Danish offshore wind maintenance specialist Ziton posted a sharp increase in earnings for 2024, driven by record operational activity and high vessel utilisation, according to the company’s annual report released on Monday.
Earnings before interest, tax, depreciation and amortisation (EBITDA) rose to €57.1 million in 2024, up from €35.9 million the previous year, marking a year-on-year increase of €21.2 million.
The company, which focuses on major component replacements (MCRs) at offshore wind farms, operates a fleet of six jack-up vessels, three of which are capable of servicing turbines up to 10 megawatts (MW).
“With 247 major component replacements completed – an industry record – our operational performance was the main driver of this financial success,” a Ziton spokesperson said. “This was largely due to the introduction of (jack-up) Wind Energy and the growing demand for our full-service solutions, leading to strong utilisation of our smaller vessels.”
Ziton has completed more than 1,850 MCRs across 84 wind farms in eight northern European countries since its founding. The company said its operations have contributed to the restoration of 6.2 gigawatts (GW) of turbine capacity.
“With such a robust fleet, we can offer our customers flexibility and versatility, enabling us to service virtually every offshore wind farm in northern Europe,” said CEO Thorsten Jalk. “Looking ahead, we are committed to further investing in larger vessels to meet the growing demands of the offshore wind industry.”
Earlier this year, Macquarie Asset Management, through its European Infrastructure Fund 7, finalised the acquisition of Ziton, reinforcing the company’s financial backing for future growth.
