NKT’s solutions business has recorded €12m in operational earnings before interest, tax, depreciation and amortisation (EBITDA) in the third quarter of 2020, trebling the €4m it recorded in the same period in 2019.
In Q3 2020, NKT was awarded high-voltage DC projects with a total value of more than €500m.
The two largest were for the Shetland HVDC Link and the offshore wind connection BorWin5.
The high-voltage order backlog totalled €3.12bn at the end of the third quarter of 2020.
Operational EBITDA for the solutions business in the first nine months of 2020 amounted to €27m, up from €8.5m in the same period of 2019, driven also by the increased activity level, NKT said.
The third quarter of this year saw “satisfactory utilisation” of the company’s cable-laying vessel, NKT Victoria, with completed installation of the export power cables for the Moray East offshore wind farm.
In the fourth quarter of 2020, NKT Victoria will install export power cables for another UK offshore wind farm, Hornsea 2.
In the third quarter of this year, NKT progressed several other high-voltage projects in various project stages, including Dogger Bank A and B, Johan Sverdrup 2, Hornsea 2, Triton Knoll and Viking Link.
NKT has also completed the upgrade of a high-voltage power link connecting Denmark and Sweden.