Earnings at Fred Olsen Ocean, the offshore wind and shipping arm of Norwegian outfit Bonheur, fell to Nkr64m (€7m) in the second quarter of 2018 from Nkr139m in the same period last year.
Lower utilisation of the business unit’s jack-up vessels Brave Tern (pictured) and Bold Tern was one of the reasons for the fall, the company said.
Offshore operating revenue, however, increased slightly in the period to Nkr411m from Nkr401m in 2017.
Fred Olsen Ocean comprises Fred Olsen Windcarrier and Universal Foundation Norway, as well as 75.5% of Global Wind Service.
Universal Foundation earnings were boosted by income from work on the 252MW DeBu offshore wind farm in the German North Sea, the company said.
Earnings at Bonheur’s onshore clean power arm Fred Olsen Renewables stood at Nkr165m in the second quarter, on a par with the Nkr164m reported in 2017.
Operating revenue rose to Nkr291m in the latest period from Nkr253m last year.
The company said the improvements were down to higher electricity prices in all markets compared with last year.
However, less wind at most of the company’s projects partly offset the increased prices, it added.
Total generation was slightly down on last year at 337 gigawatt-hours, compared with 342GWh in 2017.
Overall, Bonheur reported revenue of almost Nkr1.8bn in the second quarter, down from just over Nkr2bn last year.
The company reported negative earnings of Nkr64m in the latest period, down from a positive showing of Nkr695m last year.
Mixed fortunes at Fred Olsen
By EBS