Oceanteam fails to secure financing

Oceanteam has not been able to clinch financing for its planned East-West interconnector linking the electrical grids of the UK and Ireland, as the Norwegian offshore company's financial problems continue to mount.

London: The company, which has been buried beneath an avalanche of losses on project work at offshore wind farms over the past several months, turned in an operating loss of Û35.5m ($50.3m) for the first quarter of 2009. The company lost Û3.2m during the same period last year.

Through its Irish subsidiary, Imera, Oceanteam had planned to build a Û225m electrical interconnector running 135km from Arklow, County Wicklow in Ireland to Pentir, North Wales.

Though Oceanteam has long insisted the cable would be finished by 2010, it now acknowledges that it Log in to read complete article.

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