In 2014, Swire Blue Ocean felt the consequences of a still rough offshore wind market. The recently released annual report is a testament to this as the result fell from a profit of USD 9.4 million in 2013 to a deficit of USD 5 million in 2014.
"The loss for the year reflects the challenging market conditions. One of the windfarm installation vessels was also taken out of service to complete an upgrade to its jacking system and other components. The vessel started work on a decommissioning contract in early 2015. The second windfarm installation vessel was also taken out of service in the first quarter of 2015 to complete similar upgrades," management writes in the report.