Revenue at Fred Olsen Ocean, the offshore wind and shipping arm of Norwegian outfit Bonheur, fell to Nkr145m (€15m) in the first quarter of 2018 from Nkr364m last year.
The drop was down to lower utilisation of the company’s Brave Tern and Bold Tern (pictured) jack-up vessels – 7% compared with 100% last year.
One vessel remained idle during the whole period while the other was in drydock undergoing periodic maintenance for much of the quarter, Bonheur said.
The business segment lost Nkr77m before interest, taxes, depreciation and amortisation, compared with positive EBTIDA of Nkr96m in the first three months of 2017.
Fred Olsen Ocean comprises Fred Olsen Windcarrier and Universal Foundation Norway, as well as a 75.5% of Global Wind Service.
Bonheur’s onshore clean power arm Fred Olsen Renewables increased revenue to Nkr425m in the first quarter, a 24% rise on the Nkr342m posted in the same period of 2017.
Earnings also grew to Nkr283m in the first three months of the year, up 14% on last year’s Nkr248m.
The company said the increases were down to higher electricity prices and capacity. However, the results were partly offset by lower generation because of less wind at most of Fred Olsen’s projects.
Generation in the quarter was 506 gigawatt-hours, up from 490GWh last year.
Overall, Bonheur reported revenue of almost Nkr2bn in the first quarter, down from over Nkr2.35bn last year.
EBITA also fell to Nkr439m from Nkr689m.
Image: Fred Olsen Windcarrier
Fred Olsen offshore slump
By EBS