Bilfinger praises ‘strong demand’ for offshore business

German industrial services giant Bilfinger saw “strong demand” for its offshore services in the UK and Norway in the first half of the year.

The firm’s Engineering & Maintenance Europe segment reported adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of £67.2 million, up nearly 40% on £48.3m.

That division includes work onshore and offshore in the UK via its subsidiary Bilfinger Salamis, as well as offshore work in Norway.

Revenues for the European division also increased slightly from £1.22bn to £1.24bn.

Bilfinger said “the overall positive performance was mainly the result of strong demand in the onshore business (UK) and offshore business (UK, Norway), and also due to good demand in turnarounds and scaffolding activities.”

However it comes as the wider group reported an overall financial a loss of £463,000, compared to a £14.8m profit in the first six months of 2018, due to factors such interest expenses on its debt.

Bilfinger’s adjusted EBITDA was £60.1million in the first six months of 2019, up 70% from £35.4m in the same period a year before.

Revenue was up 9% from £1.8bn to nearly £2bn.

The group’s Bilfinger Salamis UK business provides inspection and maintenance services for North Sea oil and gas and renewables customers.

Source link

Craigmill, Pitcaple, Inverurie, Aberdeenshire, United Kingdom, AB51 5HP
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram