With decades of experience and a strategic location on the Dutch coast, Sif plays a vital role in the European energy transition. Its facilities are designed for large-scale offshore projects and directly support the development of sustainable energy infrastructure.

Sif has committed to ambitious ESG objectives, with a particular focus on reducing its own carbon footprint. One of the key goals aligns with United Nations SDG 7: affordable and sustainable energy. In line with this, Sif has launched a dedicated program to explore and ultimately implement shore-based power facilities for seagoing vessels. This collaboration represents an important step within this broader initiative.
 

As part of the collaboration, Sustainable Ships will deliver a comprehensive techno-economic business case assessing the technical, financial and regulatory feasibility.

The goal is to investigate whether a flexible, mobile shore-based power solution can contribute to emission reduction for moored ships, without the need for fixed shore-based power infrastructure. This could offer an agile and scalable alternative for ports and terminals that want to comply with upcoming environmental regulations, such as FuelEU Maritime and the European Emissions Trading System (EU ETS).

This collaboration reflects the shared ambition of both organizations to accelerate innovation in clean energy, both at sea and on the quay.

Thanks to our preparatory measures, this situation has no impact on our production. Our locations have sufficient stock of steel plates to continue production without interruption until the end of February 2025. Additionally, we have arranged alternative transport solutions for the delivery of steel plates after February.

Production at Sif remains fully on schedule, with no disruption caused by the Moselle blockage.

At its core is the Skybox platform, an offshore wind foundation solution that addresses the drawbacks of TP-less designs. It eliminates the need for brackets, boat landings, and ladders, and utilizes an efficient one-lift method for a single-lift installation.

Visit the website for more information about Skybox Offshore's innovative offshore solutions.

To provide more insight into this trend, Sif has published a new white paper: "What shade would you like your green steel? Comparing different low-emission steel standards." In this document, we compare three different classification methods for low-emission steel. This gives our customers and partners a better understanding of how these standards are defined and applied.

Download the white paper below and stay informed about the latest trends in the transition to more sustainable steel production.

In addition to production, we collaborate on logistical solutions and product development. Until now, this was done on a project basis, but to strengthen our partnership, we have now signed a general cooperation agreement. This allows us to improve our offering to clients and prepare for the future together.

Here’s to at least another 20 years of collaboration!

Watch the video to see how we install the internal platform, temporary cover and Skybox all in a single lift, representing our one-lift philosophy.

In early 2025, we will go offshore with our demonstrator that will show the one-lift philosophy.

Empire Wind 1 will be one of America's first offshore wind projects. It is expected to provide renewable energy to power as many as 500,000 homes in New York.

The first steel plates for the Empire Wind 1 project have been delivered at our Maasvlakte Site and the first Transition Piece is currently being manufactured in Roermond. Sif is proud to be part of this project and looks forward to starting production of the monopiles in our new halls next July.

Want to know more? On June 4, 2024, Equinor released their press statement: 'Equinor solidifies New York Offtake Contract for Empire Wind 1'. You can read the full press release in English here.

One such potential simplification is the elimination of the boat landing, which streamlines the production and installation of TP-less monopile foundations in particular, thereby reducing costs. To initiate dialogue on this topic and explore the pros and cons of such a proposal, Sif initiated this white paper. For its implementation, ROER Renewables was commissioned to conduct an independent study, including interviews with 16 relevant parties in the offshore wind industry.

The consensus after these discussions is that eliminating the boat landing can offer a clear cost advantage and that safety is also improved if available alternative access systems are used. The expectation is that eliminating the boat landing is a development that will become more common in the future.

The whitepaper including all details can be found below.

The Rapidweld Project aims to develop and demonstrate the manufacturing capabilities of a monopile using Reduced Pressure Electron Beam (RPEBW). Using this innovative technique, a longitudinal seam of a full-scale hull was welded and incorporated into one of the monopile foundations for the Dogger Bank Offshore Wind Farm project. This new technique has now been successfully applied worldwide for the first time.

The article

William Lafleur, Technology Officer for Material & Welding, and Bart Theunissen, Manager of Process Technology & Innovation, wrote a short article. This article explains the technology, the sustainability of the Rapidweld project, the application of the welding technique, and the initial fabrication of the monopile that will be installed later this year.

The article, written in English, can be found here on the Sif Group LinkedIn page.

International Energy Award

The result hasn't gone unnoticed! From over 140 entries, from 29 different countries, Sif—along with its partners—was nominated for this special technology award. And now we're proud to announce that we won the award yesterday!

Bart Theunissen, Manager of Process Technology & Innovation, represented Sif at the awards ceremony in London. "Last night's awards ceremony felt like a unifying experience. Besides receiving this prestigious award, we also realized the impact of this project. It was a wonderful challenge, with ups and downs, where courage and daring were paramount. Opportunities were explored, solutions found, and decisions made that showed great courage. Thanks to everyone who helped!"

BNS Decom intends to revolutionize the decommissioning process for offshore wind farms, serving as the ultimate, turnkey solution provider for asset owners. In the proposed collaboration, Ballast Nedam takes care of all offshore operations, while Sif aims to take charge of receiving and processing decommissioned components for further re-use and recycling. The business plan will be based on certain constraints ensuring that all offshore and onshore work can be carried out safely, efficiently, and in an economically viable manner. The ultimate goal is to deliver the best value to the asset owner.

Although it will still take a few years before a substantial number of windfarms is due for de-commissioning, Ballast Nedam and Sif truly believe that they need to prepare for this expected market. Furthermore the repurposing of steel from decommissioned wind farms, is an important step towards a sustainable and circular future by converting old monopiles into green steel plates for new monopiles in Offshore Wind. For this reason, both companies decided to start preparations today and team up under the BNS Decom brand in order to be up for the task in the mid-term future.

Sif received a contract from Empire Offshore Wind for the production of 54 monopiles and transition pieces for Empire Wind Part 1 and 84 monopiles for Empire Wind Part 2. Sif was also in exclusive negotiations with Empire Offshore Wind for the production of 84 transition pieces for Empire Wind Part 2. The termination of the Empire Wind 2 contract by Empire Offshore Wind means that the previously contracted capacity is being removed from Sif's order book. As a result, Sif's order book currently totals 550 kton (including the portion of the order book relating to production in the fourth quarter of 2023), of which 210 kton is under exclusive negotiations. Production of Empire Wind 2 was planned for the period 2025-2026.

Under the terms of the Empire Wind 2 monopile contract, Sif is entitled to cancellation fees in the event of early termination. Equinor will attempt to close any gaps in Sif's production schedule resulting from the termination of the Empire Wind 2 contract. A successful attempt could result in a reduction of the compensation payments to which Sif is entitled under the contract terms.

The cancellation will not affect the financing of the expansion plans in Rotterdam, which are underway and on schedule. A budget of €328 million has been secured for the expansion plans, including €50 million in advance payments by Empire Offshore Wind, which were made in 2022. The portion of the advances related to Empire Wind 2 (€30.5 million) will be converted into a perpetual bond. The bond has no fixed maturity date and can be redeemed by Sif at any time against the principal amount, together with accrued and deferred interest. There is no risk of covenant breach as a result of this cancellation.

The event will impact the expected production volumes for 2025 and possibly 2026. The expected results that Sif announced in conjunction with the final investment decision in February 2023 remain unchanged for 2025 (EBITDA of €135 million) due to an expected contribution to results from the rescheduling of the order book and reimbursement of cancellation costs. The cancellation will not affect the start-up of the new factory, although Sif expects the production ramp-up to be less steep than initially planned. Despite this cancellation, Sif is confident that it can successfully meet the production volumes for 2026 and that the volume and EBITDA projections for 2026 can be maintained with an EBITDA of at least €160 million.

Fred van Beers, CEO of Sif Holding: "While it is disappointing that Empire Offshore Wind has had to temporarily terminate the supply contracts for its Empire Wind 2 US project, it is also clear that Sif's monopile contract for Empire Wind 1 is not affected. "

From a broader perspective, we are confident that offshore wind developments in the United States, as is the case in Europe and the United Kingdom, will continue to accelerate given the urgent need for green energy and the reduction of global warming. Empire Wind 1 remains, as originally planned, the launch project for our recently expanded production facility at Maasvlakte 2, which will begin production at the end of July 2024. First steel deliveries for this project are expected in January and February 2024.

In the coming period, we will continue to discuss the consequences of this termination in the same constructive manner as we have always done with Empire Offshore Wind, as a respected customer and one of our launching customers, and with Equinor, as a shareholder in the company. Together, we will pursue as many mitigating measures as possible for both Empire Offshore Wind and Sif. This includes our full support in exploring the possibility of relocating and/or booking other projects for the relevant capacity.

Note: Empire Offshore Wind has issued a press release regarding this termination, which can be found here: Empire Wind 2 offshore wind project announces reset, seeks new offtake opportunities.

Sif is a total solutions provider for the design and engineering excellence of offshore foundations for wind farms, including logistics and marshalling services. Sif traditionally serves the Northwest European markets and is exploring its global presence. Sif combines two highly automated and flexible production facilities in Roermond and Rotterdam (Maasvlakte 2) with technological leadership in the rolling and welding of heavy steel plates, based on 75 years of experience and innovative, in-house developed techniques and processes. Sif primarily produces monopiles, transition pieces, and piles used to anchor jacket foundations in the seabed for offshore wind turbines.

In February 2023, Sif decided to invest €328 million in the expansion of its production facilities at Maasvlakte 2, Rotterdam, the Netherlands. This investment will more than double Sif's production capacity to 500,000 tons, creating the world's largest monopile plant. The project is being financed with €100 million in upfront payments from launch clients (Empire Wind and Ecowende), €50 million in preferred share capital from Equinor, €50 million in ordinary share capital from a rights issue in July 2023, €80 million from a term loan, and €40 million from a lease facility. Construction of the expansion project began in April 2023, and first production is scheduled for July 2024. Completion is expected in January 2025.

In October, we took delivery of two new rollers from Davi: the MCB 4-roll and the MAV 3-roll, after ordering them at the end of last year.

Our colleagues Jeroen Kaarsemaker, Ben Koonen, Martin Lammers, and Thomas Plitzko assisted with the Factory Acceptance Test (FAT). They have been closely involved in the process over the past few months and provided invaluable input. Our team is confident that these rolls will prepare us for the future. The machines are very solidly built and have excellent accessories for sheet metal feeding and workpiece manipulation. They also feature an intuitive user interface.

The rollers have now almost been delivered. The goal is to install them in the new hall at MV2 in the spring of 2024. They are scheduled to be operational starting this summer.

Entrion Wind is developing the Fully Restrained Platform. The FRP monopile combines fixed and floating platform technologies extending the water depths of the monopile up to 100 meters. DNV has issued a Statement of Feasibility, affirming that the FRP monopile is considered conceptually feasible and a promising candidate for further development and qualification.

Under the MoU, the two companies will jointly cooperate to further develop the FRP concept. Subject to the completion of the ongoing FRP development and technical findings, Sif Netherlands will assist amongst others with identifying a project site in Europe and support the evaluation of monopile design and fabrication. Sif Netherlands may also assist in the overall planning, detailed design, and monopile supply for a the full FRP demonstration project. 
 

“Entrion Wind is pleased to welcome Sif Netherlands as a partner for the planned demonstration study. Sif Netherlands’ expertise, history, focus and strategy as a pioneer and a leading international fabricator of offshore wind foundations makes the company a preferred strategic partner for Entrion Wind”, said Eivind Johnsen, CEO.

“Sif Netherlands is excited to work with Entrion Wind representing a new and innovative technology that may extend the operating depth and favourable economics and supply chain of the monopile from 60 - 100 meters. The technology is a good fit for our strategy of gradually innovating the monopile technology within the current supply chain constrains and establishing satellite fabrication capacity to promote renewable energy expansion”, said Michel Kurstjens, Product Strategy Director.

Moving from cost to value

The offshore wind industry has become a mature industry primarily through early governmental support in the form of feed-in tariffs. The transition from feed-in tariffs to competitive tenders has further reinforced a downward trajectory of costs, with offshore wind having achieved a Levelised Cost of Energy (LCoE) level that enables it to be fully competitive with coal-fired power plants.

The highly competitive nature of the tendering process, which in some countries allows for negative bidding, compels developers to pursue the lowest possible LCoE, thereby increasing the likelihood of winning the tender. To achieve this, developers push turbine OEMs to keep developing larger and larger turbines, anticipating that such equipment will yield a better return on investment over time. However, this has spurred a development race among turbine OEMs that has proven to be highly unsustainable for the entire supply chain and infrastructure.

Given that offshore wind is now a cost-competitive technology, it is imperative that attention is shifted from cost to the value, speed, security, and resilience of the supply chain.

It is our firm belief that the ambitions and climate targets will be achieved faster and more efficiently if the unsustainable turbine arms race is slowed down. In fact, it’s the only way we stand a chance of reaching the targets in time.

Ramping up offshore wind requires slowing down on size

Let’s turn to a real-life example showing why the current arms race is not supporting reaching the targets. In the example we are comparing the costs of ramping up from 11 MW class turbines to 18 MW class turbines.

Sif Netherlands B.V., an offshore foundation manufacturer, recently took a final investment decision at a cost of €328 million to expand its current facilities. The company had to take this decision to be able to manufacture foundation for the newer generation offshore wind turbines.

Hence, Sif’s expanded facility will have an output of 4 monopiles per week that support 15-18 MW class turbines. This leads to a yearly output of 3.0-3.6 GW.

If Sif would have invested the same amount of €328 million in enlarging the monopile production capacity for the 11 MW class platforms, this investment would have yielded an output of 10 monopiles per week. The theoretical expansion would lead to a yearly output of 5.5 GW (10x 11MW x 50 weeks = 5.5 GW).

The real-world example above illustrates a suboptimal use of capital deployment if the overarching goal is to speed up Europe’s energy transition and offshore wind build-out.

If we replace the currently commercially available turbine platforms with larger ones, we will not only decrease the nominal output, but put the entire build-out of the offshore wind industry and thereby the green energy transition at risk.

Other tier one suppliers in the offshore wind industry face similar cases. Introducing a new turbine platform requires rethinking of the entire value chain. Together with partners and suppliers, the supply chain must develop new processes and tools and train and educate employees to use them in a safe and quality assured manner. We need new and bigger components, and this requires us and our suppliers to invest in new tools, new moulds, new trucks, cranes, and vessels. Vessels so large, that they potentially do not fit into existing harbors. And we need time to learn and build experience to continuously improve the quality of every module.

No room for paper turbines

The overarching challenge right now for the renewable industry is to deliver the growth required to ensure we realise the energy transition in time. To do so, we must focus on deploying the proven technology we already have, on enabling the development of a sustainable and scalable supply chain and on expanding the infrastructure needed to execute and operate our projects.

To ensure that there is sufficient manufacturing capacity available to meet surging demand, reducing investment risk for the supply chain is of utmost importance. The ongoing race to develop larger turbines poses a significant threat to supply chain investments, as manufacturers cannot be certain that their multi-million-euro capacity investments will remain future-proof and may be depreciated too quickly. This dynamic may result in investment decisions being delayed or not taken at all throughout the supply chain.

The success of the offshore wind industry will depend on the efficiency of the entire ecosystem, and this underscores the need for a highly effective and streamlined supply chain. This requires us to re-think not only the speed of new technology introductions but also auction design.

Non-binding turbine offers in auctions drive up uncertainty and risk, with high potential to delay projects. Requiring industrialised, proven technology (providing the ability to reinvest at scale) and binding turbine commitments between developer and OEM when going into an auction can stabilise both the market and the supply chain, while ensuring business case certainty, bankability, and project viability.

Overall, under the reign of ever bigger turbines, the accelerated roll-out of offshore wind will be challenged by squeezed timelines and stop-and-go production cycles, which poses a risk for the timely delivery and reliability of offshore wind projects. Hence, to meet offshore wind ambitions, pausing the arms race to extend product life cycles is a perquisite for the supply chain to ramp up more efficiently.

Once finalized, this will be the first contract under the terms of the strategy collaboration agreement that Sif and Equinor have entered in relation to the expansion project Sif has embarked on. The monopiles will be manufactured in 2025-2026 and have an estimated production volume of approximately 105 kton.

Baltyk II and III are two offshore wind projects in the Polish Baltic Sea envisaging a total installed capacity of potentially 1.440 MW. Bałtyk II and III cover a combined area of approximately 240 square kilometers located between 22 km and 37 km from the coast. The water depths range from around 25 to 40 meters.

Fred van Beers, CEO of Sif Holding: "It is great to witness this next chapter of the successful cooperation Sif and Equinor have developed over the years and that has materialized in the recently signed framework agreement. We are also happy to welcome Polenergia as a new potential customer. We very much look forward to jointly help develop this huge wind farm that can provide more than 2 million Polish households with green electricity and will be another significant contributor to the EU energy transition program."

Monique has held various director positions at Oschatz Energy and Environment in Germany and China, including Director Projects, Managing Director Execution and most recently Managing director.

Monique has managerial experience in research and development, supply chain management and engineering. “I am a professional with a mission. I have a helicopter view and I proved to be able get things done together with my team. In addition, I am a manager with a "hands on" attitude, meanwhile managing expectations without losing contact with reality. I have a creative, flexible and open mind and able to combine commercial and personal drive, without losing integrity. I am able to initiate and accomplish new developments and changes.”

Welcome Monique and good luck at Sif!

Change of context

The last use of the Tripod was about 9 years ago, in the Global Tech 1 wind farm. Its 400 MW capacity was achieved using 80 Tripods in water depths ranging from 38 metres to 41 metres. Nowadays, with more wind farms being built in deeper waters, the playing field for foundations has changed. We now see monopiles being used in water depths of up to 50 to 60 metres and jackets being used as the complementary choice.

In September 2020, Smulders and Sif recognized that the market had neglected the Tripod foundation. This led to an announcement by Sif and Smulders that they would embark on a joint research project to investigate whether – and how – a revival of the Tripod foundation could be made feasible to develop a new Sif-Smulders product line for deeper waters and challenging soil conditions.

Researching the feasibility of the Tripod

The Tripod design offers two main benefits. Firstly, fabricating a Tripod is more cost-efficient than producing a jacket foundation. Secondly, as the Tripod has a more robust construction than a monopile, it has a greater potential for use in deep waters. Smulders and Sif wanted to achieve a Tripod design with a capex-installed similar to a jacket, while setting a target for the Tripod to be built at an output of two units per week.

Despite the various challenges, the feasibility study was successfully concluded in January 2023. The biggest test lays in getting the Tripod’s weight below the set target weight in order to achieve a capex-installed of a comparable jacket, and not so much in creating the right Tripod design for deeper waters.

Having tested different design options to find the one that enabled the Tripod foundation to reach its minimal possible weight without sacrificing the benefits of serial manufacturability, the verdict is that – at today’s steel prices – the Tripod is still approximately 15% more expensive than a comparable jacket. However, based on steel prices prior to the Russia-Ukraine war, this difference can be halved.

Hence, a capex premium of 5 to 15% (approximately a difference of €1 million per foundation) will roughly be applicable compared with a jacket design for the same conditions. Although a premium of approximately €1 million per foundation compared with a jacket design for the same conditions is considerable, it should be noted that the installation costs of a jacket and a Tripod are similar.

Although Smulders developed a serial production methodology that significantly reduced fabrication costs, this does not fully balance out the Tripod’s weight increase and the associated cost.

The Tripod - a niche product

In light of this, the Tripod will be a niche product for specific projects involving challenging soil conditions that are unsuitable for monopiles or other external conditions (e.g. ice loading) that preclude the use of jackets. The northern area of the Baltic Sea is a particularly good example of an area that could feature these challenging environmental conditions and render the Tripod as the foundation of choice.

Challenges in the supply chain may also lead to the Tripod becoming the foundation of choice for specific projects, given that an output of two Tripods per week has proven to be feasible.

The Tripod is revived and ready, and is waiting for the right project to arise.

For more information, please contact: tripod@sif-smulders.com

• Sif Holding N.V. (“Sif” or the “Company”) today announces its €328 million Final Investment
  Decision (“FID”) to construct the world’s largest monopile foundation manufacturing plant in
  Rotterdam, the Netherlands. Construction is expected to start in April 2023;
• The upgraded manufacturing plant will significantly increase the total combined capacity of Sif to
  500 kilotons a year and upgrade Sif’s capabilities to manufacture the equivalent of 200 XXXL, 11
  meter diameter, 2,500 tons reference monopile foundations a year;
• Once the expanded manufacturing plant is fully ramped-up, which is expected in the first half of
  2025, the Company projects EBITDA of €135 million in 2025 and of at least €160 million per
  annum from 2026 onwards. This results in a payback period of 3-4 years;
• Two launching customers, one of them being Ecowende (a joint venture of Shell and Eneco),
  together have committed to 348 kilotons of production (booked or in exclusive negotiation)
  bringing the present total orderbook to 662 kilotons;
• A long-term capacity reservation framework agreement with Equinor is in place while a second
  long-term capacity reservation framework agreement is currently being negotiated, which
  signifies strong commitment from both our customers and the market;
• These launching orders and long-term capacity reservation framework agreements result in
  strong visibility of future projects and provide significant support to the long-term financial
  position of the Company;
• A solid financing plan for the expansion facility has been committed through a combination of €100 million advanced factory payments from the launching customers, €50 million preferred equity from Equinor, €50 million common equity to be raised through a rights offering, which is fully underwritten by the Company’s largest shareholder Egeria (through Grachtenheer 10 B.V.) (the “Cornerstone Shareholder”) at €11.50 per share, €40 million in operational leases and €81 million of term loans to be provided by Invest-NL and a consortium of commercial banks, with the remainder being funded through cash and cash equivalents;
• The Cornerstone Shareholder is fully supportive of the expansion plan and has committed to
  participate in and underwrite the rights offering and vote in favour of the relevant EGM
  resolutions;
• FID is subject to various customary conditions and to the granting of an irrevocable building
  permit (‘Omgevingsvergunning voor de activiteit bouwen’). All relevant procedures are on
  schedule for the start of the construction activities.

Fred van Beers, CEO of Sif:

“By constructing the world’s largest monopile foundation manufacturing plant and by implementing next level integrated manufacturing technology with second to none process and quality controls, Sif will live up to its vision and take a pivotal step in securing its next phase of growth. As a result of this investment, we will strengthen our absolute global leadership position as monopile foundations solutions provider, enhance our innovative skills and create long term value for all our stakeholders with a clear growth path in an accelerating global offshore wind market. An important basis for the plan is the responsibility taken for safety and sustainability in building the facility as well as the design and operation of the production process. I am thankful for the insights and constructive discussions we have had with our business partners including equipment and material supply partners, customers, management and employees, the works council, investors, supervisory board, industry experts, central and local governments, funding partners and our Cornerstone Shareholder, Egeria. I especially want to thank Equinor for its substantial contribution to long-term funding through preferred equity and our launching customers, among whom Ecowende, for their confidence in Sif to support a state-of-the-art facility that can deliver the monopile foundations for their respective projects and for their advanced factory payments.”

For more information, read the press release here.

The leg sections will be manufactured in Sif’s Roermond facilities and will be transported to Verdal, Norway, where they will further processed into complete Jackets. In total, Sif will produce 52 leg sections and 48 piles with a total weight of approx. 20,000 tons.

The Transition Pieces have a maximum diameter of 6 m and weigh together more than 18,000 tons. The products will be delivered to Smulders in Hoboken, Belgium, for their final completion.

The Iles d’Yeu et Noirmoutier wind farm has a capacity of 496 MW, meaning that this wind farm can provide nearly 800,000 people with sustainable energy every year.

Sif has signed an memorandum of understanding (MOU) with Pict Offshore to integrate the Get Up Safe (GUS) system, as standard, into its Skybox TP-less monopile foundation. The GUS system is a heave compensated personnel lifting solution that transforms the way in which maintenance technicians access offshore wind turbines from Crew Transfer Vessels. The GUS system has replaced landing structures at Orsted’s Hornsea 2 offshore windfarm and will now become the standard method of access for Sif’s Skybox foundations.

The agreement combines Pict’s next-generation access technology with Sif’s next-generation TP-less foundation. As the Skybox can be installed in one lift with no welded brackets on the monopile, it keep costs and maintenance low and increases driveability and overall efficiency. The GUS system removes the need for landing structures on the side of the foundation, further streamlining costs while enhancing safety and year-round accessibility. Together, they promise to bring further significant cost, efficiency and safety benefits to offshore wind.

The first deployment of the Skybox including the GUS system will be in the second half of this year when the second demonstrator “Skybox Full” will be built.

The “Skybox Lite” demonstrator that went offshore in 2021 now serves as a “mule” for an intense onshore testing and measurement campaign that will be executed over the summer this year. Incorporating all lessons learned from this campaign, the “Skybox Full” demonstrator will be built after summer for offshore deployment in 2023.

The project is being executed in line with its original planning, both Technology Readiness Level as well as DNV certification are on track for serial deployment in 2024.

During his career, Caspar has gained a lot of experience in developing teams and improving HR processes. In his new position at Sif, he looks forward to making a contribution to the energy transition and the transition that Sif is going through: from family business to listed company that is in full development.

Caspar has extensive HR experience in organizational development, talent management, culture change and continuous improvement. Among others at Sabic and at Watts Water Technologies.

ISS is a leading provider of corporate governance and responsible investment solutions and empowers investors and companies to build for long-term and sustainable growth by providing high-quality data, analytics and insight.

In its analysis, ISS says that “The company's products and services contribute significantly to the expansion of renewable energy sources and the transition towards a more sustainable energy system, in addition to environmental benefits related to its part in fighting climate change”.
 

Fred van Beers, CEO: “We are proud of this valuable qualification from ISS. It is a tribute to our work and perfectly fits with our ambition to accelerate the energy transition by continuing to offer the best, safest and most circular foundation solutions to our customers in the offshore wind market.”
 

The depth in combination with the height makes this quay side unique, as it is the deepest and strongest quay side of Rotterdam, the Netherlands.

Now, up to 3 jack-up vessels can be loaded simultaneously at the quay in our terminal. This quay was developed especially to support the arrival these vessels.

Smart sensors were placed in the quay. These sensors are able to measure the forces the quay will experience during its lifetime, in order to closely monitor and maintain the integrity of the structure. The extension of our quay wall enables us to support our clients even better with our marshalling and logistics activities.

Ballast Nedam is carrying out the realization of the wind farm on behalf of Eneco. Rijkswaterstaat is the client for the wind farm, owner of the seawall and will purchase all power from the wind farm for 25 years. The wind farm consists of 22 wind turbines with a capacity of 116.7 MW and has been developed in close collaboration with the municipality of Rotterdam, the province of South Holland, the Port of Rotterdam Authority, the Central Government Real Estate Agency and the Ministry of Economic Affairs and Climate.

The wind turbines on the soft seawall will be placed on monopiles and will be placed on the beach in front of the dunes. The other 10 wind turbines will be placed on the so-called hard seawall, on top of the dike and will be constructed with pile foundations.

Highlights Q3:

• 2 lost time safety- incidents: YTD number of LTI now 3 (1 in Q3 2020);
• COVID-19 measures: still alert in respect of recent developments;
• Fine-tuning production lines for start-up of Dogger Bank A;
• High tender activity for post-2023 with a mix of smaller and larger sized projects;
• Tight labor market for multiple disciplines;
• Construction of Roll-on -Roll-off quay and 200-meter quay-extension progressing towards completion;
• On track for replacement of gas-preheating by electrical preheating (induction).

Key figures:

• Year-to-Date (YTD) contribution increased to €82.5 million (€68.5 million YTD 2020)
  • €77.9 million from production of (components for) foundations (€67.5 million first 9 months 2020)
  • €1.9 million from marshalling activities (€1.0 million first 9 months 2020);
  • €2.7 million from engineering activities (€0 first 9 months 2020);
• EBITDA Year to Date increased to €28.0 million (€17.3 million first 9 months 2020);
• Operating Working Capital at end of Q3 2021 -€58.4 million (-€70.9 million at end of Q3 2020 and -€56.9 million at end of Q2 2021);
• Total cash position at end of Q3 2021 €62.4 million (€49.5 million at end of Q3 2020 and €61.7 million at end of Q2 2021);
• Throughput of 36 kilotons brings Year to Date production to 124 kilotons (113 kilotons YTD Q3 2020);
• Order book 46 kilotons for Q4 2021, 185 kilotons for 2022 and 220 kilotons for 2023 and beyond.

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

For the full release please open attachement PDF

Trading update Q3 2021 PDF