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Update on Investment Plans for Expansion of Manufacturing Facilities and Korean Strategic Partnership

Jul 29, 2022

Roermond, 29 July 2022. Sif has gained manufacturing know-how and experience for more than two decades, during which monopile foundations for offshore wind farms have more than tripled in diameter to 9 meters. The next step-up in size is near and, supported by external technical and financial experts, we have made substantial progress studying the feasibility of expanding the manufacturing capabilities and capacity for offshore wind foundations from c. 220 to 500kton per annum.

Furthermore, the need to expand the production capacity for foundations, both in terms of size and quantity, continues to be obvious with increasing ambitions for offshore wind capacity based on strong political support.

Constructive and exclusive discussions with clients for a total of 400kton launching capacity are progressing with the aim to agree firm contracts this summer. These discussions with clients as well as other relevant parties, in combination with the uncertainties caused by the global economic and geopolitical situation, do require a longer period before a final investment decision can be taken. As such, we have decided to postpone our FID, initially scheduled for July this year. Further announcements will be made when appropriate.

In parallel to developing expansion plans for the European market, Sif continues talks with potential partners for local production outlets for foundations in Asia and the USA. For monopile foundation projects in the Asian region, Sif Holding NV (“Sif”) and GS Entec Corp (“GS”) from Ulsan, Republic of Korea, have now signed a Framework Agreement for a Strategic Partnership whereby Sif intends to grant GS a 10-year mutual exclusive license for the Asian region to use technology developed and applied by Sif, for the purpose of manufacturing monopiles foundations and transition pieces.

The licensed technology relates to the conversion of existing manufacturing facilities of GS in Ulsan to a monopile foundation and transition pieces manufacturing plant with the option, in a later stage, to develop a new monopile foundation and transition pieces manufacturing plant elsewhere in Korea. The license includes both a fixed one-off license fee and a variable fee per manufactured and delivered monopile foundation.

For further information, please contact: Fons Van Lith via