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DEME on track for offshore wind growth

4C Offshore | Chloe Emanuel
By: Chloe Emanuel 22/11/2023 DEME Group

Belgian dredging and offshore solutions provider DEME Group reported strong growth in its offshore wind business in the third quarter of 2023.

Highlights include:

- Offshore wind revenue grew 31% year-to-date, led by progress on major projects like Vineyard Wind in the US, Zhong Neng in Taiwan, and several offshore wind farms in France and the UK.

- The order book for offshore wind increased 48% from last year to 4.2 billion euro, reflecting strong and continued demand globally. Key new contract awards included the Greater Changhua project in Taiwan and Cenovus White Rose in Canada.

- In the US, DEME's vessel Orion continued installing foundations for Vineyard Wind, while Sea Installer commenced turbine installation for what will be the country's first commercial-scale offshore wind farm. DEME's cable lay vessel Living Stone also completed export cable installation for the South Fork wind farm.

- In Taiwan, pin piling work was fully completed on the Zhong Neng project. DEME's new installation vessel Green Jade started jacket foundation work on Zhong Neng and will move to Hai Long after completion in early 2024.

- In France, Innovation progressed with turbine installation on the Saint-Nazaire offshore wind farm and is now working on Fécamp, while preparation is underway on Île d’Yeu and Noirmoutier for 2024 construction starts.

- In the UK, cable lay activities continued on Dogger Bank and Neart Na Gaoithe, alongside early prep work for 2024 monopile installation on Moray West.

- The strong backlog and demand trends reinforce DEME's positive outlook for offshore wind over the mid and long-term. DEME maintained its 2023 guidance for higher group revenues and comparable EBITDA margin versus last year.

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