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2019 19 publications
Highlights and Key Figures for Q3 2019
07 November 2019

Highlights and Key Figures for Q3 2019

Highlights Q3:

  • High tender and contracting activity:
    • Contract win for Vineyard windfarm USA (84 monopiles, 103 Kton)
    • Contract win for zones 2-4 of Hollandse Kust Zuid windfarm in The Netherlands and post- Q3 also the win of zone 1 of Hollandse Kust Zuid (total project 140 monopiles, 136 Kton)
  • First contract with DEME for new Sif marshalling- service on Maasvlakte 2- hub and lease of additional 20 hectares
  • Opening of sales- office Japan
  • Delay by US federal authority BOEM of Vineyard project for undefined period of time

Key figures:

  • Year-to-Date (YTD)1 contribution increased to €66.6 million (€57.0 million YTD 2018)
  • EBITDA Year to Date increased to €14.6 million (€13.0 million YTD 2018)
  • Operating Working Capital at end of Q3 2019 -€8.2 million (€28.4 million at end of Q3 2018)
  • Net Debt excluding IFRS 16 at end of Q3 2019 €19.2 million (€43.1 million at end of Q3 2018)
  • Throughput of 46 Kton brings Year to Date production to 140 Kton (100 Kton YTD Q3 2018)
    • 95% for offshore wind
    • 5% for offshore oil & gas & other
  • Order book 47 Kton for Q4 2019, 245 Kton for 2020 (including 103 Kton for Vineyard) and 108 Kton for 2021.
In € millionYTD 2019YTD 2018Change
YoY
Q3 2019Q3 2018
Contribution66.657.016.8%21.111.4
EBITDA (adjusted2)14.613.012.3%1.8-1.1
Kton production140.0100.040.0%46.019.0
Order book in Kton at 7 November 2019For remainder 2019For 2020For 2021 and beyond
Contracted47165108
Exclusive negotiation0800
Total for the year472453108

Comment from Fred van Beers, CEO of Sif-Group:

Tender activity and order intake were strong in the third quarter of 2019 with large project- wins and satisfactory pricing- levels. Improved pricing levels also applied to the projects at hand at the start of the third quarter. However, both the pressure on this quarter’s production capacity as a consequence of the delayed Borssele 3+4 project and production issues, caused planning problems and a less efficient production. With multiple projects at hand and tight delivery schedules, production- lines repeatedly required conversion. This resulted in production of 46 Kton at much higher than precalculated manhours and overtime. This impacted this quarter’s contribution margin. For the final quarter of 2019 we expect an equal utilization with production anticipated at 47 Kton and contribution margins at least at Q2 2019 levels.

The outcome of 2020 remains uncertain with limited clarity on timing of the Vineyard project. We are still in talks with the client on different scenarios ranging from full delay of the project to manufacture of part of the order in 2020. Further news on timing is not expected before December 2019 but with the passing of time it becomes less likely that Vineyard will lead to production in 2020. For 2021 we already booked 108 Kton following the recent addition of the 4th part of Hollandse Kust Zuid in The Netherlands. With increasing ambitions of various countries and high tender activity, we expect good utilization from 2021 onwards.




1 Year-to-date (YTD) refers to the period 1 January- 30 September

2 Adjustments relate to IPO- expenses for which 2018 EBITDA- numbers are adjusted.

3 Including 103 Kton for Vineyard


Attachment

Sif’s position on production in Japan
27 September 2019

For immediate release

Sif’s position on production in Japan unchanged

Correction of Nikkei report on interview with CEO Fred van Beers

Roermond, 27 September 2019. This morning media reported on a publication by Nikkei whereby Nikkei wrongfully quoted CEO Fred van Beers on investment of 200- 300 million euro's in a plant in Japan in the next 2 to 3 years in Japan. Sif has recently opened a sales office in Japan and is discussing cooperation with local partners for future production in Japan. Sif’s approach on the Japanese market remains unchanged.

CONTACT


For further information, please contact:

Sif Holding N.V.
Fons van Lith
+31 (0)475 385 777
+31 (0)6 513 14952
[email protected]

ABOUT SIF HOLDING N.V.


Sif is a leading manufacturer of large steel tubulars, which are used as foundation components for the offshore wind and offshore oil & gas markets. The Company manufactures customized tubular components for offshore foundations, predominantly in the greater North Sea region. Sif combines a highly automated and flexible production facility with technology leadership in rolling and welding of heavy steel plates, which is based on over 70 years of experience and innovative in-house developed techniques and processes. Sif primarily produces monopiles, transition pieces and piles that are used to anchor jacket foundations in the seabed for offshore wind turbines. It furthermore produces legs, pile sleeves and piles of the larger jackets for oil & gas and tubular structures for various uses such as jetties. Sif is listed on Euronext Amsterdam. www.sif-group.com

DISCLAIMER


Some of the statements contained in this release that are not historical facts are statements of future projections and other forward-looking statements based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those in such statements. Historical results are no guarantee for future performance. Forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of Sif’s business to differ materially and adversely from the forward-looking statements. Certain forward-looking statements can be identified by the use of forward-looking terminology such as “believes”, “may”, “will”, “should”, “would be”, “expects” or “anticipates” or similar expressions, or the negative thereof, or other variations thereof, or comparable terminology, or by discussions of strategy, plans, or intentions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this release as anticipated, believed, or expected. Sif does not intend, and does not assume any obligation, to update any industry information or forward- looking statements set forth in this release to reflect subsequent events or circumstances. The content of this trading update is for information purposes only and not intended as investment advise, or offer or solicitations for the purchase or sale in any financial instrument. Sif does not warrant or guarantee the completeness, accuracy, or fitness for any particular purposes in respect of the information included in this release.

Sif opens sales office in Japan
10 September 2019


Sif opens sales office in Japan

Roermond, 10 September 2019. Sif has closely followed market developments in Japan since 2015 and, for that purpose, teamed- up with local partner Sato Tekko. The Japanese government has ever since identified 11 sites with potential for offshore wind development. Four of the 11 identified sites, mainly at the north-west and south-east of Japan’s main island, are now subject to geological surveys and preparatory work. To be able to respond swiftly and adequately, a Sif- sales office has been opened in Japan on 5 September.

This office, located in Tokyo is the first point of contact for Japanese applications.

Contact details:
Tokyo Bayside Bldg. 2F
3-33-17 Kaigan, Minato-ku,
Tokyo 108-0022, Japan

CONTACT


For further information, please contact:

Sif Holding N.V.Sif Japan
Fons van LithJustus Schoemaker
+31 (0)475 385 777
+31 (0)6 513 14952+81 (0)80 1988 4563
[email protected][email protected]

ABOUT SIF HOLDING N.V.


Sif is a leading manufacturer of large steel tubulars, which are used as foundation components for the offshore wind and offshore oil & gas markets. The Company manufactures customized tubular components for offshore foundations, predominantly in the greater North Sea region. Sif combines a highly automated and flexible production facility with technology leadership in rolling and welding of heavy steel plates, which is based on over 70 years of experience and innovative in-house developed techniques and processes. Sif primarily produces monopiles, transition pieces and piles that are used to anchor jacket foundations in the seabed for offshore wind turbines. It furthermore produces legs, pile sleeves and piles of the larger jackets for oil & gas and tubular structures for various uses such as jetties. Sif is listed on Euronext Amsterdam. www.sif-group.com

DISCLAIMER


Some of the statements contained in this release that are not historical facts are statements of future projections and other forward-looking statements based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those in such statements. Historical results are no guarantee for future performance. Forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of Sif’s business to differ materially and adversely from the forward-looking statements. Certain forward-looking statements can be identified by the use of forward-looking terminology such as “believes”, “may”, “will”, “should”, “would be”, “expects” or “anticipates” or similar expressions, or the negative thereof, or other variations thereof, or comparable terminology, or by discussions of strategy, plans, or intentions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this release as anticipated, believed, or expected. Sif does not intend, and does not assume any obligation, to update any industry information or forward- looking statements set forth in this release to reflect subsequent events or circumstances. The content of this trading update is for information purposes only and not intended as investment advise, or offer or solicitations for the purchase or sale in any financial instrument. Sif does not warrant or guarantee the completeness, accuracy, or fitness for any particular purposes in respect of the information included in this release.

Attachment

Interim 2019 results; slidepack webcast presentation
28 August 2019

Interim 2019 results; slidepack webcast presentation

Attachment

Operational Highlights and Key Figures for HY 2019
28 August 2019

Operational Highlights and Key Figures for HY 2019

Roermond, The Netherlands – 28 August 2019. Highlights and Key figures for the first halfyear 2019 are as follows. Reference is made to the PDF attachment for the full Interim 2019 results.

Operational highlights:

  • Contract won for Borssele 5 innovation site;
  • Delivery of monopiles and transition pieces for Triton Knoll and Seamade offshore wind farms;
  • Delivery of monopiles for Borssele 1-4 offshore wind farms;
  • Agreement on refinancing and adjustment of governance structure to apply large companies regime;
  • Total throughput of approximately 94 Kton steel (81 Kton in HY1 2018)
    • 96% for offshore wind (78% HY1 2018)
    • 4% for offshore oil & gas (22% HY1 2018)

Key figures:

  • Contribution of € 45.5 million (HY 2018: € 45.6 million);
  • EBITDA of € 12.7 million (HY 2018: € 14.0 million after adjustment for IPO related expenses);
  • Revenues of € 170.4 million (HY 2018: € 145.9 million);
  • Operating working capital stood at - € 11.7 million (HY 2018: € 32.7 million; YE 2018: € 14.2 million);
  • Net debt excluding ground lease IFRS 16 of € 14.9 million (HY 2018: € 52.2 million; YE 2018: € 30.4 million);
  • Order book per 27 August 2019 of 300 Kton for 2020 and beyond
    • 220 Kton signed contracts
    • 80 Kton exclusive negotiations

Post reporting events:

  • Contract wins for Hollandse Kust Zuid (Netherlands; 114 monopiles, 113 Kton) and Vineyard (Massachsetts USA; 84 monopiles, 103 Kton) and announcement of delays at Vineyard affecting Sif’s production- schedule for 2020;
  • Expansion of Maasvlakte 2 Rotterdam from 42 to 62 hectares to offer marshalling services to offshore wind clients; Innovation shipping B.V. ( a DEME Offshore company ) launching customer for October 2019- June 2020 period.

About Sif Holding N.V.

Sif is a leading manufacturer of large steel tubulars, which are used as foundation components for the offshore wind and offshore oil & gas markets. The Company manufactures customised tubular components for offshore foundations, predominantly in the greater North Sea region. Sif combines a highly automated and flexible production facility with technology leadership in rolling and welding of heavy steel plates, which is based on almost 70 years of experience and innovative in-house developed techniques and processes. Sif primarily produces monopiles, transition pieces and piles that are used to anchor jacket foundations in the seabed for offshore wind turbines, as well as legs, pile sleeves and piles of the larger jackets for oil & gas as well as tubular structures for various uses such as jetties.

For further information, please contact:

Sif Holding N.V.
Fons van Lith

telephone +31 (0)475 385 777
mobile +31 (0)6 5131 4952
e-mail [email protected]

Attachment: Full Interim 2019 report.

Attachment

New business opportunities for Sif
27 August 2019

Sif and Port of Rotterdam agree on 20 ha additional land lease;
DEME Offshore launching customer for offshore- wind marshalling services


Roermond/Rotterdam, 27 August 2019. Sif Holding n.v. and Port of Rotterdam have agreed on the lease of an additional 20 hectares industrial land, adjacent to Sif’s existing operations at Maasvlakte 2 near Rotterdam. This expansion facilitates Sif’s new business opportunity in response to demand from new and existing clients for marshalling space and onshore support services for offshore wind. This demand is underpinned by the agreement between Sif and DEME Offshore for a major contract on marshalling services starting October 2019.

Sif has leased approximately 42 ha land at Maasvlakte 2 since 2015 for a 25-year period. On this land, Sif realized its assembly facility that was taken into operation in 2016. Increasing client demand for marshalling services has propelled this 20 ha expansion agreement which has an expiration date parallel to the already leased 42 ha. The location is well situated for new offshore wind projects (1 hour steaming to open sea and short sailing distances to new windfarms in the French-Belgian-UK and Dutch waters) and the already worldclass quay facilities will be expanded by 200 meters by mid 2023. The quay will have a guaranteed nautical depth of 16.5m NAP, allows close-to-quay jacking and offers surface load of 10 Kn/m2.

For offshore wind construction services, contractors require storage and handling services like cranage and transportation. For DEME Offshore’s Borssele 1+2 project, 47 monopiles, 94 transition pieces and 94 anode cages will be shipped to Maasvlakte 2 from Denmark, Germany and the United Kingdom to be assembled and prepared for offshore construction.

Sif will facilitate DEME Offshore and future clients with SPMT’s, gantry cranes, crawler cranes and telescopic cranes for onsite transportation and marshalling activities from our MV2 location. Double digit million-euro annual revenues are expected from this activity within 2 to 3 years.

The lease agreement and hand- over between Port of Rotterdam and Sif Holding of the additional 20 hectares land was formalized on 31 July 2019. The equipment for marshalling services is leased by Sif on a project- specific basis.

Port of Rotterdam CEO Allard Castelein:
‘We are proud of the success of SIF Group in our port. Since the arrival of SIF Group in 2015, Rotterdam has been successful in strengthening its position in offshore wind. This expansion will enable this leading player in the market to develop even further. It confirms our policy of stimulating offshore wind and other offshore industry as an important growth market and to use our expertise, space and development strength to further this growth.’

Sif Holding CEO Fred van Beers:
”This 20 Ha extension perfectly fits our strategy to expand our services to the offshore wind industry with complex marshalling and terminal activities for offshore wind. This additional lease agreement is a further proof of our believe in the strong bond between Port of Rotterdam and SIF. We foresee a structural demand for these services and are proud to be selected by Deme Offshore who is our launching customer for these marshalling services when preparing and realizing their offshore wind project Borssele I-II”.

CONTACT


For further information, please contact:

Sif Holding N.V.Port of Rotterdam
Fons van LithLeon Willems
+31 (0)475 385 777
+31 (0)6 513 14952+31 (0)6 257 46662.

[email protected][email protected]

ABOUT PORT OF ROTTERDAM AUTHORITY


The objective of the Port of Rotterdam Authority is to enhance the port’s competitive position as a logistics hub and world - class industrial complex. Not only in terms of size, but also with regard to quality. The Port Authority is therefore leading the transition to sustainable energy and it is committed to digitalisation in order to make the port, and the supply chain, more efficient. The core tasks of the Port Authority are to develop, manage and exploit the port in a sustainable way and to deliver speedy and safe services for shipping.

The Port Authority has approx.1,200 employees and turnover of approx. € 710 million.
Port area: approx. 12,500 ha port area (land & water, of which approx. 6,000 ha industrial sites). The port area is more than forty kilometers long and offers 385,000 jobs.
Goods throughput: approx. 470 million tonnes of goods per annum. Shipping: approx. 30,000 ocean - going vessels and 120,000 inland vessels per annum. Added value:(direct and indirect): €45.6 billion or 6.2% of GDP.
More info: www.portofrotterdam.com

ABOUT SIF HOLDING N.V.


Sif is a leading manufacturer of large steel tubulars, which are used as foundation components for the offshore wind and offshore oil & gas markets. The Company manufactures customized tubular components for offshore foundations, predominantly in the greater North Sea region. Sif combines a highly automated and flexible production facility with technology leadership in rolling and welding of heavy steel plates, which is based on over 70 years of experience and innovative in-house developed techniques and processes. Sif primarily produces monopiles, transition pieces and piles that are used to anchor jacket foundations in the seabed for offshore wind turbines. It furthermore produces legs, pile sleeves and piles of the larger jackets for oil & gas and tubular structures for various uses such as jetties.
Sif is listed on Euronext Amsterdam. www.sif-group.com

DISCLAIMER


Some of the statements contained in this release that are not historical facts are statements of future projections and other forward-looking statements based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those in such statements. Historical results are no guarantee for future performance. Forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of Sif’s business to differ materially and adversely from the forward-looking statements. Certain forward-looking statements can be identified by the use of forward-looking terminology such as “believes”, “may”, “will”, “should”, “would be”, “expects” or “anticipates” or similar expressions, or the negative thereof, or other variations thereof, or comparable terminology, or by discussions of strategy, plans, or intentions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this release as anticipated, believed, or expected. Sif does not intend, and does not assume any obligation, to update any industry information or forward- looking statements set forth in this release to reflect subsequent events or circumstances. The content of this trading update is for information purposes only and not intended as investment advise, or offer or solicitations for the purchase or sale in any financial instrument. Sif does not warrant or guarantee the completeness, accuracy, or fitness for any particular purposes in respect of the information included in this release.

Attachment

Vineyard Wind project delayed
21 August 2019

Clarity on impact on Sif earliest in 4-6 weeks from now

Roermond, 21 August 2019. Early July 2019 Sif and Vineyard Wind announced the manufacturing by Sif of 84 monopiles for Vineyard Wind’s offshore wind project in Massachusetts USA.

The installation of the monopiles is subject to a schedule that includes seasonal restrictions on pile driving activity as a protective measure for the highly endangered North Atlantic Right Whales. Sif’s ability and confidence to meet this schedule was an important consideration in being selected by Vineyard Wind. Sif scheduled the production of these monopiles for the first half of 2020.

The requirement of an additional Environmental Impact Study (EIS) by the Bureau of Ocean Energy Management (BOEM) is now delaying the project beyond the timeframe initially assumed by Vineyard Wind. This unexpected requirement again is a good example of the volatility of the offshore wind market. Sif and Vineyard Wind are investigating the impact and possible mitigation of the delays caused hereby. It however has become inevitable that delays will be suffered which will impact Sif’s production planning for 2020. If and how this will have an impact is not yet clear as this depends on how Vineyard Wind decides to proceed. At this time, it is Vineyard Wind’s priority to get clarity on the impact for the total Vineyard Wind project. Vineyard Wind has indicated that they need some time to assess, which could take approximately four to six weeks.

Sif has allowed for a delay of a few months in their planning and included decision moments on the planning in their contract with Vineyard Wind. Sif is studying the consequences of mitigation options beyond the contractually agreed delay decision moments. Once clarity on their expected new schedule is received from Vineyard Wind within the next four to six weeks, the impact on Sif’s production planning and schedule can be assessed in more detail. Only at that time it will be clear if there is a financial impact beyond the provisions in the contract and what mitigating actions Sif is able to take.

CONTACT


For further information, please contact:

Sif Holding N.V.
Fons van Lith
+31 (0)475 385 777
+31 (0)6 513 14952
[email protected]

ABOUT SIF HOLDING N.V.


Sif is a leading manufacturer of large steel tubulars, which are used as foundation components for the offshore wind and offshore oil & gas markets. The Company manufactures customized tubular components for offshore foundations, predominantly in the greater North Sea region. Sif combines a highly automated and flexible production facility with technology leadership in rolling and welding of heavy steel plates, which is based on over 70 years of experience and innovative in-house developed techniques and processes. Sif primarily produces monopiles, transition pieces and piles that are used to anchor jacket foundations in the seabed for offshore wind turbines. It furthermore produces legs, pile sleeves and piles of the larger jackets for oil & gas and tubular structures for various uses such as jetties. Sif is listed on Euronext Amsterdam. www.sif-group.com

DISCLAIMER


Some of the statements contained in this release that are not historical facts are statements of future projections and other forward-looking statements based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those in such statements. Historical results are no guarantee for future performance. Forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of Sif’s business to differ materially and adversely from the forward-looking statements. Certain forward-looking statements can be identified by the use of forward-looking terminology such as “believes”, “may”, “will”, “should”, “would be”, “expects” or “anticipates” or similar expressions, or the negative thereof, or other variations thereof, or comparable terminology, or by discussions of strategy, plans, or intentions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this release as anticipated, believed, or expected. Sif does not intend, and does not assume any obligation, to update any industry information or forward- looking statements set forth in this release to reflect subsequent events or circumstances. The content of this trading update is for information purposes only and not intended as investment advise, or offer or solicitations for the purchase or sale in any financial instrument. Sif does not warrant or guarantee the completeness, accuracy, or fitness for any particular purposes in respect of the information included in this release.

Attachment

Sif provides Monopiles to Vattenfall/Nuon for 3 zones of Hollandse Kust Zuid project
11 July 2019

Roermond, The Netherlands – 11 July 2019. Sif Holding n.v. will manufacture 114 monopiles (113 KTon steel) for Vattenfall/Nuon for 3 out of 4 zones for the 1.4 GW project Hollandse Kust Zuid in The Netherlands. Sif’s scope comprises manufacturing of the monopiles and storage at the MV2 facility in Rotterdam in 2020-2021.

Attachment

Sif provides Monopiles for Vineyard project Massachusetts- First large-scale offshore wind project in United States of America
08 July 2019

Roermond, The Netherlands – 8 July 2019. Sif Holding n.v. will manufacture 84 monopiles (103 KTon steel) for the 800 MW Vineyard project in Massachusetts USA. Sif’s scope comprises manufacturing of the monopiles, storage at our MV2 facility and delivery by RoRo load-out via our deep sea quay side on transportation vessels in 2020-2021.

Attachment

Sif provides monopiles for Two Towers innovation site Borssele V
20 May 2019

Roermond, The Netherlands - 20 May 2019. Sif Holding n.v. will manufacture two monopiles for the Two Towers Borssele V innovation site. A number of innovations will be applied in the project such as a slip joint connection, seabed protection and a full aluminum sprayed coating.

One of the monopiles will have a slip joint connection. The slip joint connection is the connection between the monopile foundation and the transition piece that connects the foundation and the tower. This has traditionally been a flanged or a grouted connection.

In contrast, one foundation will be equipped with conical-shaped end pieces of the monopile and transition piece, which are stacked like coffee cups in a cupboard. This connection will save installation time offshore. While this technique has been applied successfully onshore, it was only used in offshore projects on a test basis.

The coating for the other monopile will be aluminium sprayed for a major part of the surface with a view to avoiding corrosion combined with minimizing the required maintenance activities.

Fred van Beers: "Sif considers it important to be part of innovations such as the ones being applied by our client Two Towers at Borssele V. These innovations are aimed at either saving costs on the manufacturing of the products and/or the installation and its maintenance at sea or at ensuring an improvement of the environmental impact on sea life. The offshore wind industry is still young and innovations such as these help to further decrease the levelized costs of energy from offshore wind."

Two Towers is the consortium for the Borssele V project that comprises Van Oord, Investri Offshore and Green Giraffe. Grid connection is scheduled for 2021.

About Sif Holding N.V.

Sif is a leading manufacturer of large steel tubulars, which are used as foundation components for the offshore wind and offshore oil & gas markets. The Company manufactures customised tubular components for offshore foundations, predominantly in the greater North Sea region. Sif combines a highly automated and flexible production facility with technology leadership in rolling and welding of heavy steel plates, which is based on over 65 years of experience and innovative in-house developed techniques and processes. Sif primarily produces monopiles, transition pieces and piles that are used to anchor jacket foundations in the seabed for offshore wind turbines, as well as legs, pile sleeves and piles of the larger jackets for oil & gas as well as tubular structures for various uses such as jetties.

For further information, please contact:

Sif Holding N.V.
Fons van Lith

telephone +31 (0)475 385 777
mobile +31 (0)6 5131 4952
e-mail [email protected]

Resolutions Annual General Meeting of Shareholders 2019
03 May 2019

Roermond 3 May 2019. On Friday 3 May 2019 Sif Holding n.v. held its Annual General Meeting of Shareholders (AGM) in Roermond. The most important resolutions voted by the AGM are as follows.

Approval of financial statements, discharge and dividend proposal

The 2018 financial statements were approved. The dividend proposal to pay out € 0.10 per ordinary share in cash was approved as well. Both Supervisory Board and Executive Board were discharged for supervision and management.

Supervisory Board (re)appointments

Caroline van den Bosch and André Goedée were reappointed for a 4- years term.

Executive Board authorizations

The Executive Board was authorized for an 18 months period to acquire shares in Sif Holding n.v. and to issue shares or grant the right to subscribe for shares in the Company.


About Sif Holding N.V.

Sif is a leading manufacturer of large steel tubulars, which are used as foundation components for the offshore wind and offshore oil & gas markets. The Company manufactures customised tubular components for offshore foundations, predominantly in the greater North Sea region. Sif combines a highly automated and flexible production facility with technology leadership in rolling and welding of heavy steel plates, which is based on over 65 years of experience and innovative in-house developed techniques and processes. Sif primarily produces monopiles, transition pieces and piles that are used to anchor jacket foundations in the seabed for offshore wind turbines, as well as legs, pile sleeves and piles of the larger jackets for oil & gas as well as tubular structures for various uses such as jetties.

For further information, please contact:

Sif Holding N.V.

Fons van Lith


telephone +31 (0)475 385 777

mobile +31 (0)6 5131 4952

e-mail [email protected]

Highlights and Key Figures for Q1 2019
03 May 2019

Operational highlights

  • Production of transition pieces and monopiles for Seamade and Triton Knoll and production of monopiles for Borssele 3&4
  • Load-out for Hohe See and Albatros completed
  • Construction of new coating facilities on schedule for completion in July 2019
  • AX ERP system is being implemented; final stations operational in May 2019
  • Workforce end Q1 at 512 FTE (292 permanent and 220 flexible), increased by 83 FTE from 429 at the end of 2018
  • Total throughput of approximately 42 Kton steel (38 Kton in Q4 2018):
    • o 92% for offshore wind
    • o 8% for offshore oil and gas

Key figures

  • (only) Q1 2019 numbers reflect implementation of IFRS 16;
  • Contribution €18.8m (€17.3m Q4 2018)
  • EBITDA €4.1m (€0.3m Q4 2018)
  • Net Working Capital at the end of Q1 2019 -/- €21.8m (€14.2m at year-end 2018)
  • Net debt at the end of Q1 2019 €8.4m (€ 30.4m at year-end 2018)
  • Order book approximately 210 Kton for 2019 and 155 Kton for 2020 and beyond

Fred van Beers, CEO of Sif Group, comments:

We have started our work for Seamade and continued working on Triton Knoll and Borssele 3&4. For Sif, the Seamade and Triton Knoll projects together constitute 130 Kton of steel, or the equivalent of 148 monopiles and 58 transition pieces. From the third quarter onwards, we will also initiate works on Borssele 1&2. After ramping up in Q2, we will then be back on more normalized quarterly production levels of close to 60 Kton, to end the year with total production numbers of approximately 210 Kton or 272 monopiles and 150 transition pieces.

Investments in coating facilities are on schedule for completion in July 2019, as is the buildup of our workforce. To deliver the estimated production volumes, we will partially lift the option to work 24 hours, seven days a week, at some production points, between the end of Q2 2019 and the end of the year. With a full order book for 2019 and a sound funnel of projects for the years thereafter, we are well placed to contribute to the planned growth of the offshore wind industry, both in Europe and emerging markets in Asia and the north-eastern USA. We are negotiating exclusively on two projects and are involved on a non-exclusive basis in all other projects on the market. We feel confident we are well placed to win our fair share of available projects though given the nature and characteristics of the industry, exact timing remains difficult to predict.

Notice and agenda for AGM 3 May 2019
21 March 2019

The General Meeting of Shareholders of Sif Holding N.V. will be held on Friday 3 May 2019 at 13:00 hours in TheaterHotel De Oranjerie at Kloosterwandplein 12-16, 6041 JA Roermond (telephone +31 475 391 491).

Please find attached the full notice and agenda for this AGM


Attachment

Full year 2018 results analyst presentation
21 March 2019

Sif presented 2018 annual results on 21 March 2019. Attached please find slides for the webcast presentation.

Attachment

Sif Holding annual report 2018
21 March 2019

We herewith present you our 2018 annual report as an attachment.

Attachment

Sif Holding annual report 2018
21 March 2019

We herewith present you our 2018 annual report as an attachment.

Full Year 2018 results. Gearing up for new industry design-standards and improved market outlook
21 March 2019

Operational highlights:

  • Continued strong safety performance resulting in LTIF of 0.97 for FY 2018 (1.49 in 2017)
  • Production and/or delivery of monopiles and transition pieces for Borssele 3+4, Hohe See, Albatros, Trianel and Norther offshore wind farms
  • Delivery of pin piles for Peregrino and Sverdrup jacket foundations
  • Innovations support decreasing LCOE for offshore wind
  • Contracts won for Seamade and Borssele 1+2+3+4
  • New exclusive position for 75 Kton project
  • Total throughput of approximately 138 Kton of steel (2017: 232 Kton)
  • 102 Kton (or 74%) for offshore wind
  • 34 Kton (or 24%) for oil & gas
  • 2 Kton (or 2%) for other

Key figures:

  • FY 2018 contribution of € 74.3 million (FY 2017: € 135.6 million)
  • FY 2018 normalized EBITDA of € 13.3 million (FY 2017: € 57.1 million);
  • FY 2018 profit attributable to the shareholder -€ 2.1 million (FY 2017: € 30.8 million);
  • Earnings per share 2018 -€ 0.08 (€ 1.21 in 2017);
  • Dividend proposal € 0.10 in cash per share (€ 0.30 for 2017);
  • Year-end 2018 net working capital € 14.2 million (YE 2017: € 7.1 million)
  • Year-end 2018 net debt € 30.4 million (YE 2017: € 25.1 million)
  • Order book 210 Kton signed contracts for 2019; 155 Kton exclusive negotiations for 2020 and beyond
Sif reaches agreement on refinancing
26 February 2019

Roermond (the Netherlands), 26 February 2019 - Sif Holding N.V. today announces that it has reached an agreement with RABO bank, ING, ABN AMRO, Euler-Hermes and Tokio Marine concerning the refinancing of the Company. The new credit facility of € 350 million in total replaces the facility of € 250 million in total set to expire mid-2019.

The new facility expires 22 February 2022, with two one-year extension options. The facility consists of a revolving credit facility of € 100 million and a committed guarantee facility of € 250 million. The previous arrangement had a revolving credit facility of € 90 million with committed guarantee facilities of € 160 million. The increase in facilities serves to support SIF's future business.

Margins and commitment fees remain unchanged at Euribor plus a surcharge that depends on the leverage and solvency on a quarterly basis. The new leverage (net debt/EBITDA) should be equal to or less than 2.5 (was 1.5 under the expiring facility) and the solvency should be equal to or more than 30% in 2019 and 35% during the years beyond 2019. .

The financing arrangement has also been made sustainable. Sif can earn discounts of max 0.05% if certain sustainability KPI's are reached.

Leon Verweij, CFO: "This amended and broader facility provides sufficient flexibility to pursue our strategy going forward. This new agreement assures Sif a financing structure that fits the characteristics of our Company."

Sif subject to the large company regime (volledig structuurregime) as from 1 February 2019
31 January 2019

Roermond, the Netherlands, 31 January 2019. After meeting the relevant criteria for three consecutive years, Sif Holding N.V. will become subject to the large company regime (volledig structuurregime) as from 1 February 2019.

The large company regime allows employees to have a say in the appointment of supervisory board members and certain power is shifted to the supervisory board in accordance with the Dutch Civil Code.

The applicability of the large company regime amongst others entails the following:

  • the supervisory board will have the power to appoint executive board members;
  • the supervisory board members shall be appointed by the general meeting on the basis of a binding nomination drawn up by the supervisory board;
  • both the general meeting and the works council have the right to recommend candidates to the supervisory board for the nomination;

Dutch law requires that a large company conforms its articles of association to the rules applicable to large companies. The articles of association of Sif Holding N.V. already allow for the consequences of Sif Holding N.V. becoming subject to the large company regime. The articles of association that apply as from 1 February 2019 are available on the company's website and as an attachment to this press release.

For further information, please contact:

Sif Holding N.V.

Fons van Lith
telephone +31 (0)475 385 777
mobile +31 (0)6 5131 4952
e-mail [email protected]

2018 15 publications
Sif to manufacture 58 monopiles for SeaMade Offshore Wind Farm
12 December 2018

Roermond, the Netherlands 12 December 2018. Sif Holding N.V. announces that Dredging International has awarded to Sif the production of 58 monopiles and the primary steel of the transition pieces for SeaMade offshore wind farm.

The contract has been awarded by EPCI-contractor Dredging International, a DEME Group's subsidiary. The transition pieces will be manufactured in joint venture with Smulders in Hoboken.

SeaMade offshore wind farm is located approximately 40 to 50 km off the coast of Ostend (Belgium) in 22- 38 m water depth. SeaMade will be developed by SeaMade N.V., a joint venture of the Otary group (70%), Electrabel (Engie) (17.5%) and Eneco Wind Belgium (12.5%). The 487 Megawatt offshore wind farm will comprise of 58 Siemens- Gamesa turbines each with an individual installed capacity of 8.4 MW and will be placed on monopile foundations. The monopiles and primary steel for transition pieces will be produced by Sif. Smulders will manufacture secondary steel and be responsible for the outfitting of the transition pieces.

The total volume of the project will amount to approximately 60 ktons for the MP's and 13.7 ktons for the primary steel for TP's. The production is scheduled for 2019. The project is already in the orderbook of Sif as presented when releasing interim 2018 results in August last. At that time still as a project where Sif and Dredging International were in exclusive negotiations. Following financial close on 3 December last, the contract is now firm.

Highlights and Key Figures for Q3 2018
08 November 2018

Highlights:

  • High sales activity in closing and pursuing monopile projects for 2019-2021 timeframe
  • Appointment and start of CEO Fred van Beers
  • Production resumed in August after 4-month black-out period
  • Successful testing of blue piling innovation
  • Material supplies and load-outs delayed beyond Sif's control

Key figures:

  • Year-to-Date contribution decreased to €57.0 million (€104.7 million YTD 2017)
  • Adjusted EBITDA Year to Date fell to €13.0 million (€44.9 million YTD 2017)
  • Operating Working Capital at end of Q3 2018 €28.4 million (€32.7 million at end of Q2 2018)
  • Net Debt at end of Q3 2018 €43.1 million (€52.5 million at end of Q2 2018)
  • Throughput of 19 Kton brings Year to Date production to 100 Kton (167 Kton YTD Q3 201
    • 74% for offshore wind
    • 26% for offshore oil & gas & other
  • Order book 45 Kton for Q4 2018, 200 Kton for 2019 and 90 Kton for 2020
Sif to manufacture 47 monopiles for the Borssele I-II Offshore Wind Farm
25 October 2018

Roermond, the Netherlands 25 October 2018. Sif Holding N.V. announces that Ørsted has awarded to Sif the production of 47 monopiles (approx. 40 Kton) for the Borssele I-II offshore wind farm.

Richard Jongen, Commercial Manager Wind Sif: "This is the first time Sif is going to manufacture the offshore foundations for a wind project on behalf of Ørsted. With our new assembly facility and state-of-the-art deep-sea quay on Maasvlakte II (Port of Rotterdam), Sif is ideally located and perfectly equipped to efficiently produce and deliver the monopile foundations. Sif is very pleased to contribute to a successful offshore wind project off the Dutch coast such as Borssele I-II."

The Borssele I-II wind farm is located approximately 22 kilometers out to sea from the coast of Zeeland in The Netherlands. The project will cover an area of 138 square kilometers with water depths of up to 38 meters and will comprise of 8 MW Siemens Gamesa 8.0-167 DD wind turbines. The turbines will be installed on 94 monopile foundations with transition pieces. The total installed capacity of the Borssele I-II wind farm will be 752 MW.

The production of monopiles is scheduled for 2019. The project is already in the orderbook of Sif as presented when releasing interim 2018 results in August last.

Interim results 2018 analyst presentation 24 August 2018
18 September 2018

On 24 August 2018 Sif released interim 2018 earnings. The results were explained by the executive board during a webcast analyst presentation.

Attached please find the slides that are used at this presentation

Interim Results 2018
24 August 2018

Operational highlights:

Contract won for Borssele 3&4; financial close 28 June 2018

Contract won for Tyra jacket components

Delivery of monopiles and transition pieces for Hohe See and Borkum West 2 (Trianel) offshore wind farms

Delivery of pin piles for Johan Sverdrup and Peregrino jacket foundations

Extensive maintenance program and layout adjustments during period of low utilization

Total throughput of approximately 81 Kton steel (108 Kton in HY1 2017)

  • 78% for offshore wind (91% HY1 2017)
  • 22% for offshore oil & gas (9% HY1 2017)

Key figures:

Contribution of € 45.6 million (HY 2017: € 74.4 million)

EBITDA adjusted for IPO costs reached € 14.0 million (HY 2017: € 33.7 million)

Revenue reached € 145.9 million (HY 2017: € 156.2 million)

Operating working capital stood at € 32.7 million (HY 2017: € 18.1 million; YE 2017: € 7.1 million)

Net debt totaled € 52.5 million (HY 2017: € 47.7 million; YE 2017: € 25.1million)

Order book per 23 August 2018 of 150 Kton for 2018, 200 Kton for 2019 and 90 Kton for 2020

Post reporting events:

New CEO nominated for appointment at General Meeting of Shareholders 31 August 2018

Successful test of Blue 25M hammer installation technology by Carbon Trust and Fistuca

Entered into exclusive negotiations for projects for 2019 (total approx. 115 Kton)

View attachment for the full interim 2018 report

Fred van Beers nominated for appointment as new CEO of Sif Holding N.V.
10 July 2018

Roermond, The Netherlands, 10 July 2018. The Supervisory Board of Sif Holding N.V. will nominate Fred van Beers for appointment as the company's new CEO effective 1 September 2018 at the General Meeting of Shareholders to be held on 31 August 2018. The Works Council has been informed and requested to provide advice.

Trading update Q1 2018
03 May 2018

Operational highlights:
Q1 strong commercial quarter

  • Contract award for Borssele III & IV for production 2018 (wind)
  • Deutsche Bucht Demonstrator Project for production in 2018 (wind)
  • 100 Kton exclusive negotiations for production in 2019 (wind)

Delivery of monopiles and transition pieces for Hohe See, Norther and Albatros offshore wind farms
Delivery of pin-piles for Johan Sverdrup jacket oil & gas project
Total throughput of approximately 52 Kton steel (66 Kton in Q4 2017)

  • 82% for offshore wind
  • 18% for offshore oil & gas

Financial key figures:
Contribution € 27.6 million (€ 30.9 million Q4 2017)
Normalized EBITDA € 10.1 million (€ 12.2 million Q4 2017)
Net Working Capital at the end of Q1 2018 € 34.8 million (€ 7.1 million at year-end 2017)
Net Debt at the end of Q1 2018 € 48.2 million (€ 25.1 million at year-end 2017)
Order book approximately 185 Kton for 2018 and 160 Kton for 2019

Sif to manufacture all monopiles for the Borssele III - IV Offshore Wind Farm
20 April 2018

Roermond, the Netherlands 20 April 2018. Sif Holding N.V. announces today that it has been awarded the production of 77 monopiles (68 Kton) for the Borssele III & IV offshore wind farm. Borssele III & IV is developed by a consortium (Blauwwind II) comprising Shell, Eneco, Van Oord, and Diamond Generating Europe, a wholly owned subsidiary of Mitsubishi Corporation. The contract has been awarded by Van Oord as the EPCI contractor for the project and is subject to financial close.

The Borssele III & IV wind farm is located approximately 22 kilometers out to sea from the coast of Zeeland in The Netherlands. The project will cover an area of 122 square kilometers with water depths of up to 38 meters and will comprise of Vestas V164-9.5 MW wind turbines. The turbines will be built on monopile foundations without transition pieces. The total installed capacity of the Borssele III & IV wind farm will be 731.5 MW.

The production of monopiles is scheduled from early July until December 2018. The project was already presented in the orderbook of Sif as "exclusive negotiations" and will now be presented as a firm contract. This brings the total orderbook for 2018 at 183 Kton

Sif Holding NV: Notice and Agenda for AGM 3 May 2018
21 March 2018

Sif's Annual General Meeting of Shareholders is scheduled for 3 May 2018. Attached please find the Notice and the Agenda for the Meeting.

Full year 2017 results analyst presentation
15 March 2018

Today Sif released Q4 and FY 2017 earnings. The results were explained by CEO and CFO during a webcast analyst presentation.

Attached please find the slides that are used at this presentation.

Sif Holding N.V. Annual Report 2017
15 March 2018

Please find attached Sif's Annual Report 2017.

Full Year 2017 Results
15 March 2018

Operational highlights Q4:

Continued strong safety performance resulting in LTIF of 1.49 for FY 2017 (2.83 in 2016)

Production of monopiles and transition pieces for Hohe See, Albatros, Borwin 3, Trianel and Norther offshore wind farms

Delivery of pin piles for Peregrino jacket foundation

New location at Rotterdam (Maasvlakte 2) running at full capacity

Total throughput of approximately 66 Kton of steel (Q4 2016: 49 Kton) results in FY 2017 production of 232 Kton (FY 2016: 191 Kton)

o 208 Kton (or 90%) for offshore wind

o 24 Kton (or 10%) for oil & gas

Key figures Q4 and FY2017:

Q4 contribution of € 30.9 million (Q4 2016: € 30.9 million) results in FY 2017 contribution of € 135.6 million (FY 2016: € 129.5 million)

Q4 normalized EBITDA of € 12.2 million (Q4 2016: € 10.5 million) results in FY 2017 normalized EBITDA of € 57.1 million (FY 2016: € 65.4 million);

FY 2017 profit attributable to the shareholder € 30.8 million (FY 2016: € 37.4 million);

Earnings per share 2017 € 1.21 (€ 1.47 in 2016);

Dividend proposal € 0.30 in cash per share (€ 0.37 for 2016);

Year-end 2017 net working capital € 7.1 million (YE 2016: € 8.3 million)

Year-end 2017 net debt € 25.1 million (YE 2016: € 42.0 million)

Order book 115 Kton signed contracts and 70 Kton exclusive negotiations for 2018; 60 Kton signed contracts for 2019

CEO Jan Bruggenthijs not available for reappointment
13 March 2018

Roermond (the Netherlands), 13 March 2018 Sif Holding N.V. ("Sif", or the "Company") today announces that Jan Bruggenthijs will not be available for reappointment as CEO and member of the Executive Board.

Mr. Bruggenthijs (60) will step down for personal reasons upon the end of his current term at the close of the Annual General Meeting of Shareholders (AGM) on 3 May 2018. Mr. Bruggenthijs has been CEO and member of the Executive Board since September 2014. The Supervisory Board would, on behalf of the Company, like to thank Mr. Bruggenthijs for his endeavours and wishes him all the best. Under his leadership, Sif has reinforced its leadership position as a manufacturer of foundations for offshore windturbines and oil & gas equipment.

The Supervisory Board has begun the process of finding potential candidates to fill the vacancy that will arise following the end of Mr. Bruggenthijs' term.
Nomination appointment Supervisory Board members Sif Holding
22 February 2018

Roermond, 22 February 2018. The Supervisory Board of Sif Holding N.V. will nominate Mr Peter Visser and Mr Peter Wit for appointment as members of the Supervisory Board at the General Meeting of Shareholders to be held on 3 May 2018 in Roermond.

Peter Visser (1956), Dutch nationality, was appointed ad interim on 1 November 2017. The Supervisory Board appointed him following the sudden resignation of Alexander van Wassenaer in October 2017. Peter Visser represents major shareholder GKSE Holding B.V. on the Supervisory Board. He co- founded investment fund Egeria in 1997. From 1992 until 1997 he was managing director at MeesPierson N.V. and responsible for their private equity activities in Europe. From 1983 until 1992, he worked for McKinsey & Company and founded his own consulting firm Management & Investment B.V.

Peter Wit (1967) Dutch nationality, COO at Atlas Services Group. From 1992 until 2009, he worked at Shell amongst others as VP Finance at Shell Solar and as COO & Finance manager at Shell Asset Management Company. From 2009 until 2013, he was CFO at Dockwise Ltd. From 2013 until he recently joined Atlas Services Group, he was CFO at Inashco. Peter Wit will be nominated as successor for Maarten Schönfeld who recently indicated he is not available for reappointment.

Extended personal data resumes will be available at the Company's offices from 15 March 2018.

Maarten Schönfeld not available for reappointment as Supervisory Board Member of Sif Holding
29 January 2018

Roermond (The Netherlands), 29 January 2018. Sif Holding NV announces that Mr Maarten Schönfeld has stated he will not be available to serve another term as Member of the Supervisory Board of the company when his current term ends at the close of the Annual General Meeting of Shareholders (AGM) on 3 May 2018.

Maarten Schönfeld joined the Supervisory Board in 2016 for a two-year period during which he would focus mainly on supporting the company following its listing on Euronext Amsterdam in 2016.This period will end at the close of the 2018 AGM.

The Supervisory Board has begun the process of finding potential candidates to fill the vacancy that will arise following the end of Mr Schönfeld's term.

2017 17 publications
Sif Holding NV: Trading update Q3 2017
10 November 2017

Highlights and Key Figures for Q3 2017

Highlights:
Official opening of the new production plant at Maasvlakte 2 in Rotterdam
Contract awards for Tritan Knoll (offshore wind) and Peregrino (oil & gas)
Timely delivery of monopiles and transition pieces for Hohe See and Rentel offshore wind parks
Timely delivery of pin-piles for Oseberg and Sverdrup oil & gas jacket foundation

Key figures:
Contribution Year to Date increased by 6.2% to € 104.7 million (€ 98.6 million YTD 2016)
Normalized EBITDA Year to Date decreased by 18.2% to € 44.9 million (€ 54.9 million YTD 2016)
Operating Working Capital at end of Q3 2017 € 6,5 million (€ 18.1 million at end of Q2 2017)
Net Debt at end of Q3 2017 € 32.1 million (€ 47.7 million at end of Q2 2017)
Throughput of 59 Kton brings Year to Date production to 167 Kton (142 Kton YTD Q3 2016)

  • 90% for offshore wind
  • 10% for offshore oil & gas

Orderbook 53 Kton for Q4 2017, 122 Kton for 2018 and 60 Kton for 2019

See attachment for the full release

Supervisory Board Member a.i. Sif Holding N.V.
01 November 2017

Roermond, 1 November 2017. Following the resignation of Alexander van Wassenaer from the Supervisory Board of Sif Holding N.V., Peter Visser is appointed a Supervisory Board member as of today on an ad interim basis.

Peter Visser (1956) represents major shareholder GKSE Holding B.V. on the Supervisory Board until a successor is nominated and appointed by the Annual General Meeting of Shareholders scheduled for 3 May 2018.

Peter Visser co- founded investment fund Egeria in 1997. From 1990 until 1997 he was managing director at MeesPierson N.V. and responsible for their private equity activities in Europe. From 1983 until 1990 he worked for McKinsey & Company and founded his own consulting firm Management & Investment B.V.

Supervisory Board Member Sif Holding N.V. resigns
23 October 2017

Roermond, 23 October 2017. Alexander van Wassenaer resigns with immediate effect from the Supervisory Board of Sif Holding N.V. for personal reasons.

Alexander van Wassenaer represented major shareholder GKSE Holding B.V. on the Supervisory Board and was first nominated in January 2016. The Supervisory Board of Sif will engage in procedures to propose a successor on the Supervisory Board for nomination at the Annual General Meeting of Shareholders scheduled for May 2018.

The Management Board and Supervisory Board would, on behalf of the Company, like to thank Alexander van Wassenaer for his contribution to the development of Sif from a private into a public company and wish him success in his future career.

Sif Assembly and Coating Facility at Maasvlakte 2 Terminal in Rotterdam Officially Opened and at Full Capacity
02 October 2017

Roermond, the Netherlands, October 2, 2017. The Dutch Minister of Economic Affairs, Henk Kamp, on Friday officially opened the new assembly and coating facility operated by Sif Holding N.V. at Rotterdam's Maasvlakte 2 terminal.
The new facility will increase Sif's annual capacity from 225 kilotons to 300 kilotons. Components manufactured at the Roermond site can be assembled at the Rotterdam facility into complete monopiles with a diameter of up to 11 meters, a length of 120 meters, and a weight of around 2,000 tons. Once the complete monopiles have been coated in the four separate blasting and painting rooms, they are stored on the facility's 103-acre grounds until delivery via the specially constructed quay. The grounds can accommodate the simultaneous loading of two installation ships of monopiles and transition pieces.

The facility is currently equipped with two fully operational production lines, which have the capacity to produce four complete monopiles per week.

In his officiating speech at the opening ceremony, Dutch Economic Affairs Minister Henk Kamp expressed his admiration for the groundbreaking efforts by Sif to develop offshore wind energy as an energy source: "As a family-owned business with solid roots in Limburg province, Sif has undergone remarkable growth and development and helped to ensure that the need for subsidies for building offshore wind turbines will be eliminated within the next few years. This means we are on track to become a low-carbon society."

In his speech, Port of Rotterdam CEO Allard Castelein stated his hope that the Minister would be able to translate the objectives of the sustainability sector into a long-term vision for further advancing the development of wind as a source of energy: "Wind energy is a perfect example of a win-win situation. In addition to resulting in cleaner energy consumption, creating jobs, and generating revenue in a whole new segment of industry, it also attracts many related businesses looking to settle in this area."

Sif Holding N.V. CEO Jan Bruggenthijs expressed his pride at the successful completion of the project and explained the significance of the new facility in his speech: "This is a perfect representation of the goals that Sif is committed to. We continue to focus on reducing the costs of the construction of offshore wind farms. We do this not only by applying the cost leadership concept to the use of ultra-modern production resources but also by constantly reducing costs in the total value chain. Together with our clients and offshore wind-farm developers, Sif will continue searching for further cost optimization and supporting the possibility to create wind farms without subsidies."

The project took a total of approximately 30 months to complete, from the signing of the partnership agreement between Sif and Port of Rotterdam in March 2015 and the launch of production in September 2016 up to and including the commissioning of the second production line and the facility's official opening this year. The operation coincided with the upgrade of the production facilities at Sif's Roermond site. This marks the completion of an investment program involving an amount of roughly € 90 million, created by Sif to enable offshore wind-farm managers to start using a new generation of wind turbines with larger capacities.

Sif- Smulders joint venture to engineer and manufacture all monopiles and transition pieces for the Triton Knoll Offshore Windfarm
20 September 2017
Sif and Century Wind Power Co. intend to join forces for Taiwanese offshore wind market
14 September 2017
Chief Operational Officer Luc De Proost has decided to leave Sif- group
01 September 2017
Interim Results 2017: Prepared for next generation offshore windturbines
24 August 2017
Sif Holding NV: 2017 Interim Results
24 August 2017
Sif awarded the production of all monopiles and transition pieces for EnBW's Albatros wind farm
19 June 2017
Sif awarded production of all monopiles and TP's for the Trianel Windpark Borkum II
13 June 2017
Sif Holding NV: Trading update Q1 2017
18 May 2017
Sif Trading Update Q1 rescheduled
15 May 2017
Sif Holding NV: Full Year 2016 Solid Results in Breakthrough Year for Offshore Wind
29 March 2017
Sif Holding NV: Full Year 2016 Solid Results in Breakthrough Year for Offshore Wind
29 March 2017
Sif awarded production of all 71 monopiles and TP's for the EnBW Hohe See offshore wind farm
21 February 2017
Sif awarded production of all monopiles for the Norther offshore wind farm
04 January 2017
2016 11 publications
Sif announces new CFO
13 December 2016
Sif Holding NV: Q3 trading update 2016
11 November 2016
Sif announces the award for the production of all 42 monopiles and, in joint venture with Smulders, the transition pieces for the RENTEL offshore wind farm
07 October 2016
Sif announces the completion of the first monopiles in the new assembly facility at Maasvlakte II in Rotterdam.
20 September 2016
Sif Analyst Update HY 2016
25 August 2016
Sif Holding NV: Half year report 2016
25 August 2016
Sif announces the award for the production of all tubular components for the jacket of the BorWin gamma platform
10 August 2016
Sif announces the award for the production of pin piles for the Beatrice offshore wind farm.
16 June 2016
Sif announces partial exercise of over allotment option
02 June 2016
Sif Holding NV: Trading update Q1 2016
30 May 2016
Sif announces relaunch listing
09 May 2016