Subsea cable specialist Oceanteam reported a loss for the fourth-quarter of 2008 of $11.3 million, or about twice as wide as the same span in 2007 on “trouble” at three offshore windfarms.

Company managers said the result “does not reflect” the young offshore wind market. After all, the company order book has swollen to $410.7 million and revenues were up fourfold to $23.9 million.

But managers said they were compelled to assign a $15 million loss for the 2006 Nearshore Wind Park after newly sprung regulatory delays. At another project, Rhyl Flats, RWE’s renewables business cancelled a cable-installation contract at a project already hit by adverse weather and equipment testing.

“Remedial” work on a cable-lay at the Alpha Ventus project will also push back some earnings.

Yet, the market for flowlines and cable offshore is still strong. So much so, that “The escalation of the demand for services is exposing the deficit of skilled personnel available to the sector.”

Ahead is Round 3 of offshore licensing for U.K. wind farms and the large German offshore wind projects — many of which are worth more to Oceanteam that the company’s 2008 turnover.

Offshore wind activity will stay high, the company said, and “considerable growth” is seen in 2010.

Tags: Oceanteam ASA