Aker Offshore Wind: Fourth-Quarter Results 2021

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Aker Offshore Wind today published results for the fourth quarter of 2021, which showed the offshore wind developer continuing to mature and expand its portfolio in key markets.

“We continue to develop as a company; we just passed one key milestone in South Korea on our way to realising one of the largest and first commercial scale floating wind farms in the world,” said Philippe Kavafyan, Chief Executive Officer of Aker Offshore Wind.

“It is gaining increasing recognition that floating offshore wind will constitute a major part of the solution for a sustainable energy mix going forward.  We remain adamant that, with our group’s unparalleled offshore capabilities and technologies, we will have a major role to play,” he added.

Operational Highlights

Aker Offshore Wind is currently engaged in projects in South Korea, Norway, the US, Sweden, and in Japan.  The company saw positive advancements across its portfolio in the quarter. Highlights included entering a partnership with Statkraft and Ocean Winds to bid for, develop, construct, and operate the Utsira Nord license area in Norway.

In November, the company launched the Northern Horizons Integrated Energy Project, a visionary project to utilize Scotland’s offshore wind resources to make the country a net exporter of clean energy. Together with University of Strathclyde in Scotland, it also secured a UK government grant to develop the UK’s first wind turbine blade recycling plant.

Since the close of the quarter, Aker Offshore Wind achieved a major milestone in South Korea with its joint venture, KF Wind, receiving its first Electric Business License (EBL). The consortium has secured exclusive rights from the city of Ulsan to explore the development of three offshore areas for up to 1.2 GW. A final investment decision (FID) for the first phase could come as early as 2024-25.

In Sweden, Freja Offshore AV, the joint venture between Aker Offshore Wind and Hexicon has recruited Magnus Hallman as Chief Executive Officer. Hallman joins Freja Offshore from Svenska Kraftnät Gasturbiner AB, where he was CEO. His industry experience and know-how of the Swedish energy market will be a great asset to Freja Offshore as the company moves to realize offshore wind projects.

In January, the ScotWind leasing round was announced, without Aker Offshore Wind securing any project licenses. While the company was disappointed not to be successful in this process, Aker Offshore Wind remains committed to developing offshore floating wind in the UK, where future opportunities include plans in the Celtic Sea and the INTOG leasing process to help decarbonize Scotland's oil and gas sector.

Industry incentives and regulatory frameworks supporting the industrialization of floating wind continued to develop favourably in markets, notably in the US and Australia. In Norway, after the government’s recent announcement, the company sees the upcoming hearing process as an important step towards progressing offshore wind in its home market. 

Financial Results   

Revenue for the period was NOK 6.2 million and earnings before interest, tax, depreciation and amortisation (EBITDA) was negative NOK 82.2 million. The cash balance at the end of the quarter was NOK 178.6 million.

Aker Offshore Wind has, based on a pre-existing option, agreed to sell part of its shares in Principle Power, Inc. to EDP Renovaveis, S.A. and EDP Ventures SGPS (jointly “EDP”). The transaction is intended to rebalance the ownership structure and give Aker Offshore Wind and EDP equal equity stakes in Principle Power. The transaction is expected to be concluded in Q1 2022 and will give a positive cash impact to Aker Offshore Wind of approximately NOK 100 million. Aker Offshore Wind remains a long-term and significant shareholder in Principle Power, Inc.

Aker Offshore Wind will present the results in a live webcast, followed by a Q&A session, today at CET 0930. Click on the following link to follow the event:


This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

This stock exchange announcement was published by Maria Lanza Knudsen, Communications Manager, Aker Offshore Wind, on 10 February, 2022 at CET 07:00.

Ivar Simensen, media contact, +47 46 40 23 17, ivar.simensen@akerhorizons.com

Maria Lanza Knudsen, media contact, +47 48 44 24 26, maria.knudsen@akeroffshorewind.com

Christian Yggeseth, investor contact, +47 915 10 000, christian.yggeseth@akerhorizons.com

Aker Offshore Wind is an offshore wind developer headquartered in Norway with focus on assets in deep waters. With global operations, the current portfolio consists of development projects and prospects located in Asia, North America and Europe. Aker Offshore Wind effectively deploys cost effective technologies from decades of offshore energy development. The company is majority-owned by Aker Horizons, an investment company dedicated to creating value and reducing emissions from renewable energy and decarbonization technologies. Aker Offshore Wind [AOW-ME] is listed on Euronext Growth in Oslo, Norway.