Revenue from renewables at Norwegian company Fred Olsen increased to Nkr342m (€37m) in the first quarter of 2017, up from Nkr300m in the same period last year.
Generation was up 13% in the period, compared with the same quarter last year, the company said.
Renewables earnings were Nkr248m in the period, a rise of Nkr46m on the Nkr202m posted last year.
The company’s shipping and offshore wind business also increased revenue in the first three months of the year to Nkr364m from Nkr142m in the first quarter of 2016.
The company’s vessels had 100% utilisation in the period, compared with only 40% last year.
Shipping and offshore wind earnings stood at Nkr96m in the first quarter of 2017, up from a negative Nkr97m last year.
The company’s overall revenue was Nkr2353m, well down on the Nkr3289m posted in the period last year. Overall earnings also fell to Nkr689m from almost Nkr1.3bn last year.
The drop was mainly down to an earnings fall in the company’s offshore drilling business.
Image: Fred Olsen
