Aker Offshore Wind suffers loss of NOK 87m prior to merger

Aker’s offshore wind company is still running at a loss and is now set to merge with Aker Horizon.

Photo: Youtube

Aker Offshore Wind was set up as a separate offshore wind company as recently as July 8, 2020. Less than two years later, the company is set to merge with Aker Horizon after booking deficits for every quarter since inception, totaling NOK 517m.

Now the company has posted its Q1 figures showing revenue of NOK 8.7m (EUR 880,840) and an operating loss of NOK 87.9m, contributing to losses before taxes of NOK 103.4m. At the same time, cash holdings came to NOK 67m. In 2021, the company generated revenue of NOK 14.3m and booked an operating deficit of 276.2m.

The company is involved in numerous offshore wind prospects and projects in many countries across the globe, including Norway, South Korea, the US, the UK, Sweden and Japan. In a press release accompanying the quarterly results, the company notes that it has made strides in the first quarter of the year.

”We have continued to develop our portfolio, obtaining two crucial Electric Business Licenses (EBL) for KF Wind in South Korea whilst progressing our projects in other markets, with a noteworthy entry into Japan,” says Chief Executive Officer of Aker Offshore Wind Philippe Kavafyan.

The company highlights the 870MW and 450MW licenses in South Korea through joint venture Korea Floating Wind, which Aker Offshore Wind owns together with Ocean Winds. In Japan, the Aker company finalized an agreement with Mainstream Renewable power for 50-percent ownership in an 800MW floating wind project. Though the company didn’t obtain a license in January’s ScotWind tender, the plan is still to focus on developing floating offshore wind in the UK.

In Norway, the wind-at-sea company is pleased with the authorities’ decision to set out qualitative criteria for allocations at the float wind site Utsira Nord. Furthermore, Aker Offshore Wind also plans to bid on a license in California this upcoming fall.

Aker Horizons swallows up Aker Clean Hydrogen and Aker Offshore Wind

Ocean Winds, Aker Offshore Wind licensed for 450MW floating wind

Aker companies close deal on 800MW Japanese floating wind

Aker Offshore Wind leaves Scottish licensing round empty-handed

More from EnergyWatch

WindEurope warns against negative auction bids

If more countries introduce negative bids, where firms pay to establish wind projects, it could lead to higher electricity bills or more pressure on the supply chain, says the industry association.

BW Offshore halved bottom line in Q1

The Norwegian firm reports decline in several items compared to the same quarter of 2021 but predicts fine advancement in the rest of 2022, for which both floating wind projects and high energy prices show promise.

Equinor exits Russia

Norwegian oil company Equinor has taken its final step out of the Russian market by transferring joint venture assets to Rosneft.

Further reading

Related articles

Latest News

See all jobs