Hexicon sees floating wind market ‘warming up’ as losses narrow in H1 of 2024

Hexicon made an operating loss of SEK 46.6 million (€4.09 million) in the first half of 2024, significantly less than the SEK 120.4 million operating loss it made over the same period last year. 

The group’s total loss for the first half of 2024 amounted to SEK 79.8 million, down from the SEK 101.8 million it lost in H1 of 2023. 

The improvements were related to the capitalisation of the company’s TwinHub, dual turbine floating concept, and the ongoing capitalisation of the 1.12GW MunmuBaram floating offshore wind project it is currently developing with oil major Shell in South Korea. Hexicon formally took over operating responsibility for the project on 1 July. 

“The market for floating offshore wind is gradually starting to warm up after a couple of challenging years… we have observed several new projects and mergers in the global floating wind sector. Countries worldwide are beginning to formalise processes for renewable energy auctions,” Hexicon CEO Marcus Thor stated. 

Hexicon’s Q2 results for this year also showed improvements. The company made a narrowed operating loss of SEK 26.8 million, compared with a 65.9 million loss over the same period last year. 

Its total loss in the second quarter of 2024 was SEK 47.8 million, reduced from the SEK 54.8 million it lost in Q2 a year ago.