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“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.
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
Aker Offshore Wind is an offshore wind developer headquartered in Norway with
focus on assets in deep waters. With global operations, the current portfolio
consists of development projects and prospects located in Asia, North America
and Europe. Aker Offshore Wind effectively deploys cost effective technologies
from decades of offshore energy development. The company is majority-owned by
Aker Horizons, an investment company dedicated to creating value and reducing
emissions from renewable energy and decarbonization technologies. Aker Offshore
Wind [AOW-ME] is listed on Euronext Growth in Oslo, Norway.
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