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Bonheur ups 2018 onshore wind profit, but posts offshore wind loss

The Brave Tern vessel. Source: http://fredolsen-energy.com. All Rights Reserved.

February 13 (Renewables Now) - The renewables unit of Norwegian group Bonheur ASA (OSL:BON) lifted its 2018 net profit to NOK 286 million (USD 33m/EUR 29.2m), while its offshore wind division turned to a loss of NOK 73 million.

Fred. Olsen Renewables AS operates wind farms in the UK and Scandinavia. The Shipping/Offshore wind business of Bonheur provides transport and installation (T&I) and operation and maintenance (O&M) services for the offshore wind sector, and also offers wind turbine foundations.

RENEWABLE ENERGY

The segment includes Fred. Olsen Renewables (FORAS) and the recently created unit Fred. Olsen Green Power AS. FORAS has 51% stakes in eight wind farms in Scotland, and 100% in three plants in Scotland, Norway and Sweden. The combined capacity of the power plants is 679 MW.

The table contains results of the renewable energy segment.

All in NOK million 2018 2017
Operating revenues 1,631 1,295
EBITDA 1,101 885
EBIT 558 458
Net result after tax 286 240
Capex 142 265
Power generation (in GWh) 1,767 1,725

In addition to its operational capacity, Fred. Olsen also has a portfolio of onshore wind projects under development in the UK, France, Norway and Sweden, and offshore wind projects in Irish and US waters. A 105-MW wind farm in Sweden is under construction.

SHIPPING / OFFSHORE WIND

Bonheur’s Shipping/Offshore wind business includes Fred. Olsen Windcarrier AS and offshore wind turbine foundations company Universal Foundation Norway AS, among other subsidiaries. It reported a loss of NOK 73 million for 2018, versus a profit of NOK 130 million a year earlier, even though fourth-quarter results improved.

The utilisation rate for T&I vessels last year was down to 66% from 83% in 2017. In the fourth quarter alone, Brave Tern and Bold Tern achieved a utilisation rate of 79%, up from 59% a year earlier, being busy with projects in Danish, German and UK waters.

Details on the segment’s performance are available in the table.

All in NOK million 2018 2017 Q4 2018 Q4 2017
Operating revenues 1,480 1,528 413 364
EBITDA 156 370 40 32
EBIT (loss) (22) 209 (6) (14)
Net result after tax (loss) (73) 130 20 (57)
Capex 1,643 84 1,573 48

In December, Fred. Olsen Windcarrier bought a 51% stake in the owner of the Blue Tern vessel, thus further expanding its capacity.

(NOK 10 = USD 1.15/EUR 1.02)

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Browse all articles from Tsvetomira Tsanova

Tsvet has been following the development of the global renewable energy industry for almost nine years. She's got a soft spot for emerging markets.

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