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Bonheur's shipping, offshore wind unit sees loss widen in 2019

Image Source: Fred. Olsen Windcarrier (http://windcarrier.com/)

February 17 (Renewables Now) - Norwegian group Bonheur ASA (OSL:BON) on Friday said its shipping and offshore wind business booked a loss of NOK 173 million (USD 18.7m/EUR 17.2m) for 2019, compared with a loss of NOK 79 million for the same period of 2018.

Bonheur’s Shipping/Offshore wind business includes Fred. Olsen Windcarrier AS and offshore wind turbine foundations company Universal Foundation Norway AS, among other subsidiaries.

The utilisation rate for (Transport & Installation) T&I and (Operation & Maintenance) O&M vessels last year was 66%, unchanged from 2018. In the fourth quarter alone, T&I vessels Brave Tern and Bold Tern achieved a utilisation rate of 46%, down from 79% a year earlier.

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

All in NOK million 2019 2018 Q4 2019 Q4 2018
Operating revenues 2,757 1,480 624 413
EBITDA 419 152 (73) 36
EBIT (loss) (35) (26) (271) (9)
Net result after tax (loss) (173) (79) (244) 13
Capex 332 2,095 8 2,025

(NOK 1.0 = USD 0.108/EUR 0.099)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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