Danish service vessel operator Ziton reported a sharp rise in EBITDA to over €6m in the second quarter of 2020 compared with €200,000 during the same period in 2019.
The EBITDA increase to €6.2m was attributed to a rise in revenue, resulting from much better performance at the West of Duddon Sands blade campaign in the Irish Sea, and contribution by its Wind Enterprise vessel.
This was partly offset by its Wind and Wind Pioneer vessels as a result of lower utilisation as a consequence of coronavirus.
Ziton reported revenues for Q2 2020 of €15m compared to €5.6m in 2019.
The board said: “The second quarter traditionally marks beginning of the high season for the offshore wind operations & maintenance industry.
“At this time of the year the weather conditions are favourable for safe operations at sea.
“However, market activity during Q2 2020 was somewhat influenced by the coronavirus.
“The main impact has been felt by postponement of major component replacements from Q2 to later this year and a few even into next year.
“Consequently, activity level for regular major component replacement in Q2 2020 was lower compared to the same quarter the year before.”
They added that at the beginning of 2nd half 2020 it is seeing good signs that customers are adapting to the new operating environment, and Ziton’s project pipeline is becoming stronger, even though visibility into the timing of project continues to be clouded.