NKT’s high voltage cables business has reported €66m in operational earnings before interest, tax, depreciation and amortisation (EBITDA) in the third quarter of 2024, compared with €51m in the same period in 2023.
At the end of third quarter 2024, the order backlog for high-voltage projects within the company’s solutions business was €11bn.
NKT’s solutions business continued to progress and execute on several projects through varying stages of execution in third quarter 2024.
These projects included Baltic Power, Champlain Hudson Power Express, Dogger Bank C, Hornsea 3, East Anglia 3, Yggdrasil (Krafla), Biscay Gulf, SuedLink, and SuedOstLink.
During the quarter NKT, in close collaboration with SSEN Transmission, finalised the Shetland HVDC Link connecting the islands to the main grid in Scotland.
The 320kV interconnector is now a key contributor to the integration of renewable energy in Great Britain.
Revenue generated from installation activities continued on a high level and the company’s cable-laying vessel, NKT Victoria, was well-utilised throughout the third quarter.
The construction of NKT’s second cable-laying vessel, NKT Eleonora, progressed as planned during the period, and the vessel is set for delivery in 2027.
During third quarter 2024, NKT also completed an upgrade of NKT Victoria, further increasing the company’s offshore installation capacity and capabilities including certifying the vessel to run on biofuel.
Following the work, NKT has successfully utilised NKT Victoria’s new integrated jet plough enabling reliable simultaneous cable-laying and burial operations.
The operation highlights NKT’s ability to execute investments in the field of offshore installation, which is a vital part of the turnkey solutions business.
The construction of the new high-voltage factory in Karlskrona progressed according to schedule during third quarter 2024.