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Dolfines

CR
Bloomberg   ALDOL FP
Engineering-Heavy Constr.  /  France  Web Site   |   Investors Relation
Capital increase to bring some order
Target
Upside 331%
Price (€) 0.01
Market Cap (€M) 3.66
Perf. 1W: 7.50%
Perf. 1M: 69.7%
Perf. 3M: -37.4%
Perf Ytd: 84.3%
10 day relative perf. to stoxx600: -5.67%
20 day relative perf. to stoxx600: 69.8%
Other news/comments07/10/2020

Focus stays on floater, rig inspection rebounds

The press release builds on the previous one, communicated in mid-September. Of note, the company sees a “clear rebound” in its activity in the audit division (Factorig), with several contracts awarded in South America. The new energies division keeps the momentum with all the focus on the floater. H1 figures to be reported on 30 October.


Fact

With the name change now enacted, the company confirms it is intensifying its efforts in the floater (TrussFloat). The ideal scenario remains, in our view, to have Dolfines co-developing the floater with an industrial partner. The press release mentions that the floater could be part of a renewable hydrogen project.
For reference, Shell and Eneco are working as a consortium (CrossWind) on such a project. The Hollandse Kust Noord project plans for the development of an offshore wind farm (759MW, 69 Siemens Gamesa turbines of 11MW) to power a hydrogen electrolyser (200MW) by 2023 (subsidy-free). The renewables hydrogen will then be used at the Shell refinery (Pernis) and help to decarbonise the production of refined products.
This confirms the increasing presence of European oil majors in renewables. Today, Total also announced that it has acquired a 20% stake in the floating offshore wind farm project Eolmed. It is interesting to note that, out of the four projects in France, two have an oil major on board (Eolmed: Total / Belle Ile: Shell), while the other two are led by utilities (Provence grand large: EDF / Leucate: Engie). In our view, having a broad base of companies (at such an early stage) is positive for engineering companies such as Dolfines.


Updates

27 Apr 21 Earnings/sales releases
FY20: expanding services into wind

07 Feb 21 Other news/comments
Green bond issued, contract in oil & gas

12 Nov 20 Other news/comments
Another partnership to keep the momentum up

30 Oct 20 Earnings/sales releases
H1: a semester to forget in oil activities

07 Oct 20 Other news/comments
Focus stays on floater, rig inspection rebounds

17 Sep 20 Other news/comments
Name change to highlight development in rene...

28 May 20 Earnings/sales releases
FY19: revenues decline, positive environment i...

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