Dutch offshore wind foundation manufacturer Sif is negotiating short-term bridge financing and exploring strategic options as it faces a liquidity challenge. To conserve cash and reduce costs, Sif will close one of the three production lines at its Maasvlakte 2 facility from the fourth quarter of 2026 and reduce operations at its Roermond facility from the first quarter of 2027.
In a Q3 2026 trading update, published on 6 November, Sif said there was material uncertainty over its ability to continue operating as a going concern over the next twelve months, citing uncertainty surrounding a major offshore wind project and the availability of short-term funding.
The project, representing approximately 2 GW of offshore wind capacity, is still awaiting the client's final investment decision (FID), according to Sif.
"With the customer, the state and the grid-operator still actively pursuing final agreement, we are faced with continued uncertainty on the final go-ahead", Sif said.
The company had already outlined the impact of the project's delayed schedule in a June 2026 update. At the time, Sif said discussions between the project developer, government authorities, Sif and other supply chain partners were progressing towards a final investment decision for the project, with monopile production planned to begin between May and August 2027.
Sif also said in June the revised schedule would leave a gap in production across both manufacturing sites during the first half of 2027. To avoid the costs and operational risks of reducing and subsequently restarting production at its factories, while retaining its skilled workforce, the company decided to spread its existing order book deliveries further into 2027, within agreed contractual delivery schedules.
On 6 November, Sif said discussions with its lenders, the Dutch State and its agencies, its largest shareholder and other stakeholders were ongoing, and that the company was also negotiating a bridge solution with certain suppliers and customers, but that no binding agreement had been reached. During the negotiations, its EUR 50 million revolving credit facility will not be available.
Sif also expects to require a long-term financial solution and additional funding to address its capital structure and finance its business until production begins on the project currently under exclusive negotiations, which Sif left unnamed. The company said such a solution was expected to involve raising additional equity, although the amount, structure and timing have not yet been determined.
An extraordinary general meeting of shareholders is scheduled for 22 December, when shareholders will be asked to authorise the Executive Board, subject to Supervisory Board approval, to issue shares or grant rights to subscribe for shares up to the company's authorised capital. The proposed authorisation would allow Sif to act if opportunities to raise equity arise.
Sif says the funding challenge is linked to several factors, including higher costs during the ramp-up of its Maasvlakte 2 factory in Rotterdam, consequential liquidated damages, a significant downturn in the offshore wind market and delays to the project, for which the company secured a 190 kton capacity.
“We continue to plan for the 190 kton exclusive project in our order book to start production in the summer of 2027 and have undertaken preparatory works for a head start such as detail-engineering and factory layout design in close cooperation with the customer and our partners”, said Sif’s CEO Koen Bogers.
“This project is crucial for maintaining our core workforce at both locations, enable a more stable financial footing for the company to continue its business after 2027 and to flourish when volumes in offshore wind foundation demand would return which is currently expected from second 2029.”
The closing of one of the production lines at its Maasvlakte 2 facility will lower production volumes and the number of monopiles produced from the fourth quarter, according to Sif, which said the company would help retain experienced employees while allowing it to complete deliveries for existing customers, including ScottishPower Renewables' East Anglia Two project.
Sif had previously agreed with its lenders to defer a EUR 6.7 million term loan repayment due on 30 September 2026 to allow more time for negotiations on a bridge funding solution.
Despite the liquidity difficulties, Sif reported improved operating and financial results for the first nine months of 2026. Adjusted EBITDA increased to EUR 68.3 million from EUR 26.7 million in the same period of 2025, while the net loss attributable to shareholders narrowed to EUR 0.8 million from EUR 35.3 million.
Contribution rose 59 per cent year-on-year to EUR 203.4 million, while production output reached 211 kton, compared with 124 kton in the first nine months of 2025. Cash at the end of September stood at EUR 35.1 million, down from EUR 95.6 million at the end of 2025.
Sif reiterated its full-year 2026 adjusted EBITDA outlook of EUR 95 million. The company also said it had been shortlisted for several tenders for projects from 2028 onwards and was in exclusive negotiations on another project.