MacGregor settled the dispute with a monopile installation vessel customer and Cargotec Corporation (HLSE:CGCBV) starts the sales process of MacGregor Group AB. As announced on 30 April 2024 in conjunction with Cargotec?s interim report January?March 2024, MacGregor has had a dispute related to one and only monopile installation vessel project. MacGregor and the customer have now settled this dispute.

The settlement will have an approximately EUR 25 million negative impact on MacGregor?s second quarter 2024 operating profit. The costs will be reported as items affecting comparability as the costs are related to a one of its kind pilot project and the product is no longer in MacGregor?s sales portfolio. MacGregor has therefore now decided to stop offering the monopile installation solution and it is no longer in MacGregor?s sales portfolio.

Another offshore wind solution, containing advanced technologies for the servicing of offshore wind turbines, is still a part of MacGregor offering. There are approximately ten of these smaller loss-making offshore pilot projects to be finalised mainly in 2024. MacGregor will not commit to any new pilot projects until all technical challenges are solved.

Cargotec?s Board of Directors decided on 14 November 2022 that MacGregor will not be part of Cargotec?s portfolio in the future. However, from a value creation perspective, the timing for divesting the business was not ideal. Since that, MacGregor?s performance and market conditions have clearly improved, and with the above-described dispute now being settled, Cargotec has decided to proceed with the sale process of MacGregor.