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Last updated : 22/09/2026 - 12h48
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Eiffage Wins Contract for a 2 GW Offshore Conversion Station in Germany

Eiffage, through its joint venture NSORe and in collaboration with Siemens Energy, has secured the construction contract for a 2 gigawatt conversion station for the NSC2 offshore connection project in Northern Germany. The award marks a further advancement in the group's positioning in high-voltage energy infrastructure.


Eiffage Wins Contract for a 2 GW Offshore Conversion Station in Germany

A Turnkey Contract for a High-Voltage Offshore Platform

The NSORe-Siemens Energy consortium has won the construction contract from 50Hertz, the transmission system operator in northern and eastern Germany, for a 2 gigawatt conversion station for the NSC2 (North Sea Connector 2) offshore network project. The contract covers the complete implementation, from concept to turnkey delivery of the facilities, including system design, parts delivery, construction, onshore and offshore installation, and commissioning.

NSORe, a joint venture equally owned by Eiffage (through its Belgian subsidiary Smulders) and Neptun Werft (Meyer Werft group), is responsible for the engineering and construction of the topside (main structure housing transformers, switching gear, and converters) as well as the jacket foundation. Siemens Energy provides the high-voltage electrotechnical systems, including the onshore station.

Manufacturing in Rostock and Vlissingen, Commissioning by End of 2034

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Manufacturing will be carried out in the Rostock and Vlissingen plants, thus supporting long-term industrial activity at these two sites. The commissioning of the NSC2 platform is scheduled for the end of 2034.

Negotiations are also underway for a second project of similar magnitude.

Strengthened Presence in Energy Infrastructure

This award is part of a series of major contracts won by Eiffage in June 2026. Three weeks earlier, the group had secured a €110 million contract for two bridges in Nuremberg, Germany, and a contract worth over €120 million from Campus IA for the construction of a high-voltage electrical substation. This succession of contracts reflects a strengthened presence in energy infrastructure and civil engineering works in Central Europe.



Sector Construction et infrastructures BTP / infrastructures


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Context

Period
  • Period: S1 2026
Key reported figures
  • Revenue: 12 200 millions d'euros
  • Quarterly revenue: 12 200 millions d'euros
  • Revenue growth: 2,3 %
  • Net income: 342 millions d'euros
  • Free cash flow: -75 millions d'euros
  • 9 400 millions d'euros
Guidance from the release
  • le Groupe anticipe une croissance d'activité d'une ampleur moindre qu'en 2025
Risks mentioned
  • Persistance de la baisse du trafic autoroutier dans un contexte de prix des carburants élevés
  • Trafic total APRR et AREA en baisse de 2,5 %, affecté par la hausse du prix des carburants
  • Chiffre d'affaires International hors Europe en repli de 37,1 %
Opportunities identified
  • Hausse du carnet de commandes des Travaux de 7 % sur un an (+6 % depuis le début de l'année)
  • Marge opérationnelle courante d'Eiffage Énergie Systèmes en hausse de 30 pbs à 5,2 %
  • Poursuite du développement européen du Groupe en Travaux, Europe hors France +8,0 %

The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.

Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.

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