German-based Bilfinger has announced its half-year results, revealing revenues of €2.14 billion for the sixth-month period – a decrease of 11% year-on-year.

The company said that both its segments – industrial and power – decreased “as expected”. It said that its industrial segment decreased due to lower demand for projects as well as the market situation in the oil and gas sector. It added that its power segment decreased as a result of significant decreases in the project business.

Bilfinger’s earnings before interest, taxes and amortization (EBITA) came to a loss of €13 million, which is an improvement on its loss of €59 million the same period a year ago.

The company said it expected its revenues would “significantly decrease” for its full-year results to €4.1 billion, compared to the €5 billion it recorded last year. However, Bilfinger said it expected its EBITA to increase compared to 2015.

Following the sale of Bilfinger’s building and facility segment, the company said it expected to receive approximately €500 million from the transaction.

The company also announced it would sell its activities related to the manufacturing and installation of offshore foundations. VTC Group Munich will acquire its manufacturing activities, while Van Oord Group will acquire its installation activities.

Axel Salzmann, chief financial officer of Bilfinger, said, “In the course of our focus on the industrial sector, activities in the area of offshore wind energy are no longer part of our core business.”

Bilfinger added that its divestment process for its remaining marine construction activities would continue.

In June, Bilfinger announced it was selling its building and facility business segment to Swedish private equity firm EQT for around €1.2 billion.

The company also sold its water technologies division to Chinese-based Chengdu Techcent Environment Group for around €200 million in April.

Bilfinger announced Thomas Blades as its new CEO in May, after former CEO Per Utnegaard stepped down.

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