MacGregor recently settled a dispute related to a monopile installation vessel project, as announced recently, coinciding with Cargotec’s interim report for January–March 2024. While impacting MacGregor’s second quarter 2024 operating profit negatively by approximately EUR 25 million, this settlement signifies a resolution to a significant issue.
Settlement of Dispute and Financial Impact
The settlement with the customer regarding the monopile installation vessel project will result in an estimated EUR 25 million negative impact on MacGregor’s second quarter 2024 operating profit. These costs, deemed as items affecting comparability, are associated with a one-of-a-kind pilot project that is no longer part of MacGregor’s sales portfolio. However, this settlement will not alter Cargotec’s outlook on MacGregor’s comparable operating profit for 2024.
Restructuring and Business Decisions
In response to challenges faced in its offshore business, MacGregor has decided to discontinue offering the monopile installation solution and remove it from its sales portfolio. This decision comes as part of the final stage of the restructuring program aimed at revitalizing the offshore business. MacGregor will also refrain from committing to new pilot projects until all technical challenges are addressed.
