Danish jack-up vessel owner Ziton has reported a trebling of revenue to €29m for 2016 and a return to operating profit.
Operating profit reached €16.4m compared with a loss of €1m in the previous year, when revenue was €9.1m.
The improved results are due to increased activity levels and higher utilisation rates for the company’s fleet of specialised vessels servicing offshore wind farms, Ziton said.
Ziton also expects an increase in revenue and fleet utilisation this year thanks to its strong contract portfolio, as well as an operating profit of €23-€26m.
The company has agreements with Siemens, Dong Energy, Vattenfall and MHI Vestas.
“Having contracts with four of the leading players in the offshore wind industry demonstrates the strength of our business model of providing dedicated offshore wind O&M services and having vessels available at all times to ensure reduced wind turbine down-time,” chief executive Thorsten Jalk said.
Image: Ziton
