Aker Offshore Wind: Second-Quarter Results 2021
Aker Offshore Wind has published results for the first half and second quarter of the year.
The offshore wind markets continue to benefit from political ambitions across the world to increase renewable energy production to combat climate change. Since the start of the year, several countries, including the US and UK, launched updated and more ambitious climate targets, supporting the development of Aker Offshore Wind’s markets. The company is currently part of projects or prospects in South Korea, the US, Norway, Scotland, and Sweden.
During the second quarter, bp agreed to join Statkraft and Aker Offshore Wind in a consortium bidding to develop offshore wind energy in Norway. The partnership – in which bp, Statkraft and Aker Offshore Wind will each hold a 33.3 percent share – will pursue a bid to develop offshore wind energy in the Sørlige Nordsjø II (SN2) licence area.
After the end of the quarter, Ocean Winds, the joint venture between EDPR and Engie, and Aker Offshore Wind announced their partnership in Scotland. Currently partnering in California, USA, and Ulsan, South Korea, the companies will join forces in the ScotWind leasing round submitting their joint bid on July 16th.
“We have taken significant steps this quarter in furthering our planned licence applications by teaming up with reputable partners in Norway and Scotland. In both geographies, Aker’s unparalleled deep-water expertise, offshore capabilities and technologies are true differentiators. We believe the partnerships with bp and Statkraft in Norway and Ocean Winds in Scotland bring invaluable and complementary capabilities to our projects and provide a winning combination,” said Astrid Skarheim Onsum, Chief Executive Officer of Aker Offshore Wind.
In Sweden, Aker Offshore Wind continued its collaboration with Hexicon to explore opportunities to realize floating wind projects. Public consultations and the submission of seabed survey permits are currently underway for three sites. The companies aim to establish a 50-50 joint venture with an ambition to realize multiple Swedish projects.
Financial results and outlook
Revenue for the period was NOK 1 million and EBITDA (Earnings before interest, tax, depreciation and amortisation) was negative NOK 78 million. The cash balance at the end of the quarter was NOK 389 million.
Aker Offshore Wind expects to make further progress on its portfolio through the remainder of 2021. The company also published today its half-year report, which is attached and available on akeroffshorewind.com.
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:
https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20210713_5
For further information, please contact:
Ivar Simensen, media contact, +47 46 40 23 17, ivar.simensen@akerhorizons.com
Christian Yggeseth, investor contact, +47 915 10 000, christian.yggeseth@akerhorizons.com
About Aker Offshore Wind
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.
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