Oceanteam, which has been buried underneath an avalanche of losses on project work at offshore wind farms over the past several months, turned in an operating loss of €35.5m ($50.3m) for the first quarter of 2009. The company lost €3.2m during the same period last year.
Through its Irish subsidiary Imera, Oceanteam planned to build a €225m electrical interconnector running 135km between Arklow, Ireland and Pentir, Wales.
