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ARENDALS FOSSEKOMPANI ASA

(AFK)
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Arendals Fossekompani ASA and Ferd AS Join Forces to Establish Offshore Wind Company Seagust AS

06/02/2021 | 12:50am EDT

Arendals Fossekompani ASA (AFK) and Ferd AS have come together to establish the offshore wind company Seagust AS, which intends to apply for offshore wind acreage in Norway’s upcoming licensing round. Seagust will be structured as a 50:50 joint venture between AFK and Ferd, with a mandate to become an offshore wind developer with operations domestically and internationally. Simen Elvestad has been appointed Chief Executive Officer of the company and assumed office on June 1, 2021. Elvestad comes from the position of Prepare for Operations Manager for the Fosen Wind Project at Statkraft. He has over 20 years of hands-on experience in international energy projects, including major offshore wind projects such as Dudgeon, Sheringham Shoal and Creyke Beck B. The Norwegian Ministry of Petroleum and Energy has opened two areas in the North Sea, Utsira Nord and Sørlige Nordsjø II, for offshore renewables including offshore wind power. Combined, the two areas allow for the development of 4,500 MW of wind power. As of January 1, 2021, it is possible to submit license applications for offshore wind power projects. The authorities are currently working on the licensing process and will present the guidance for actors who wish to develop offshore wind power projects in Norway on June 11, 2021. Seagust will consider submitting applications to develop offshore wind at both the Utsira Nord and the Sørlige Nordsjø area.


© S&P Capital IQ 2021
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Financials
Sales 2020 3 618 M 421 M 421 M
Net income 2020 64,9 M 7,56 M 7,56 M
Net cash 2020 954 M 111 M 111 M
P/E ratio 2020 156x
Yield 2020 1,03%
Capitalization 17 289 M 2 008 M 2 014 M
EV / Sales 2019 1,11x
EV / Sales 2020 2,53x
Nbr of Employees 2 100
Free-Float 11,4%
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Managers and Directors
Ørjan Svanevik Chief Executive Officer
Lars Peder Fensli Chief Financial Officer
Jon Hindar Chairman
Heidi Marie Petersen Independent Director
Morten Sigval Bergesen Deputy Chairman
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