We are pleased to share – and not without a touch of pride – the news from
Sole24Ore, Italy’s most popular economic-political-financial newspaper, which talks about NextGeo’s
excellent 2023 results and even more promising outlook for the near future.
Enjoy the reading!
NextGeo, offshore wind energy drives 2023 results
Quadrupled profit
Sara Deganello
19 March 2024
Profit almost quadrupled to EUR 29.4 million, as did EBITDA to EUR 40.5 million (with the margin rising from 16% to 27%), turnover doubled to EUR 148.6 million, and financial debt improved to EUR 9.7 million (it was EUR 19.2 million in 2022). These are the 2023 results of Next Geosolutions (NextGeo), a Naples-based company specialising in subsea scientific investigation and support for the construction of offshore infrastructure, founded in 2014 and part of the Marnavi Group.
“The results are the result of a combination of a fast-growing market and the ability to be able to provide customers with more attractiveness than competitors,” comments CEO Giovanni Ranieri. The reference is to the high flexibility in the execution of projects and the equipment on which the company continues to focus (in 2023, investments reached almost 60 million): “We have developed a robotic geophysical survey system,” the CEO continues, “and we want to increase the deep geotechnical investigation capacity for offshore wind energy farms.
Today we have two vessels of our own, one for geophysical surveys and one for geotechnical drilling, which has been used since December in preliminary activities for two floating offshore wind energy farms off Sicily and Sardinia: Hannibal and Scipio, for Cop”. As of 28 February, NextGeo had approximately EUR 325 million in orders on its books, of which EUR 204 million as from the beginning of 2024. It aims to recruit 10-20 people per year and to expand its operational area. “86% of the production value in 2023 was realised in the renewables sector, mainly for offshore wind energy development in the North Sea, East Atlantic and Baltic. We do not exclude an expansion into other geographical areas as well,” Ranieri adds: “We believe that the future can bring further growth.”
Upcoming contracts include offshore wind energy fields in Northern Europe, but also the activities assigned by Prysmian and Nexans for Tyrrhenian Link, Terna’s submarine electricity link between Sicily, Sardinia and Campania. At the beginning of March, NextGeo announced the completion of investigations for the Tyrrhenian East Link branch on behalf of Prysmian, with work involving clearance of unexploded ordnance, geophysical, geotechnical, archaeological and environmental surveys. NextGeo was also awarded the contract for the preliminary works of the Great Sea Interconnector, the power line between Greece and Cyprus which represents one of the longest and deepest submarine cables ever built.
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