OSLO, Norway, Feb. 10, 2022 /PRNewswire/ -- 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:
https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20220210_12
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.
CONTACT:
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
This information was brought to you by Cision
http://news.cision.com
https://news.cision.com/aker-offshore-wind-as/r/aker-offshore-wind--fourth-quarter-results-2021,c3502452
The following files are available for download:
https://mb.cision.com/Main/20224/3502452/1532561.pdf
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Aker Offshore Wind Q4
2021
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