Sif’s revenue for the first half of 2024 reached €231 million, up from €218 million in the same period in 2023. The contribution for this period was €78.6 million, compared to €71.4 million in the first half of 2023. Of this, €66.5 million came from monopiles, transition pieces, and other foundation components for offshore wind, an increase from €60.8 million in the first half of 2023.
Marshalling and logistics services contributed €0.6 million, a decrease from €4.9 million in the same period of 2023. Other contributions totalled €11.6 million, up from €5.7 million in the first half of 2023, with €4.3 million coming from engineering services, compared to €3.0 million in the first half of 2023.
Adjusted EBITDA was €26.1 million, an increase from €21.4 million in the first half of 2023. As of 29 August 2024, the order book contained signed contracts totalling 405 kilotonnes, with an additional 30 kilotonnes in exclusive negotiation for the remainder of 2024 and beyond. The outlook for the full year 2024 is confirmed, with expected production of 165 kilotonnes and adjusted EBITDA of approximately €35 million. All figures are on a 12-month rolling basis.
In the first half of 2024, there was one lost time injury (LTI), resulting in a lost time injury frequency (LTIF) of 3.29. This is a decrease from seven LTIs and an LTIF of 7.88 recorded at the end of the first half of 2023. Sick leave remained steady at 6.7%, unchanged from the first half of 2023.
Hiring has proceeded as planned, with permanent staff numbers reaching 415 full-time equivalents (FTE) as of 30 June 2024, compared to 382 FTE at the end of June 2023. The number of temporary staff has decreased slightly, from 305 in June 2023 to 285 in June 2024.
The construction of the expanded manufacturing plant at Maasvlakte 2 is progressing according to schedule and budget. The first of the three planned production lines became operational in August 2024 as planned, with the first cans for Empire Wind 1 ready. The project remains on track to commence full production on 1 January 2025. Additionally, an agreement has been reached with the Port of Rotterdam Authority for the temporary lease of 20 hectares of land for storage, marshalling, and logistics projects.
A shift from exclusive negotiation to a firm contract has occurred for the production of 53 monopiles (76 kilotonnes) in 2026 for OranjeWind (Hollandse Kust West Kavel VII). A capacity reservation agreement has also been signed with Equinor/Polenergia for the production of 100 transition pieces (30 kilotonnes) for the Baltyk 2+3 wind farm in a joint venture with Smulders. Additionally, Heerema has contracted Sif to manufacture four jacket piles for the jacket foundation of RWE's Substation Thor.
Sif has manufactured foundations for projects that will contribute to 773 MW of renewable energy capacity, compared to 1,344 MW in the first half of 2023.
During this period, Sif continued the production of monopiles and transition pieces for Dogger Bank C and completed the final production of transition pieces for Noirmoutier. The company also produced offshore steel structures (OSS) for various pinpile and structural leg orders and saw an increase in income from engineering activities. The total throughput amounted to 53 monopiles and 64 transition pieces (86 kilotonnes), compared to 52 monopiles and 66 transition pieces (94 kilotonnes) in the first half of 2023.
