Sif reports a strong Q1

In: Windfarms
Producing monopiles for the Hollandse Kust Zuid offshore wind farm has helped Sif book a strong Q1 in 2021.

The company saw EBITDA of €8.1 million, up from €2.7 million in Q1 2020, with net cash at the end of Q1 2021 standing at €36.7 million, compared to €21 million net cash at the end of Q1 2020.

Fred van Beers, CEO of Sif Group, said: “During the first quarter of 2021 we mainly manufactured monopiles for the Hollandse Kust Zuid project. Sick leave numbers have returned to normal levels but precautionary measures, such as weekly and sometimes daily preventive testing still have an impact on efficiency. Based on our current order book, our total production in 2021 will end in line with our earlier indication of 185 Kton or 200 monopiles, resulting in a markedly higher EBITDA level compared to 2020.”

Sif has an order book of 390 Ktons, extending to 2023 and is pre-qualifying or tendering for projects in European, American, and Asian waters, generally assuming 13-15 MW turbines and monopile foundations with diameters beyond 9 metres and lengths up to 100 metres.

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