Ziton’s interim financial report for fourth quarter 2023 shows the offshore wind O&M provider achieved EBITDA for the year of 2023 of just under €36m.
For the full year 2023, EBITDA amounted to €35.9m compared to €26.6m for 2022.
The improvement was due to an increase in revenue reflecting improved utilisation of the three smaller vessels due to a stronger market for major component replacements.
EBITDA amounted to €6.2m in fourth quarter 2023 compared to €5m in the same period of 2022.
During this time, Ziton’s J/U Wind Energy arrived at Fayard Shipyard in the beginning of November 2023 and departed the yard by mid February 2024.
At Fayard, the vessel was upgraded to European standards.
The craft is expected to initiate the time charter with Siemens Gamesa at the end of February 2024.
The Ziton board said it realised CAPEX of around €5.5m excluding CAPEX for the upgrade of J/U Wind Energy.
It realised net CAPEX including capitalised interest of €86.5m for J/U Wind Energy.
The higher than expected CAPEX for J/U Wind Energy was due to an unexpected stay over in Singapore to remove the legs and ensure a safe voyage across the Indian Ocean and through the Suez Canal, the board said.
In addition, for 2023 Ziton realised a weighted average utilisation of 91% for 2023, just above its latest guidance.