Fred. Olsen Renewables, Ocean post losses in Q2

Norwegian group Bonheur ASA (OSL:BON) saw its renewables division and shipping/offshore wind unit both report losses for the second quarter (Q2) of 2016.

The renewables segment, which includes wind farm operator Fred. Olsen Renewables AS and subsidiaries, turned to a Q2 net loss of NOK 107 million (USD 12.6m/EUR 11.4m) after revenues fell due to less wind and lower electricity prices. The company had an operational capacity of 582 MW in Scotland, Norway and Sweden as of June 30, of which 212 MW relate to minority interests.

(Figures in NOK million)	Q2 2016	Q2 2015	H1 2016	H1 2015
Revenue	171	234	471	625
EBITDA	84	134	286	444
EBIT	-32	36	49	245
Net profit	-107	23	41	162

The renewables unit has onshore wind projects in the UK, France, Norway and Sweden, and offshore in Ireland.

Bonheur’s shipping/offshore wind division, Fred. Olsen Ocean Ltd, comprises offshore wind farms installer Fred. Olsen Windcarrier AS and turbine foundations supplier Universal Foundation Norway AS. Its revenues fell because of upgrades to the Bold Tern jack-up vessel, which resulted in lower utilisation. Both the Bold Tern and Brave Tern vessels have now been upgrades so as to work on a wider range of projects in deeper waters and with larger turbines.