MacGregor, a leading provider of maritime cargo and load handling solutions, has reached a settlement with a customer regarding a dispute related to a monopile installation vessel project. The parent company, Cargotec, has decided to move forward with the sale of the business following this development.
The settlement will result in a negative impact of approximately $27 million on MacGregor’s second quarter operating profit. These costs will be reported as items affecting comparability, as the project in question was a unique pilot project that is no longer part of MacGregor’s sales portfolio.
While MacGregor’s core businesses in merchant and services are performing well, its offshore business has faced challenges. Projects related to new offshore wind solutions have caused losses due to technical challenges, leading MacGregor to discontinue the monopile installation solution.
Despite these setbacks, MacGregor remains committed to offering advanced technologies for the servicing of offshore wind turbines. The company plans to finalize approximately ten smaller loss-making offshore pilot projects in 2024 and will not undertake any new pilot projects until technical challenges are resolved.
Cargotec’s Board of Directors had previously decided to divest MacGregor from its portfolio, but with improved performance and market conditions, the sale process is now moving forward. MacGregor’s President, Leif Byström, expressed optimism about the settlement, stating that it strengthens the company’s position for future profitability.