Marine contractor and engineer Oceanteam is aiming to make offshore wind 30% of its business as part of an ongoing strategy to cushion itself from the downturn in oil and gas.
The Norwegian company posted first quarter EBITDA of $7.9m, largely flat compared with the year ago period, on revenues of $14.8m, up from $12m in the corresponding quarter of 2015.
Oceanteam said the offshore renewables market shows “strong growth today and . . . predicted to continue well beyond 2020”.
Highlights during the quarter on the engineering side include a concept design of wind turbine jacket and monopile foundations as well of detailed design of substation topsides, jackets and secondary steel.
“The company’s continued belief is that demand for services related to the offshore renewable industry will increase in 2016 and beyond. This is also supported by increased leads and the building of future backlog,” it said.
Image: Oceanteam
