In a bold move to reinforce its position in the high-voltage power cable industry, Denmark-based firm NKT is set to invest approximately one billion euros in its cutting-edge NKT Victoria vessel and expand its offshore cable production plant in Sweden. The NKT Victoria, a cable-laying vessel, is hailed as one of the world’s most advanced, boasting features like dynamic positioning (DP3) and the use of remotely operated vehicles equipped with cameras and sonar for precise cable installation.
This significant investment aligns with NKT’s commitment to fulfilling a substantial order intake and addressing the strong market demand, backed by a record-high order backlog exceeding 5 billion euros since March 2023. NKT President and CEO Claes Westerlind emphasized the company’s leadership in turnkey solutions, XLPE, and high-voltage DC technology, crucial for the global transition to renewable energy.
The investment plan includes constructing a new high-end cable-laying vessel, setting new standards for power cable-laying capacity globally. Additionally, NKT will expand its Swedish production site in Karlskrona, transforming it into the world’s largest high-voltage offshore cable production facility. A new factory, featuring a third 200m extrusion tower, will significantly enhance end-to-end production capacity.
NKT has recently secured substantial contracts, including a EUR 600 million order for the Biscay Gulf Interconnector, deals for the installation of a 7,000 km HVDC cable system for 10 projects, and a €500 million contract for Ørsted’s offshore wind project in the UK. The company anticipates the investments to strengthen its market-leading position, addressing the rising demand for long-length HVDC power cable solutions.
NKT Victoria, operational from 2027, stands out not only for its advanced cable-laying capabilities but also for its environmental consciousness. Certified to operate on biofuel (Hydrotreated Vegetable Oil), the vessel significantly reduces its carbon footprint. Capable of simultaneous dual HVDC and fibre-optic cable-laying, HVAC, and deep-sea installation, the NKT Victoria is a versatile force on the seas.
As part of its growth, NKT anticipates welcoming over 500 new employees at its Swedish site by 2027, highlighting the positive impact of its previous and ongoing investment programs. With a visionary approach, NKT continues in cable-laying and power solutions, contributing to the global shift towards sustainable energy.
