Welcome to this prerecorded presentation of EQVA's second 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 of the second quarter 2023. Eirik will then 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 as of a solid second quarter with a strong order book and high activity on our projects. This has resulted in both revenue growth and increased margins compared to figures from the second quarter last year.
The revenue growth was mainly driven by increased activity at some of our key projects in the Products, Solutions and Renewables segment. In our Maritime Services segment, we have experienced some headwinds due to the challenging market conditions in the maritime sector in Norway. Despite this, our staff has been able to adapt. We have completed key projects and have launched cost-saving initiatives to position ourselves for market recovery. We have also made some important strategic initiatives in the second quarter. We have signed a letter of intent for a business combination with Kvinnherad Elektro. Also included is 51% ownership in Vassnes Solutions. We have also initiated a strategic review process for our Maritime Services segment as the business has a robust position in the Norwegian maritime sector, and the board believe both shareholders and other stakeholders can capitalize on this potential move.
I will come back to this initiative soon, but first, let's take a look on our contracts award in the quarter. In the second quarter, we have started work on key projects assigned earlier this year, driving increased activity in Products, Solutions and Renewables segment. We have also secured new contracts with customers in land-based industries in the quarter, as well as we have seen increased activity at our frame agreements. In maritime services, we have secured a couple of small-scale service and maintenance projects. This has, however, been a period with low activity due to demanding market conditions in the maritime sector. I would like to remind you that sustainability is a key priority in EQVA, and we aim to be a front runner on ESG in our industry. On this slide, we highlight some of the ESG activities we have and will prioritize in 2023.
So let's take a further look at the operational highlights of the second quarter for the group and for each of our business segments. EQVA delivered a second quarter with strong operational performance, where especially Products, Solutions and Renewables delivered the high volumes on key projects. The order book remains promising, mainly as a result of our company, BKS. In the maritime service segment, we have, among others, completed a refit project of the ferry MS Vangsnes. A letter of intent for a business combination with Kvinnherad Elektro was announced in June. This agreement also includes its 51% ownership in Vassnes Group. With this, EQVA will become a leading supplier over engineering, welding, and power and automation services on the west coast of Norway. We have also initiated a strategic review of our maritime service segment.
The board have chosen to explore various strategic alternatives, including consolidation or divestment of this business. The strategic review process is expected to be completed within 6-12 months. On this slide, we have included some more details about the potential acquisition of Kvinnherad Elektro. The merger is expected to result in an increased turnover for EQVA of between NOK 125 million-NOK 175 million on an annual basis. Including the revenues from Kvinnherad Elektro, the annual revenue level for EQVA Group will be around NOK 1 billion, with significant potential for further growth. With that, I give the word to Eirik, who will walk us through the financials of the segments.
Products, Solutions & Renewables delivered the first half of 2023 with a substantial annual growth in both revenue and EBITDA. The figures are a consequence of that BKS is now capitalizing on the large contracts awarded this winter. These contracts are now materializing into increased revenue and profit margins. Fossberg Kraft has, in the first half of 2023, also progressed according to plan and successfully finalized the construction and sale of the Kvevebekken plant. The construction of the Skjeggfoss plant has commenced, and construction of the Haugsvær plant is planned to start in the latter part of the third quarter. In the second quarter of 2023, Maritime Services delivered weaker revenue and EBITDA due to the challenging markets. Despite headwinds for our Maritime Services segment, we have completed several small projects and launched cost-saving initiatives.
When it comes to the strategic review initiative for the Maritime Services division, we have ongoing processes with several external parties... Here is an overview of our key financial figures for the respective segments in the second quarter this year. The other elimination segments include parent company costs, the real estate segment, and companies without normal operations. We have also included a column to show the group's result, excluded maritime services. When maritime services is taken out of the figure, the group achieved an EBITDA margin of 4.9%. EQVA's financial position remains strong, with an equity ratio of 43% at the end of the second quarter. Our net interest-bearing debt was NOK 116 million, and we repaid NOK 7 million loans during the second quarter, according to ordinary schedules.
We expect a strong cash generation in the fourth quarter 2023, which will further support our financial position. The total order book at the end of the second quarter was NOK 441 million. Of this, BKS contributed with NOK 416 million. Fossberg Kraft has an order book for execution this year at NOK 17 million. The order book at Maritime Services stood at NOK 8 million at the end of the second quarter. This is both due to seasonality and the weak market conditions. So back to you, Erik.
Thank you, Eirik. With the current order backlog and pipeline of the potential projects, we are still confident in keeping our full year guidance for 2023. We are committed to achieving our targets, both through the operational improvements and strategic initiatives. To sum up the first half, we have had a solid start to the year, despite weak market conditions. With our order book and solid financial position, we remain positive for the rest of the year. The history has shown us that in turbulent times, opportunities arise for leading players with business models like EQVA. We hold a positive outlook for the future and will continue to focus on expanding our capabilities. With that, I conclude today's presentation. Thank you!