Worley to fabricate Hexicon’s full-scale floating wind demo

Swedish floating wind firm Hexicon AB (FRA:67T) on Monday said it is partnering with Australian engineering group Worley Ltd (ASX:WOR) on the TwinWay demonstrator project in Norway, which will be the first full-scale deployment of Hexicon’s floating wind foundation technology.

Worley has worked on the front end engineering design (FEED) and will be in charge of the fabrication phase which is scheduled to begin in the autumn of 2022. Worley will fabricate the project through its Rosenberg facility in Norway and will also manage the installation.
The TwinWay demo at a MetCentre deep water site offshore Norway is designed to verify and commercialise Hexicon’s twin turbine technology.

Hexicon, which floated on Nasdaq First North Premier Growth Market in June, today also reported results for the first nine months of 2021. Revenues increased to SEK 17 million (USD 1.9m/EUR 1.7m) from SEK 3.6 million, mainly due to a project divestment in Scotland in the first quarter, while loss for the period was SEK 33.5 million, compared to a SEK-11.8-million loss a year ago.

Highlights for the latest quarter included the creation of a 50:50 joint venture with Aker Offshore Wind in Sweden, which has already concluded three site consultations. Hexicon’s joint venture CoensHexicon has also formally created a new joint venture with Royal Dutch Shell Plc (AMS:RDSA), called MunmuBaram, to develop a 1.4-GW floating offshore wind project offshore South Korea.

(SEK 1.0 = USD 0.114/EUR 0.100)

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