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Wind eases Siem pain

Revenue up in submarine power cables business to $193.8m last year

Wind eases Siem pain image

Siem Offshore Contractors submarine power cables business posted revenue of $193.8m in 2016, up from $132.3m in 2015, buoyed by work in the offshore wind market.

The company said it is currently working on the 332MW Nordsee 1 and 402MW Veja Mate projects in the German North Sea and 588MW Beatrice wind farm off the coast of Scotland.

It added that contracts have also been secured for cabling work on the 1.2GW Hornsea 1 and 203MW Borkum 2 offshore projects.

Siem Offshore’s overall revenue was also up last year at $469.1m, compared with $422m the previous year. However, the company made a loss of $96.2m in 2016, which was an improvement on the $191.7m loss in 2015.

The company said low activity in the oil service industry has led to reductions in chartering rates and increased idle periods for vessels.

It expects to experience excess vessel capacity for several years that will make the “market difficult”.

Image: Siem Offshore

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