Senvion Nine-Month Figures Get an Offshore Kick as Q3 Sees Slowdown

Senvion posted an increase in revenues at its offshore segment for the first nine months of 2017, however, the third quarter itself saw a decline compared to Q3 2016.The offshore revenues are driven by the completion of wind turbine installation at Nordsee One, which especially reflected on the results for the first half of the year and only to some extent on those for the third quarter.

Image: Senvion/ archive

For the period from January to September of this year, the company reported offshore revenues of EUR 217.5 million, a jump from the EUR 163.3 million in the first nine months of 2016. Looking only at the third quarter, Senvion marked a decline in offshore revenues from EUR 88.3 million reported in Q3 2016 to EUR 33.2 million in Q3 2017.

The company says its orde rbook is stable at EUR 5.3 billion, including wind turbine net firm orders, the conditional ones and service orders. Net firm orders for the third quarter amounted to almost EUR 1.5 billion, with offshore contributing for EUR 454 million. Order intake (active contracts and tenors weighted by the number of wind turbines) in the offshore segment for the first nine months was at EUR 306 million.

The overall slowdown in established markets such as Germany, had an impact on the growth of Senvion’s order intake in the third quarter, however, Senvion was still able to increase order intake by 51% in the first nine months compared with the same period in 2016, the company stated.

One of Senvion’s contracts that became effective in the first nine months of this year is that for Trianel Windpark Borkum II (TWBII), under which the OEM will deliver 32 of its 6.2M152 turbines with a power upgrade.

Altogether, the company posted revenues of EUR 1.31 billion for the period from January to September 2017, a decline of 10% compared to the same period of 2016. Senvion said the decline is due to a challenging market environment. Looking at the turbine manufacturer’s nine-month revenue figures, there was a slowdown in Senvion’s onshore business, while revenues from offshore and services segments witnessed growth.