A2SEA expects 2014 profit dip

A2SEA, the Danish offshore wind-turbine installation specialist owned by Dong and Siemens, scored a record profit in 2013, but it warns that 2014 looks to be more challenging, with few major projects in construction.

A2SEA chalked up a profit of DKr276.5m ($51.3m) last year, compared to the DKr38.1m it pocketed in 2012.

The more than sevenfold rise in profits came as turnover grew at a more subdued clip of 7%, to DKr 1.22bn.

The company ascribes its much-improved performance to the expansion of its fleet – having received the Sea Installer in late 2012 from Chinese shipyard Cosco – and a healthy vessel-utilisation rate at CT Offshore, the Denmark-based offshore cabling firm it owns.

During 2013 A2SEA saw its vessels employed at the Gwynt y Mor and West of Duddon Sands projects in UK waters and Denmark’s Anholt – the latter two of which are backed by Dong.

2014, however, looks to be a leaner year for the company, with A2SEA guiding for lower profits without further elaboration.

Chief executive Jens Frederik Hansen recently noted that it is “no secret” that there are relatively few European offshore wind projects on the boil until a hoped-for upturn around 2017.

Yet A2SEA will not be idle over the next few years.

CT Offshore, in which A2SEA has owned a majority stake since 2012, recently won an array-cabling contract at Gwynt y Mor, where A2SEA’s Sea Jack is already installing turbines.

And Dong’s decision last November to proceed with the 582MW Gode Wind duo in the German North Sea means that A2SEA will be busy installing Siemens 6MW turbines from early 2015.

2013 was in many ways a year of transition for A2SEA, with founder Kaj Lindvig and former CT Offshore chief executive Frank Hansen both leaving the company.

Parent company Dong, meanwhile, sold a 19% stake to US investment bank Goldman Sachs.

Founded in 2000, A2SEA swelled its headcount by 16% last year, leaving it with nearly 360 workers.