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ST3 Offshore treads water

4C Offshore | Tom Russell
By: Tom Russell 31/01/2018 ST3 Offshore
Polish fabrication firm ST3 Offshore has started its restructuring programme following approval from the District Court. This enables the company to implement its recovery plan and allows it to operate its factory normally without any disruptions.

The Szczecin-based company produces foundations, transition pieces and other steel structures designed for offshore wind farms. It reportedly slipped into financial difficulty September last year.

The court is watching over preparation and realisation of restructuring proceedings. During consideration of restructuring proceedings application by the Court the company has already paid off 50% of claims.

The company's stabilisation is expected to be achieved after entering into arrangement with creditors. The agreement will allow the company to settle all other debts according to terms and rules, and enables its operation continuity. The company is hoping to target contracts to be issued between 2020-2030 when offshore wind farms in the North and Baltic Seas are planned to be developed.

Its recovery has also been supported by its minority shareholder, MARS FIZ, agreeing to increase its shareholding to 80%. This gives MARS FIZ operational control of the company with Europoles Renewables GmbH holding the remaining 20%.  

ST3 Offshore also negotiated a new contract schedule with ├śrsted (formerly DONG Energy) regarding the construction of suction bucket jackets for the Borkum Riffgrund 2. The execution of contract is scheduled for June 2018 and ST3 Offshore is responsible for the construction of 20 foundations for the project. The works include final assembled jackets, coated and complete with secondary steel, electrical equipment, transition pieces and suction buckets.

Borkum Riffgrund 2 is owned by ├śrsted and Global Infrastructure Partners and is located next to Borkum Riffgrund 1. The project will feature 56 MHI Vestas V164-8.0 MW turbines, each with a 8MW capacity, covering an area of 36km2. Installation works are scheduled to commence in the first half of 2018 with full commissioning expected by the end of 2019.

When commissioned in 2019, Borkum Riffgrund 2 will be one of the largest offshore-wind power plants in Germany with a capacity of 450MW. it is expected to supply electricity to up to 460,000 households.

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