Aibel, which for decades has been a leading supplier to the upstream oil and gas industry, has successfully developed its activities towards the renewable energy industry. In recent years, producers of renewable energy have emerged as an increasingly important customer group. It is this transformation that the board and owners now want to boost through strengthening the company's financial muscles and opportunities.
“Aibel is doing well and we are experiencing increased demand in several of our market segments within oil & gas and offshore wind. Through refinancing, strengthening the balance sheet and a possible listing, we will be able to gain access to capital that can help accelerate our growth and transformation towards renewable energy,” says Mads Andersen, President and CEO of Aibel.
Aibel has a long and proud history of building platforms and modules for the oil and gas industry, and last week the new process platform for Johan Sverdrup was assembled and transported back to the yard in Haugesund. In addition, the company has been awarded contracts for no less than three offshore converter stations for the Dogger Bank wind farm on British sector and one for the DolWin offshore wind cluster off the coast of Germany. By the end of Q1, Aibel had an order backlog of NOK 12.3 billion of which about half is related to offshore wind and electrification projects.
“Customers in oil and gas will continue to be an important part of Aibel's business,” says Andersen. “I am very proud of what we have achieved with Johan Sverdrup and now we take with us everything we have learned from oil and gas into offshore wind and renewables. We will work with both,” he says.
A decision on the stock exchange listing will be made later.
This release is not and does not form part of an offer of securities for sale in the United States or in any other jurisdiction. Securities may not be offered or sold in the United States absent registration or an exemption from registration.
Published 20 May 2021