Fred. Olsen Renewables, Ocean boost revenues in Q1

The renewables division and shipping/offshore wind unit of Norwegian group Bonheur ASA (OSL:BON) both grew their revenues in the first quarter of 2017.

The renewables segment, which includes wind farm operator Fred. Olsen Renewables AS and subsidiaries, showed operating revenues of NOK 342 million (USD 39.7m/EUR 36.6m), up from a NOK 300 million a year back, in spite of a negative effect from the NOK/GBP exchange rate. The unit had 595.9 MW of installed capacity, an increase of 13.8 MW from a year ago. Of that, 433 MW is owned together with UK-listed infrastructure fund The Renewables Infrastructure Group Ltd (LON:TRIG).

Total generation increased 17%, or 13% on like-for-like basis, as the quarter saw average wind conditions, as well as higher prices in local currency than the same quarter last year.

The shipping/offshore wind division, Fred. Olsen Ocean Ltd, comprises offshore wind farm installer Fred. Olsen Windcarrier AS and Universal Foundation Norway AS. It boosted its revenues to NOK 364 million from NOK 142 million as a result of jack-up installation vessels Brave Tern and Bold Tern achieving 100% utilisation rate in the quarter, compared to 40% in the same period of 2016, when they had yard stays to extend the legs and upgrade the cranes.

The unit's improved earnings before interest, tax, depreciation and amortisation (EBITDA) also reflect higher activity and earnings in Global Wind Service A/S, where Fred. Olsen Windcarrier owns 75.5%, and Universal Foundation Norway losing an arbitration in the first quarter of 2016.

Overall, the group posted a net loss of NOK 148 million, against a NOK-211-million profit a year ago on revenues that fell to NOK 2.35 billion from NOK 3.29 billion, mainly as a result of lower figures at its offshore drilling division.

(NOK 10 = USD 1.160/EUR 1.068)

Choose your newsletter by Renewables Now. Join for free!