French company Nexans has acknowledged in a written statement that rescheduling is underway for the Cyprus-Crete electrical interconnection cable project, inevitably leading to delays in completion beyond the initial target of late 2029 or early 2030.
Nexans, contracted by IPTO to construct and lay the cable, confirmed the changes in an official statement that validates Phileleftheros reports about tender cancellations and bidders being informed of design changes to the Great Sea Interconnector project.
The company said it is executing the project according to its contractual obligations and milestones set since 2023, but activity rescheduling is now underway with its client.
Nexans said it is working closely with the client to assess the best available options for a revised execution timeline.
Whilst the changes will affect the project delivery date, they will not affect Nexans’ financial forecasts for 2028, the company said, citing the Group’s large backlog and preventive actions to offset potential impacts from 2026.
Nexans will provide its 2026 forecasts alongside full-year 2025 results on 19 February 2026.
The company said it remains committed to executing the project with its client.
Beyond the GSI project, Nexans remains highly optimistic about strong long-term growth prospects in the PWR transmission sector, supported by structural trends and a strong, diversified order backlog, the statement said.
Julien Hueber, Nexans CEO, said the GSI project remains in progress and the company is fully committed to supporting its client in completing the critical infrastructure.
“We are managing this situation with strong discipline in our execution,” Hueber said. The mitigation measures being taken from 2026, responding to external developments, allow the company to remain firmly on track with its financial trajectory and 2028 forecasts, he added.
Supported by long-term structural demand and a strong backlog, Nexans’ PWR transmission sector remains a strong value creation lever, Hueber said, adding the company remains decisively focused on disciplined execution.
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