Paris: French company Nexans has announced a rescheduling of activities that will affect the delivery date of the Great Sea Interconnector (GSI) project.
According to Cyprus News Agency, Nexans communicated through a press release to the French stock market on Tuesday, providing additional clarifications regarding the execution of the GSI contract. The company emphasized that it is executing the project in accordance with its contractual obligations and the milestones set since 2023. A rescheduling of activities is currently underway with its customer, and Nexans is working closely with them to evaluate the best options for a revised execution schedule.
Nexans assured that while these changes will impact the project's delivery date, the company's 2028 financial guidance remains unaffected. This is attributed to Nexans' substantial backlog and proactive measures to mitigate any potential impact starting in 2026. The company plans to provide its 2026 guidance alongside its full-year 2025 results on 19 February 2026 and remains committed to the project's execution with its customer.
The press release underscored Nexans' confidence in the long-term growth prospects of its PWR-Transmission business, supported by structural trends and a robust order backlog. Julien Hueber, Chief Executive Officer of Nexans, affirmed the company's commitment to completing the GSI project and highlighted their disciplined approach in managing the situation. He noted that the mitigation steps beginning in 2026 enable the company to remain on track with its financial trajectory and 2028 guidance.
Hueber further emphasized that Nexans' PWR-Transmission business is a strong driver of value creation, supported by long-term demand and a solid backlog. The company remains focused on disciplined execution to meet its objectives.