Denmark's Ziton, which provides operations and maintenance services to offshore wind farms, plans to raise up to 100 million euros ($118.5 million) from a sale of new equity and to list its shares on Norway's Merkur Market, the company said on Friday.
Energy companies are rapidly expanding offshore wind farms as the cost of development falls and demand for renewable power rises, and service provider Ziton saw a fivefold rise in revenue between 2015 and 2018 before a setback last year.
Blaming project delays, rough weather conditions, and poor execution, the company reported a 26% fall in 2019 revenue to 33.6 million euros while it swung to a pretax loss of 20 million euros from a profit of 4.8 million euros in 2018.
It expects a rebound to start this year as the utilization of its offshore rigs increases, with 2021 and 2022 revenues forecast to rise to between 59 million and 65 million euros, the company said on Sept. 16.
Ziton has appointed Oslo-based brokerage Pareto Securities for the planned share sale.
Merkur Market is a small-cap trading venue owned by the Oslo Stock Exchange, a unit of Euronext. ($1 = 0.8438 euros)
(Reporting by Terje Solsvik Editing by Tomasz Janowski)