Sif is seeking short-term bridge financing and exploring strategic options as uncertainty over a delayed offshore wind project and the availability of funding raise questions about its ability to continue operating as a going concern.
The Dutch monopile manufacturer will close one of three production lines at its Maasvlakte 2 facility in Rotterdam from the fourth quarter of 2026 and reduce operations at its Roermond facility from the first quarter of 2027. Sif said the measures would help conserve cash, reduce costs and retain experienced employees while it completes deliveries for existing customers, including the East Anglia Two project.
The production changes follow a delay to a 190 kton exclusive project that Sif says represents about 2 GW of offshore wind capacity. The client’s final investment decision is still pending, and Sif said the customer, the Dutch state and the grid operator were still working towards a final agreement. The company continues to plan for production to start in summer 2027 and has begun preparatory work, including detailed engineering and factory layout design.
Sif is negotiating a bridge solution with lenders, certain suppliers and customers, but said on 6 November that no binding agreement had been reached. Its €50 million revolving credit facility is unavailable during the negotiations. The company also said it needs a longer-term financial solution and additional funding to address its capital structure and finance operations until production begins on the exclusive project. That solution is expected to involve additional equity, though the amount, structure and timing remain undecided.
At an extraordinary general meeting scheduled for 22 December, shareholders will be asked to authorise the Executive Board, subject to Supervisory Board approval, to issue shares or rights to subscribe for shares up to the company’s authorised capital.
Sif attributed its funding challenge to higher costs during the Maasvlakte 2 factory ramp-up, related liquidated damages, a downturn in the offshore wind market and the project delay.
For the first nine months of 2026, Sif reported adjusted EBITDA of €68.3 million, up from €26.7 million a year earlier. Its loss after tax attributable to shareholders narrowed to €0.8 million from €35.3 million. Contribution rose to €203.4 million from €127.8 million, while production increased to 211 kton from 124 kton. Cash at the end of September was €35.1 million, compared with €95.6 million at the end of 2025. Sif reiterated its full-year adjusted EBITDA outlook of €95 million.
