Fred Olsen Renewables boosted 2017 fourth-quarter earnings by almost 50% to Nkr467m (€48m) compared with Nkr306m the previous year, as the Windy Standard 2 wind farm went into full production.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) were also up in the period at Nkr336m, from Nkr212m in 2016.
Shipping and offshore wind also saw a revenue rise to Nkr364m in the quarter, up from Nkr264m in the same period of 2016. However, EBITDA in the segment fell to Nkr32m from Nkr35m.
Overall, the company, which trades under the name Bonheur, reported revenue of over Nkr2bn in the quarter, down from more than Nkr2.6bn in 2016. EBITDA was also down at just over Nkr484m, compared with more than Nkr1bn the previous year, mainly down to a drop in the offshore drilling business.
Image: Fred Olsen Renewables
Wind fills Fred Olsen sails
By EBS