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Engineering-Heavy Constr.  /  France  Web Site   |   Investors Relation
Acquisitions and new management ensure growth but financing still a headache
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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.


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.