Sif has reported a small rise in adjusted EBITDA in the first half of 2022.
The offshore foundations manufacturer reported a figure of €21.4m, slightly higher than in first half year 2022 €21.1m.
During the first half of 2022, Sif reported a “solid execution” of the financing package for its expansion plan including taking on Equinor as new shareholder for cumulative preference shares.
Sif also carried out a successful rights issue with 98.9% take-up (completed in July 2023).
In addition, construction of Sif’s expanded manufacturing plant at Maasvlakte 2 started according to plan in April 2023 and is progressing expeditiously, reaching its highest point on 17 August last.
Almost 90% of construction and equipment expenses locked-in at firm rates, the company said.
However, phasing out of marshalling and logistics from its operations resulted in lower contribution levels in Q2 and to almost zero from Q3 2023.
Orders in the first half of 2022 included a capacity reservation agreement for Baltyk 2+3 and the production of 90 monopiles (105 Kton) for delivery in 2025 and 2026.
Sif also secured a firm contract for production of 54 transition pieces (20 Kton) for delivery in 2025 and a new preferred supplier agreement for the delivery of monopiles (approx. 80 Kton) in 2026.
Overall, during the report period Sif participated in projects resulting in 1344MW renewable energy capacity (803MW in first half of 2022).