Fred. Olsen Ocean Sees More Revenue in Q4 2016

Fred. Olsen Ocean, part of Norway’s Bonheur Group, recorded NOK 264 million in revenues in the fourth quarter of 2016, a 20.5% rise compared to NOK 219 million in revenues recorded in the same period a year earlier.

The company’s operating result before depreciation, impairment, result from associates, financial items and tax (EBITDA) for the quarter was NOK 35 million, as compared to NOK 35 million negative EBITDA in the fourth quarter of 2015.

Fred. Olsen Ocean Ltd. is the parent company of Fred. Olsen-related companies active in the offshore renewables industry: Fred. Olsen Windcarrier, Global Wind Service (GWS) and Universal Foundation.

Fred. Olsen Windcarrier operates a fleet of two wind farm installation vessels – the Brave Tern and the Bold Tern – as well as a fleet of seven Bayard service vessels.

Utilisation of the division’s installation vessels during the quarter was 64%, compared to 39% in the final quarter a year earlier.

However, the quarter saw a low utilisation of service vessels and a NOK 103 million impairment charge related to crew transfer vessels (CTVs), Bonheur said.

Bonheur also reported that the division’s contract backlog into 2019 was covered 42% by firm contracts and 14% by options.

Overall, Bonheur ASA ended 2016 with NOK 31 million net profit, as compared to NOK 1.1 billion loss reported for the FY 2015.