Tern Sisters Keeping Busy

Fred. Olsen Ocean Ltd. (FOO), owner of Fred. Olsen Windcarrier and Universal Foundation Norway, has reported NOK 413 million (EUR 42 million) in operating revenues in Q4 2018, a 13% increase compared to the same period in 2017, partly attributed to higher utilization of Brave Tern and Bold Tern.

According to the company, the two jack-up vessels had a utilization rate of 79% for the quarter, 20% more than in Q4 2017, as they worked on a project in Denmark and carried out contracts in Germany and the UK.

The crew transfer vessels (CTVs) had a utilization rate of 80% in Q4 of the fiscal year 2018, 56% up from the same period in 2017.

EBIDTA amounted to NOK 40 million (EUR 4 million) in Q4 2018, which is a 25% increase compared to the fourth quarter of 2017.

Although Q4 2018 showed a boost for FOO, the operating revenues for the whole fiscal year fell from NOK 1,528 million in 2017 to NOK 1,480 million in 2018.

Similarly, EBITDA was reported to equal NOK 156 million in 2018, which is a significant decrease from NOK 370 million than in the year before.

The utilization rate for the transport and installation vessels was 66% versus 83%, while the CTVs had a utilization rate of 76%, an 8% boost compared to 2017.

Bold Tern is currently deployed at the Hornsea Project One offshore wind farm in the UK, where it had recently installed the first turbine.

Brave Tern recently finished its job at the Horns Rev 3 offshore wind farm in Denmark after installing the last of the 49 MHI Vestas V164-8.3 MW turbines.