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    ORSTED   DK0060094928

ORSTED A/S

(ORSTED)
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Orsted A/S : Construction milestone reached at Hornsea Two

10/20/2021 | 01:22pm EST

Construction at Ørsted's Hornsea Two offshore wind farm has reached two significant milestones this week with the successful installation of the project's Offshore Substation (OSS) and all 165 wind turbine foundations at the North Sea site, 89 km off the Yorkshire coast.

The Hornsea Two OSS is the world's largest AC Offshore Substation weighing around 8,000 tonnes, and has been safely lifted into position by the vessel Sleipnir.

Also onsite is the Reactive Compensation Station (RCS) which will be lifted into place in the coming days. Together, the OSS and RCS have a combined weight of 10,200 tonnes and have just completed their 8,500 nautical mile journey from Sembcorp Marine's facility in Singapore.

Meanwhile, the installation of the 165 monopile foundations means that the project is ready for the final third of wind turbines that are yet to be installed - a phenomenal achievement by everyone involved and a really significant step as we move towards Hornsea Two coming online in 2022.

Finally, the project has also recently laid all 390km of export cable needed to take the electricity generated from the wind farm to the onshore substation and ultimately the National Grid.

Spanning an offshore area of 462 square kilometres, Hornsea Two will be the world's largest wind farm when it goes into operation in 2022, producing 1,386 MW of clean, renewable electricity for the UK - enough to power more than 1.3 million homes.

Patrick Harnett, Programme Director for Hornsea Two at Ørsted said:

"It has been a very busy and exciting time for the everyone involved in the project with the successful installation of the OSS and the completion of the foundation installation programme.

"These twin milestones, together with the completion of our export cable circuits, mark the culmination of a truly monumental scope of work involving multiple teams from numerous companies working together in the face of some significant challenges over the last 18 months.

"The completion of the foundation installations marks the end of half a million hours' work, achieved on a challenging timetable and most importantly with an outstanding safety record throughout.

"These are very complex operations and major engineering achievements, delivered thanks to the dedication, professionalism and positivity of the whole project team and we are all delighted that we have completed these significant milestones along the road to having the wind farm fully up and running in 2022."

Duncan Clark, Head of UK Region for Ørsted said:

"Seeing Hornsea Two reach this landmark is a great moment - it's been a challenging time for everyone over the last year or two and keeping this major asset on track for completion in 2022 underlines the truly remarkable effort made by everyone working on the project.

"Hornsea Two will become our 13th offshore wind farm in the UK and once it's operational Ørsted will be supplying over 7% of Britain's electricity, the culmination of a £13bn investment over the last decade or so. As we progress with the development of future offshore wind projects, our secured pipeline including Hornsea Three and Four will double this investment again over this decade, and we are actively pursuing additional large-scale UK opportunities both onshore and offshore.

Disclaimer

Ørsted A/S published this content on 20 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 October 2021 17:21:02 UTC.


ę Publicnow 2021
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Financials
Sales 2021 57 023 M 8 678 M 8 678 M
Net income 2021 11 528 M 1 755 M 1 755 M
Net Debt 2021 22 471 M 3 420 M 3 420 M
P/E ratio 2021 29,3x
Yield 2021 1,56%
Capitalization 333 B 50 592 M 50 685 M
EV / Sales 2021 6,23x
EV / Sales 2022 6,18x
Nbr of Employees 6 672
Free-Float 44,8%
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Mean consensus HOLD
Number of Analysts 25
Last Close Price 792,60 DKK
Average target price 978,43 DKK
Spread / Average Target 23,4%
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Managers and Directors
Mads Nipper Group President & Chief Executive Officer
Marianne Wiinholt Chief Financial Officer
Thomas Thune Andersen Chairman
Richard Hunter Chief Operating Officer
Lene Skole-S°rensen Deputy Chairman
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