Hello, and welcome to this presentation of Eqva's third quarter results. My name is Erik Høyvik, and I am the CEO of Eqva. With me today is our CFO, Ask Haukaas, and who will share with us some details on the financial results for the period. In the end of this presentation, Even Matre Ellingsen, the Chair of the Board, will share further details about Eqva's future. I would like to start today's presentation with a few highlights from the third quarter. We are pleased to report a solid third quarter, driven by increased volume and improved margins in our Product Solution and Renewables segment. This has resulted in significant revenue growth and solid EBITDA performance compared to figures last year.
In our segment, Products, Solutions and Renewables, the revenue is up 71% and the EBITDA margin increased to 6.9%, compared to 3.4% last year. Regarding the segment, Maritime Services, we announced on Monday that we will divest this segment through the sale of Havyard Leirvik to Tersan Shipyard . We will come back to more details about the transaction later in the presentation. Now, let's take a closer look on some operational updates. When it comes to ESG in the third quarter, we have continued developing the ESG report, which will be published together with the annual report in Q1 2024. We can report of a record-high order book in the end of the third quarter. In Products, Solutions and Renewables, we have increased our contract scope on existing customers, and we maintain high volumes on frame agreements.
In Maritime Services, we have secured a couple of smaller service and maintenance projects. With this, I will give the word to Ask.
Thank you, Erik. Here is an overview of our key financial figures for the segment year to date as of the third quarter. The revenue for the group was NOK 579 million, up from NOK 452 million last year. Excluding Maritime Services, the group revenues were NOK 472 million, and the EBITDA margin was 4.8%. Standalone, the Product Solutions and Renewables segment reported a solid increase in EBITDA margin from last year, from 3.4% to 6.9%. Product Solutions and Renewables has delivered a strong growth in the first nine months of 2023. The growth has primarily been driven by BKS and high project activity. The order book gives good visibility into the upcoming year, and we expect BKS to sustain its high activity level going forward.
Fossberg Kraft has also delivered a strong operational quarter. The construction of Skjeggfoss and Haugsvær power plants progressed according to plan. When it comes to the letter of intent to acquire Kvinnherad Elektro , this process is currently put on hold. Regarding Maritime Services, Eqva has signed a sales agreement with Tersan to divest Havyard Leirvik. With the new owner in place, we are confident that Havyard Leirvik will strengthen its position in the Norwegian market. We will come back to more information about this later in the presentation. Eqva's financial position remains solid, with an equity ratio of 39% at the end of Q3. Our net interest-bearing debt was NOK 146 million, up from the second quarter. This is related to an increase in the overdraft facility in BKS by NOK 15 million, due to an increasing working capital requirements related to the high activity level.
The debt to financial institution is also impacted by project developments in Fossberg Kraft related to construction loans. These loans will be repaid when the projects are delivered to customer. We had a net cash of NOK 28 million by the end of Q3. With the divestment of Maritime Services, we continue to expect a solid cash generation in Q4 2023, which will further support our financial position. The total order book at the end of Q3 was NOK 504 million, up from NOK 300 million at the start of the year. Of this, BKS contributed with NOK 465 million by the end of Q3, and the order book of Fossberg Kraft was at NOK 39 million. So back to you, Erik.
Thank you, Ask. Let us take a look at our guidance for 2023. Our outlook for the group, excluding Maritime Services, indicates a full year revenue between NOK 600 million-NOK 700 million, based on pro forma figures. The EBITDA margin is expected to be in the range of 4%-7%. We maintain our long-term EBITDA margin target in the range of 7%-9%. And with that, I conclude today's presentation on Eqva's quarterly results. However, we are lucky to have with us our chair of the board today. Even will say some words about the divestment process of Maritime Services and Eqva's strategic priorities going forward. So, Even, the stage is yours.
Thank you, Erik. Thank you for this opportunity for me to say a few words about Eqva's future. The 13 November, Eqva announced that the sale agreement has been signed to divest the shipyard, Havyard Leirvik. The sale and purchase agreement is expected to be closed in mid-November 2023, and the transaction is settled by NOK 30 million net in cash. This is an important strategic exit, as the sale of Havyard Leirvik will free up key resources, both human and financial. It will help Eqva concentrate on a further development of its industrial portfolio and to look for new investments as well. Now, let me share with you some of our views on strategic direction. Eqva today is an investor listed on Oslo Stock Exchange, investment in industrial service companies that contribute to the green transition in maritime, power-intensive, and renewable industries.
We have been there for many years and are a proud partner with companies like Boliden and Norsk Hydro to reduce their power carbon emissions. Eqva aims to create value by combining a private equity ownership culture and value creation mindset with an industrial approach and long-term ownership. The overall ambition is to be a leading investor listed on the stock Oslo Stock Exchange. We have initiated strategic process in our portfolio companies, but Eqva overall strategic priority remains. We will grow the company by having we grow Eqva by having diversified revenue streams and investing in long key macro market trends. Our aim is to have a low volatility in our income streams. We will continue to create value through a combination of M&A and organic growth, as we mentioned early on.
This is a slide we have not shown before, so I will take some time to guide you through it. Which in this slide, you will see our four areas of investment. We have 100% shares in BKS. We have 100% in Fossberg, and we have a Real Estate segment. In addition to that, we also own a 50% stake in Havila Charisma , currently chartered to Equinor. We share with you the EBITDA in each areas, and you can do your own calculation on what kind of value, or what kind of growth potential you see in each area. Related to the Havila Charisma, the contract with Equinor is until the end of 2024, including an option for three additional years.
The PSV have been retrofitted to reduce emissions, with the installation of a new battery and shore power system back in 2018. We are proud to have a vessel that has reduced yearly CO₂ emissions by 920 tons, and that has reported fuel savings of 15%-20% compared to historic levels. We mentioned strong growth in some of our companies, and I would like to highlight this slide. This shows the historic earnings and income stream from BKS. As you can see, the growth from 2022 to 2023 is high, is 100% organic. The year-to-date EBITDA of NOK 27.2 is higher than last full year's EBITDA of NOK 16.7. We have identified a number of possible M&A transactions related to BKS.
A common factor is they are, will easily be integrated into BKS Group with both income synergies and some cost opportunity as well. Why are we looking into M&A opportunities? Well, our clients, Hydro, Boliden, and many others, are asking for more services from BKS, and we will try to respond by adding on that with M&A activities next year. A new thing as well is that we are discussing part of our strategy now going forward is to pay dividend. The aim of the process is to set the policy for the group related to a dividend. What we are discussing is a dividend annual, discuss a running dividend yield in the range of 2%-4% of NAV. We are also looking into extraordinary payouts related to special events.
We would like to pay respect to the shareholders and respect to the capital market and return profitability to the shareholders. To read more about our current holdings and the current companies, we also expanded this presentation with appendixes, which you will find later in the presentation. Here, you will get further details about each businesses. If you have any question about Eqva, or if you'd like to discuss M&A opportunities with us, please don't hesitate to contact Eqva, Erik, or myself. Thank you for attending.