Fred. Olsen Renewables posts improved Q3 performance

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

October 27 (Renewables Now) - The renewables division of Norwegian group Bonheur ASA (OSL:BON) in the third quarter of 2017 showed year-on-year increases in revenue and EBITDA.

The rises reflect higher-than-a-year-earlier generation, electricity prices and other income, which includes compensation for curtailments and triad incomes.

Key figures for the renewables arm, which encompasses wholly-owned wind farm operator Fred. Olsen Renewables AS and subsidiaries, are in the table below.

Figures in NOK million Q3 2017 Q3 2016 9-mo 2017 9-mo 2016
Operating revenues 233 203 828 673
EBITDA 137 120 549 406
Net profit (loss) 1 (48) 127 (7)

The unit has 595.9 MW of wind farms, mainly in Scotland, as well as in Norway and Sweden, some of which are owned together with the Renewables Infrastructure Group Ltd (LON:TRIG). Compared to the year-ago period, installed capacity increased by 13.8 MW and generation rose 5% to 320 GWh. Generation, however, fell 3% on like-for-like basis, although it was relatively flat when adjusted for curtailments.

Wind speeds in the quarter were lower than average, the company said.

Bonheur's shipping/offshore wind division, Fred. Olsen Ocean Ltd, recorded decreases in revenue and earnings before interest, tax, depreciation and amortisation (EBITDA). Performance was impacted by а reduced average day rate for the jack-up installation vessels Brave Tern and Bold Tern. The vessels' utilisation rate was 73%, up from 63% a year ago.

Global Wind Service A/S (GWS), a provider of personnel to the wind turbine industry, which is part of the segment, recorded 13% revenue growth.

Figures in NOK million Q3 2017 Q3 2016 9-mo 2017 9-mo 2016
Operating revenues 398 428 1,163 811
EBITDA 102 112 338 20
Net profit   32 45 187 (216)

Bonheur's overall EBITDA dropped to NOK 572 million (USD 69.6m/EUR 60m) from NOK 1.34 billion, with a big fall in the offshore drilling segment.  

(NOK 1 = USD 0.122/EUR 0.105)

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Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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