Sif has provided an update on the offshore wind project for which it is currently in exclusive negotiations and has revised its production outlook for 2026. In recent months, the project developer, government authorities, Sif and other supply chain partners have worked to address challenges affecting the North Sea project. These discussions have created a basis for the project to progress towards a final investment decision.
If the project proceeds as planned, monopile manufacturing is expected to begin between May and August 2027. The project would utilise both of Sif’s production facilities for approximately three quarters. Sif also expects to secure additional orders through its ongoing tender activities.
The later-than-expected start of the project means Sif now anticipates a production gap in the first half of 2027. To avoid the costs and operational challenges associated with scaling production down and then back up again, the company plans to spread production from its existing order backlog further into 2027 while maintaining agreed delivery schedules.
As a result, production volumes in 2026 will be lower than previously expected. Revenue associated with this production, together with approximately €40 million in adjusted EBITDA, is now expected to shift from 2026 to 2027.
Sif is also taking steps to manage working capital and liquidity. These include a proposed €175 million senior unsecured bond issue, which would be used to repay the company’s existing term loan and provide additional financial flexibility.
