Deme Group reported higher turnover from its Offshore Energy segment in the first half of 2026, while overall group performance remained stable. Fleet utilisation in Offshore Energy was 18.2 weeks, or around 70%, compared with 22.9 weeks a year earlier. Deme attributed the decrease to the entry of two new vessels into the fleet ahead of full deployment, the repositioning of two vessels from the US East Coast to Europe and scheduled repair work on other vessels.
The segment, which is largely focused on offshore renewables, generated turnover of €1.207 billion in the first half of 2026, up 6% year-on-year and the highest half-year level recorded to date. Growth was driven by project execution in the United States, Taiwan and Europe.
Segment EBITDA was €321.8 million, giving a margin of 26.7%, compared with 31.4% a year earlier. EBIT fell 13% to €201.5 million, with the margin declining to 16.7%.
The segment's order book stood at €3.7 billion at the end of June, compared with €4.1 billion a year earlier. Deme said the decline was mainly due to a strong order-to-revenue conversion rate during the period, while some new offshore renewables investment decisions took longer to materialise. New contracts included work on the Katagami offshore wind farm in Japan and foundation and rock placement works for the Zeevonk offshore wind farm in the Netherlands.
In the United States, Deme completed the remaining works on the Vineyard Wind project and cable installation activities for Empire Wind 1. On Dominion Energy's Coastal Virginia Offshore Wind project, it completed installation of all 176 foundations, transition pieces and offshore substations. Two transport and installation vessels subsequently crossed the Atlantic to take up assignments in Europe during the second quarter. Remaining work on Coastal Virginia for the rest of the year includes inter-array and export cable installation and rock placement.
In Taiwan, Deme's upgraded jack-up vessel began turbine installation on the Hai Long project. Another vessel completed pin pile, substation topside and foundation installation for the Fengmiao offshore wind farm before starting jacket installation in August.
In Europe, Deme completed installation of 62 jacket foundations for the Dieppe–Le Tréport offshore wind project in France and began inter-array cable works. In the United Kingdom, cable installation continued at the Dogger Bank C offshore wind farm, while a separate vessel completed inter-array cable installation for the Baltic Power project in Poland. In the Netherlands, cable installation began on the IJmuiden Ver Alpha–Nederwiek 1 project. In Germany, foundation installation started in the second quarter on the Nordlicht 1 offshore wind farm and is expected to continue into 2027.
Two new jack-up offshore transport and installation vessels, Norse Wind and Norse Energi, began operations during the first half of 2026. Norse Wind completed its first assignment on the He Dreiht wind farm in Germany before starting turbine installation on the Nordseecluster A project in the second quarter. Norse Energi is preparing for operations on the Windanker project in Germany.
Apollo continued its multi-year deployment under contract with Vestas, supporting offshore wind turbine maintenance activities.
Non-renewable activities accounted for around 2% of Offshore Energy turnover in the first half of 2026, down from 9% a year earlier, and around 1% of total group turnover.
Deme said underlying conditions for offshore renewables remain supportive, while geopolitical developments and delays to auction processes could affect the pace of offshore wind installations in the near term.
For the group as a whole, Deme expects 2026 turnover to slightly exceed the 2025 level, with the EBITDA margin expected to remain in line with 2025.
