Hi everyone, and good morning. Welcome to this pre-recorded presentation of Eqva's first 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 business update and some operational highlights for the first quarter, 2023. Eirik will then sum up, take you through the financial highlights before I sum up and make a few comments about the outlook for our business. We are pleased to report a solid first quarter, driven by strong operational performance and high activity, especially in BKS. Eqva has also secured several major contracts in the first quarter, which has contributed to a strong order book and outlook for 2023.
Despite a general turbulent market during the first part of this year, Eqva's diversified service offerings provides stability and resilience. Overall, Eqva's strong operational performance, major contract wins, and diversified service offerings have positioned the company well for future growth. I would also like to highlight a few important contracts that we have recently secured and started commissioning. We secured a major contract with Boliden in Q1 worth NOK 160 million. This is BKS's largest contract to date and an important milestone in our sustainable future efforts. Eqva has also secured significant contracts with key customers in the process and land-based industries and seen increasing volumes on frame agreements with its main customers. Eqva's Maritime Services division is also making progress in its sustainable efforts. The company is currently undertaking an engine conversion project on MF Veøy, a ferry, to lower emissions.
Eqva has also successfully completed a conversion of MF Vågsøy, another ferry project that demonstrates the company's commitment to sustainability in the maritime industry. Eqva firmly believes that sustainability is critical to our sustainable growth. As a part of our commitment, we have identified five sustainable development goals that our business can significantly influence and contribute to. We are devoting a lot attention to developing our strategic priorities around these goals. Looking ahead, we have plans and priorities for 2023 that support our commitment to sustainability. We are setting sustainable reporting goals to ensure that we are transparent and accountable for our ESG performance. Let's take a future look at the operational highlights of the first quarter for the group and for each of our business segments.
Eqva had a strong operational performance in Q1 2023, with a solid order intake for Products, Solutions & Renewables and high activities on key strategic projects in Western Norway. We are pleased with the performance of our Maritime Services despite the challenging demand environment that resulted in slow order intake. Fossberg Kraft completed the construction of Kvævebekken hydropower plant according to plan. The plant was sold to a U.K.-based infrastructure investor in early April. This represent a significant milestone for Eqva and demonstrates our capability in delivering sustainable energy solutions to the market. With that, I give the word to our CFO, Eirik Sævareid, who will walk us through the financial of the segments.
Thank you, Erik. The Products, Solutions & Renewables segments delivered a strong quarter where BKS reports high levels of activity on ongoing projects and continued the increasing order intake. When increasing volumes, BKS is capitalizing on its current cost structure, which results in higher profit margins compared to the last year. I think it's worth pointing out that in Q1 2023, BKS achieved a profit margin on EBITDA level of 6.9%, up from 4.9% in the first quarter 2022. Fossberg Kraft is developing according to plan, and the construction of the Skjeggfoss plant was the largest project during the quarter. The Haugsvær plant, with a capacity of 4.4 GWh per year, is in the final phase of planning.
Furthermore, Fossberg Kraft is in the tender phase of several new projects, indicating potential for further growth in the years to come. The Maritime Services segment had a quarter with solid operational performance. It also continued its dedicated efforts to develop and become a multi-service site. In a challenging market for the Norwegian maritime sector, the yard is well-positioned with its diverse and broad service offering. In this respect, it is particularly relevant to mention that Havila Kystruten has pre-qualified for several large clients with tenders within land-based industry and offshore, specifically in module prefabrication. We have identified and will be pursuing several tenders in the coming months, and we expect they will result in significant volumes in late 2023 and further into 2024. Here is an overview of our key financial figures for the respective segments in the first quarter this year.
As you see, the segment Products, Solutions & Renewables was the main contributor to our results this quarter. The other elimination segment includes parent company costs and companies without normal operations. We report now for the first time figures for our Real Estate segment, which was established at the end of last year. Eqva's financial position remains strong with an equity ratio of 43% at the end of Q1. Our net interest-bearing debt was NOK 107 million at the end of the quarter. We repaid NOK 6 million of loans during first quarter according to ordinary repayment schedules. We expect a strong cash generation in the second half of 2023, which will further support our financial position.
The Products, Solutions & Renewables segment had an order book at NOK 432 million as of end of the first quarter, and the segment has seen a good order intake further going into Q2. The order book for Maritime Services stood at NOK 29 million at the end of March. Shorter horizons are typical for the Maritime Services segment due to the nature of the business, but the order book and pipeline of potential contracts indicate good prospects in the short and medium term. Back to you, Erik.
Thank you, Eirik. 4.5 months into the year, and considering our current order backlog and pipeline of potential products, we are confident in reiterating our full year guidance for 2023. We are committed to achieving this target through various strategic initiatives and operational efficiencies that will drive sustained growth and value creation. We have had a solid start to the year with a strong order book that bodes well for 2023. We expect to maintain high activity, particularly for Products, Solutions & Renewables. We are aware of the weaker market segment in the maritime sector in Norway post-resource rent tax on aquaculture, which may impact demand for Maritime Services short term. However, positive indication regarding strengthening our finance and guarantee mechanism for the Norwegian maritime sector may increase demand medium and long term.
There is growing demand for modular solutions and cost-effective prefabrication in the medium to long term, which places Maritime Services at the forefront to meet this demand and become a leading subcontractor. We are well-positioned for long-term value creation by scaling our benefits as a group, while also maintaining local ownership and nurturing company independence. We are proactively pursuing M&A opportunities and have during the quarter identified various high-potential companies along the coast, which could result in a further improved offering to our customers and value creation for our shareholders. With that, I conclude today's presentation. Thank you.