French company Nexans has announced a rescheduling of activities that leads to changes affecting GSI's delivery date.
In a press release communicated to the French stock market on Tuesday, 6 January, the company says that it wishes to provide additional clarifications regarding the execution of the Great Sea Interconnector contract.
''Nexans is executing the project in accordance with its contractual obligations, and in line with the milestones defined since 2023. A rescheduling of activities is ongoing with its customer. Nexans is therefore working closely with its customer to evaluate the best available options for a revised execution schedule'', the press release reads.
Nexans adds in the press release that while these changes will affect the project delivery date, ''they will not affect Nexans’ 2028 financial guidance, thanks to the Group's large backlog and proactive actions to offset any potential impact starting in 2026''.
Nexans will provide its 2026 guidance alongside its full-year 2025 results on 19 February 2026, says the press release, pointing out that it stays committed to executing this project with its customer.
''Beyond the GSI project, Nexans remains highly confident in the strong long-term growth prospects of the PWR-Transmission business, supported by structural trends and a robust and diversified order backlog'', according to the press release.
Julien Hueber, Chief Executive Officer of Nexans, said that the GSI project remains underway ''and we are fully committed to supporting our customer in bringing this critical infrastructure to completion.''
Hueber said that they were managing this situation '''with strong discipline in their execution,'' adding that the mitigating steps starting 2026 in response to external developments ''allow them to stay firmly on track with their financial trajectory as well as with their 2028 guidance.''
''Supported by long-term structural demand and a solid backlog, Nexans’ PWR-Transmission business remains a strong driver of value creation, and we remain resolutely focused on disciplined execution,'' the Chief Executive Officer said.
(Source: CNA)
