DEME’s Offshore Energy segment posted EBITDA of €79m in the first half of 2023, compared with €100m in the same period last year.
Earnings were impacted by project start-ups and takes into account the recorded losses on the projects in US and in Taiwan.
Turnover in DEME’s Offshore Energy segment increased 40% in the first half of 2023.
The Offshore Energy business is gradually converting its growing orderbook to turnover while continuing the operational execution of projects in the US and Taiwan as it expands geographically.
The first-half EBITDA margin in Offshore Energy stood at 12%, lower than the 21% in the same period in the previous year, which had benefitted from a significant liquidated damage payment.
This year’s margin was impacted by project start-ups and supply chain-related delays for certain clients.
In July, DEME divested its offshore service operation vessel Groenewind to Cyan Renewables.
This transaction aligns with DEME’s focus on “catalysing offshore wind initiatives and serving as pioneering enabler for operations” rather than performing routine service and maintenance activities.
The gain on disposal of €12m is not included in the 1H23 results.