Survey Other Start

In 2022, Hexicon advanced development of its TwinHub floating wind project in the UK by starting offshore site investigations for the planned 32 MW array. This step followed the project securing a Contract for Difference (CfD) in the UK government’s fourth allocation round (AR4) at a strike price of GBP 87.30/MWh, providing a revenue framework that underpinned further technical work. The offshore site investigations marked the beginning of detailed data collection at sea needed to refine design, validate assumptions, and support subsequent engineering and consent‑related processes, even though the precise survey scope is not detailed in the source. In parallel, Hexicon selected London Marine Consultants as Principal Designer and named Mingyang Smart Energy as preferred turbine supplier, signalling a coordinated move from concept towards implementable project definition. These 2022 investigations occurred before later market headwinds significantly affected the project’s economics. Hexicon now reports that inflation and supply chain cost escalation have undermined TwinHub’s financial viability, leading to a SEK 115 million impairment tied specifically to this project. Since early 2024, the company has focused on divesting TwinHub but has found it difficult to reach an agreement that would generate material proceeds, while the project continues to carry ongoing costs and liabilities. Against this backdrop, the 2022 offshore site investigations stand out as a key early‑stage development milestone that preceded the subsequent strategic rethink and write‑down of the project within Hexicon’s wider portfolio.