Bonheur’s bottom line took a hit in the first quarter, with the company painting the dip as just a bump in the road for the Oslo-listed company.
The Fred Olsen group holding company reported a NOK 304m ($27.7m) profit for the first three months of the new year, down from the year-ago figure of NOK 565m.
The result came as utilisation for its wind turbine installation vessels under its Fred Olsen Windcarrier subsidiary fell to 67% from 100% year-over-year 15,328-gt Brave Tern (built 2012) was sent to the Navantia shipyard in Spain for crane replacement and other upgrades.
The ship is expected to return to service in the third quarter.
In its cruise segment — where it owns three cruise ships operating in the UK market — occupancy rose to 69% from 66% but net ticket income dropped to £172 ($215.79) per day from £180 per day.
For its renewables segment, which owns and develops wind farms, power prices in Norway, the UK and Sweden fell to multi-year lows matching a 7% dip in electricity generation.
Bonheur did not discuss its outlook for renewables but did say it has seen strong bookings for cruises through 2024 and into 2025.
For its wind turbine installation vessels, it said its three owned vessels are close to being fully utilised through 2026 with a total contract backlog of €514m ($551m).
Its fourth vessel, the 28,000-gt Blue Wind (built 2022), has a contract backlog of €105m.
That vessel is owned by Shimizu Corp and is being marketed outside Japan by Fred Olsen Windcarriers.
It is currently working in Taiwan for Skyborn Renewables.
Bonheur is the owner of TradeWinds’ parent company DN Media Group.
