© 2025 ZITON A/S
”To date, we have successfully repaired turbines with a total capacity of 6.2 GW, a remarkable achievement that underscores ZITON's essential role in enhancing energy security for Europe.”
Thorsten Jalk, CEO at ZITON, presents the annual report of 2024, and shares his perspectives of ZITON’s role in the transition towards a more sustainable future as well as the prospects for the company.
ZITON is the market-leading service provider in offshore wind operations and maintenance, specialising in major component replacements. We have completed over 1,850 MCRs at 84 wind farms across 8 countries.
JANUARY - DECEMBER
FEBRUARY - DECEMBER
APRIL - MAY
MAY
JUNE - JULY
JULY
SEPTEMBER
SEPTEMBER - OCTOBER
NOVEMBER
NOVEMBER
NOVEMBER - DECEMBER
DECEMBER
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DECEMBER
With the currently known and relevant projects, the number of installed offshore turbines in Europe is expected to reach a total of 10,250 within the next five years, and all of these will require servicing during their lifespan of at least 30 years.
The strategic direction
for ZITON contains
four key elements.
During 2024, we focused on aligning our operations with the ESG targets outlined in the ESG loan agreement signed in June 2023. Key priorities included preparing progress reports for these targets to ensure transparency and accountability.
We remain committed to reducing emissions through SEEMP and are exploring solutions like hybrid systems and operational improvements to optimise fuel usage. In addition to that, the Executive Management Team and the newly appointed Board of Directors is actively working on a revised long-term strategy, which is expected to include emission targets for new build programs, adopting new propulsion systems, and incorporating alternative fuels.
In 2024, we saw a significant increase in demand for full-service solutions for major component replacements and decommissionings, with a more than doubled number of replacements compared to 2023. This surge reflects the growing preference for comprehensive service offerings. We have consistently achieved high customer satisfaction, successfully delivering projects as full service solutions that address complex needs and mitigate risks for our clients.
The focus for 2025 remains on further enhancing and expanding our full-service solutions for major component replacements, aiming to deliver greater value to customers and strengthen ZITON’s market differentiation.
In 2024, J/U WIND ENERGY completed her yard-stay in Denmark after being acquired in China and began her long-term charter with Siemens Gamesa Renewable Energy. Additionally, ZITON expanded its fleet with another vessel capable of servicing 6-10 MW turbines through the acquisition of J/U WIND DISCOVERY. J/U WIND DISCOVERY is operated by ZITON A/S, but owned by its sister company, DiscoveryCo ApS.
The initial focus for 2025 is to have J/U WIND DISCOVERY complete her yard-stay before beginning her time charter in mid-April. Additionally, we are committed to minimising unexpected off-hire days by ensuring J/U WIND ENTERPRISE, J/U WIND ENERGY, and J/U WIND DISCOVERY remain in optimal condition. Furthermore, we will continue exploring opportunities to expand our fleet to support the growing demand for servicing larger turbines.
During 2024, we revisited our machine learning platform to leverage Microsoft’s advancements in artificial intelligence and integrated the latest developments in the market for major component replacements. Our analysis confirms a clear correlation between turbine age and failure rates older turbines experience more failures, driving increased demand for major component replacements. Additionally, we strengthened our cybersecurity measures to safeguard our digital infrastructure, ensuring the integrity and security of our data-driven operations.
In 2025, we will continue to invest in digitalisation and the development of our data platform to enhance operational efficiency and strengthen decision-making processes. We aim to streamline workflows, improve data accessibility, and enhance collaboration across our operations. Additionally, as cyber threats continue to evolve, we will further strengthen our cybersecurity measures to ensure the protection of critical systems, operational data, and customer information.
ZITON’s core business is to own and operate specialised jack-up vessels. ZITON provides full-service solutions for major component replacements, including maritime project planning & execution, lift planning & execution, specialised tools & lifting equipment, and technicians in addition to jack-ups with experienced crews.
We care for our environment, and our vessels are less harmful to the environment compared to many of the other vessels in the market.
Jens Michael Haurum, CFO
Annual report for ZITON
Want to get the full overview of our 2024 financial results?
You can download the annual report below.
© 2025 ZITON A/S
Dear stakeholders,
As CEO, I am delighted to present ZITON’s Annual Report for 2024.
This year marks a pivotal moment in ZITON’s journey. As part of our ongoing development, our former owners recognised that the time had come to find a new, stronger partner who could help propel us forward and support our continued growth. In September 2024, we were thrilled to announce that Macquarie Asset Management would be acquiring ZITON, with the deal successfully closing in January 2025.
This is a significant milestone for ZITON, as Macquarie’s investment is a testament to the strong foundation we have built. With our solid market position, exceptional customer relationships, and some of the brightest talent in the industry, we are well-positioned for the future.
Macquarie has made a strategic investment in equity to acquire J/U WIND DISCOVERY, which is capable of servicing some of the largest installed turbines, up to 10 MW. Operated by ZITON and owned by our sister company, this addition enhances our fleet, which now includes three vessels in the up to 5 MW segment and three vessels in the up to 10 MW segment. As a result, ZITON proudly operates the largest fleet of vessels dedicated to major component replacements. With such a robust fleet, we can offer our customers flexibility and versatility, enabling us to service virtually every offshore wind farm in the northern Europe, ranging from 2 MW to 10 MW turbines. Looking ahead, we are committed to further investing in larger vessels to meet the growing demands of the offshore wind industry.
We are living in a time of geopolitical uncertainty, which naturally causes concern for many people and businesses. However, I am encouraged by the proactive approach taken by European politicians to ensure energy security through initiatives like the Clean Industrial Deal, which also supports the growth of renewable energy. This forward-thinking strategy is crucial for Europe’s future. At ZITON, we are proud to be part of this transformative journey, contributing to the vital work of keeping turbines running. To date, we have successfully repaired turbines with a total capacity of 6.2 GW, a remarkable achievement that underscores ZITON’s essential role in enhancing energy security for Europe.
Thank you for your ongoing support as we continue to grow and innovate in this exciting industry.
Sincerely,
Thorsten Jalk,
CEO, ZITON A/S
Set out below are the key financial figures we use in decision-making and to evaluate our performance including prior-year comparative figures.
ZITON presents its consolidated financial statements in accordance with generally accepted accounting practices (IFRS). Accordingly, key figures and ratios have been prepared in accordance with CFA Society Denmark’s online version of ”Recommendations & Ratios”. In addition, ZITON presents APMs according to the Directives of European Securities and Markets Authority (“ESMA”).
Want to get the full overview of our 2024 financial results?
You can download the annual report below.