Bonheur's offshore wind unit turns to USD-9m Q3 profit

Nov 1, 2013 - Norwegian company Bonheur ASA (OSL:BON) today reported NOK 53 million (USD 9m/EUR 6.6m) in net profit from offshore wind operations for the third quarter of 2013, compared to a loss of NOK 108 million a year back.

The segment includes the tanker Knock Clune and units Fred. Olsen Windcarrier AS, which is focused on the transport, installation and maintenance of offshore wind farms, and Fred. Olsen United AS, a provider of turnkey solutions to the offshore wind industry.

The division also turned to positive earnings before interest, tax, depreciation and amortisation (EBITDA) of NOK 103 million from a negative result of NOK 14 million previously.

Offshore wind operating revenues for Bonheur jumped to NOK 266 million in July-September 2013 from NOK 132 million a year earlier. The company said that the significant increase was achieved thanks to the addition of two vessels for offshore wind transportation and installation.

In the first nine months of this year, Bonheur’s offshore wind business swung to a NOK-175-million profit from a NOK-173-million year-ago loss. Revenues rose to NOK 718 million from NOK 402 million.

Bonheur is part of Fred Olsen Energy ASA (OSL:FOE).

(NOK 10 = USD 1.678/EUR 1.238)

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