CKT Projects

Sofinim: 47.5%

(€ mio) 2015
Turnover 76.3
EBITDA -15.8
Net result -19.8
Shareholders' equity (group share) 3.5
Net financial position 4.2

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CKT Offshore

Beneficial interest Sofinim: 47.5%
AvH Contact: André-Xavier Cooreman
www.cktprojects.com

CKT Offshore is an EPC contractor specializing in the design, construction, maintenance and repair of (modular) accommodation, technical modules, architectural finishing and insulation on a turnkey basis.

Information from the 2015 annual report

In June 2015, CKT Offshore was spun off by a carve out from Hertel, a former portfolio company of Sofinim which was sold in June 2015. CKT Offshore is active through its own sites in the Netherlands, Britain, Romania and China.

In 2015, CKT Offshore was primarily engaged on the Aasta Hansteen project for Statoil in Norway. For this project worth more than 100 million euros, CKT Offshore is building the accommodation of an offshore platform in association with Hyundai Heavy Industries. This projected is expected to be completed in the first half of 2016.

The former shareholders of Hertel, including Sofinim, gave CKT Offshore the necessary financial support in 2015 for the spin-off. Unfortunately, the group was confronted in 2015 with a number of (financial) setbacks in the Netherlands and the United Kingdom, so that restructuring operations had to be carried out. Due to difficult market conditions and losses that were incurred on the finalization of some major projects, CKT Offshore reported a loss of 19.8 million euros. This takes into account the losses that were projected for the final completion of those contracts.

2016 is set to be another challenging year. From 2016 onwards, and in view of the carve out from Hertel, the group will focus on smaller projects through CKT Projects.

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