Integrated risk management applications in offshore windfarm construction

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2011
Sümer, Tuba Pelin
This thesis is motivated by a construction company whose main business operation is foundation installations of offshore wind farm projects. Steel is the main input for most of the foundations. This construction company is confronted with price risk when involved in the procurement part of the foundations. The company receives a fixed payment for the project while paying variable raw material costs which depend on the steel spot price on the procurement date. The construction company should use financial markets to eliminate the price risk. However, in most wind farm projects, the steel requirement of a foundation is not known in advance, i.e., there is also a quantity risk. Therefore, it is not possible to completely eliminate the associated risk. In this thesis we analyze the hedging decisions of a value maximizing construction company confronted with both price and quantity risks under the presence of capital market imperfections.

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Citation Formats
T. P. Sümer, “Integrated risk management applications in offshore windfarm construction,” M.S. - Master of Science, Middle East Technical University, 2011.