Installation and service solutions provider A2Sea has recorded strong revenue growth and a healthy operating profit for 2012. But its final result for the year was pulled down by 77%, due to a sizeable writedown linked to its recent investment in CT Offshore.
Last year, A2Sea generated DKK1,376m (€184.6m) in revenue, representing a 44.2% increase on the previous year. Its EBITDA declined slightly, totalling DKK292.5m and representing an EBITDA margin of 25.8%.
These healthy figures build on the company's track record of strong growth since 2007. A2Sea is one of the most well-established names in European offshore wind jack-up vessels and project management. Its is owned by Dong Energy (51%) and Siemens (49%).
There is also less positive news in A2Sea’s 2012 accounts, with the company’s final result (profit) sharply down on 2011. A final result of DKK38.1m represents just 23.1% of what the company achieved in 2011. This decline is primarily “attributable to a writedown of A2Sea's investment in CT Offshore,” state the results.
In 2011, A2Sea bought 29% of Danish cable installation and servicing company, CT Offshore. Last summer, it increased its shareholding to 67%.
Now, A2Sea has acknowledged a €15.4m writedown against the investment, citing “low utilisation” of CT Offshore’s fleet and a lower earnings forecast for the company over the next two to three years, due to “a more competitive market”.
A new chief executive for CT Offshore was announced today, with founder Paw Cortes stepping down. He will be replaced in May by Frank Hansen. Hansen is former managing director of Metalock, a Danish company specialising in in-situ machining work.
Last year, A2Sea vessels worked at Sheringham Shoal, London Array, Teesside and Anholt. Its new jack-up, Sea Installer, was built in China and, thus far, has worked at Gunfleet Sands 3 and Anholt.