Fred Olsen Ocean, the offshore wind and shipping arm of Norwegian outfit Bonheur, made a loss of Nkr73m (€7m) last year, while the Fred Olsen Renewables segment increased profit in 2018.
The loss in the offshore wind and shipping business unit, which includes Fred Olsen Windcarrier, Universal Foundation and 75.5% of Global Wind Service, compared with a profit of Nkr130m in 2017.
Utilisation rates of transport and installation vessels was down to 66% from 83%, but crew transfer vessel rates increased to 76% from 68%.
Operating revenue was Nkr1480m in 2018, down from Nkr1528m the previous year, while earnings fell to Nkr156m from Nkr370.
However, the renewables business, which includes a portfolio of wind farms, increased profit to Nkr286m last year, up from Nkr240m in 2017.
Operating revenue jumped to Nkr1631m from Nkr1295m. The figures were boosted by increased generation and capacity.
Output last year was 1767 gigawatt-hours, compared with 1725GWh in 2017. Installed capacity stood at 679MW at the end of December, up from 595.9MW at the end of the previous year.
Overall, Bonheur made a loss of Nkr2698m in 2018, widening from the the Nkr1777m loss in 2017.
However, operating revenue did increase to Nkr6787m from Nkr6325m.