOK 109 million. To summarize our financial performance and bridge into the 2023 outlook, let's take a closer look at our order book. As you can see, the group's order book stood at NOK 345 million at the end of 2022. This increased significantly in the beginning of 2023. Due to several large contract awards, the order book is NOK 490 million as of today. Back to you, Erik.
Thank you, Eirik. To lay the foundation for our financial guidance, I'd like to emphasize BKS' solid growth in recent years. BKS has delivered a solid track record when it comes to growth over time, with a CAGR of 21% from 2017- 2022. We expect the development to continue and contribute to Eqva's future growth. With this, we are pleased to announce that we are increasing our financial guidance for 2023, both when it comes to the range for revenue and EBITDA. The new guidance for revenues in 2023 is now NOK 650 million-NOK 750 million, and the EBITDA margin is 4%-7%. The increase is mainly based on the solid order intake we have seen in recent months. The long-term EBITDA target for the group is 7%-9%.
In summary, we are very optimistic about the opportunities and expected growth in 2023. Our solid order book and strong customer relationship will allow us to continue pursuing profitable growth in the coming years. With that, I conclude today's presentation. Thank you for taking the time to join us today. If you have any questions or need any further information, please do not hesitate to reach us out there. We are always happy to help. Thank you