Danish operations and maintenance specialist Ziton dipped into the red in the first three months of 2020 due to “markedly lower activity” in the quarter.
The vessel operator recorded an EBIDTA loss of €1.6m in the three months in contrast to a €6.5m profit in the same period in 2019, according to quarterly results.
Revenue for the period was €7.3m, down from €9.7m. Ziton blamed this on challenges with a blade repair campaign at the West of Duddon Sands projects in the Irish Sea, including damage to a blade lifting system and unusual adverse weather.
Poor weather also meant lower activity levels for fleet jack-ups Wind, Wind Pioneer and Wind Enterprise, the company said.
Ziton noted that it has restructured corporate loans and banked a new working capital facility that has improved available liquidity up to €14.3m in April.
However, while Covid-19 has had a “limited impact” on the business it may bite at a later stage, the Danish outfit warned.
“Some customers are hesitant to initiate operations & maintenance projects, thus a negative effect on financial performance cannot be excluded at a later stage.”