Kincardine Offshore Windfarm Limited reported a pre-tax loss of £44.4 million for 2025 after generator failures affected four of the five main Vestas turbines at its floating offshore wind farm off Aberdeen, Scotland.
The company’s annual accounts, recorded as filed on 18 September 2026, included a £40 million provision for repairing the damaged generators. The provision represents an accounting allowance for repair costs rather than confirmation that the full amount has already been spent.
Revenue declined to £36.1 million from £51.1 million in 2024, while the pre-tax loss widened from £4.5 million to £44.4 million. The company also recorded a net loss of £33.5 million, compared with £3.5 million a year earlier.
Net assets stood at negative £109.1 million at the end of 2025, compared with negative £75.6 million at the end of the previous year.
Located approximately 15 km southeast of Aberdeen, the 50 MW Kincardine floating offshore wind farm comprises five Vestas V164-9.5 MW turbines and a smaller V80-2 MW unit. The five larger turbines are installed on semi-submersible WindFloat foundations developed by Principle Power.
The project entered full operation in 2021 and has previously required major maintenance involving the transport of floating turbine units to port.
In May 2023, the KIN-02 turbine was towed to Rotterdam in the Netherlands for maintenance. Another turbine had undergone a similar operation in 2022. The approach required floating turbine units to be disconnected and transported to port, adding time and cost to major repair campaigns.
In 2024, a different generator replacement method was demonstrated at Kincardine. LiftOff, Vestas, Dragados, Cobra Wind International and the project operator completed a major component exchange without towing the turbine ashore.
The operation used LiftOff‘s GenHook crane, temporarily installed on top of a V164-9.5 MW turbine, to remove the existing generator and install its replacement. An offshore support vessel and crew transfer vessels supported the work.
The 2024 operation demonstrated an alternative to port-based maintenance for major component replacement at floating offshore wind farms.
Kincardine’s latest financial results record a £40 million repair provision associated with generator failures, alongside the company’s wider annual losses. The provision and the reported pre-tax loss are separate accounting figures.
