Italian cable maker Prysmian has reported it had most likely lost 28 million euros ($38 million) worth of power cables in the Mediterranean after the barge transporting them capsized.

The cables were being shipped from Italy to serve the Deutsche Bucht and Butendiek offshore wind farms in Germany and Prysmian said it was working with German power grid group TenneT to avoid possible delays to the projects.

The accident, in which no one was injured, took place on Thursday in international waters 50 nautical miles southwest of the Italian island of Sardinia, it added in a statement.

Prysmian said Smit Salvage was handling the wreck, a 1984-built barge chartered from Augustea Group, and that insurance coverage was adequate.