The Fred Olsen group is plotting an order for a new wind turbine installation vessel (WTIV) as renewables profit rolled in during the first quarter.
Oslo-listed holding company Bonheur said subsidiary Fred Olsen Windcarrier (FOWIC) aims to construct a fourth vessel to supplement the existing fleet, using "unique industry experience and client dialogues"
The idea is to reinforce the company's leading market position in what it calls a growing market, and secure optimisation of fleet utilisation and economies of scale.
No further details have yet been given, but the group could be looking at a bill of towards $300m for the unit.
FOWIC controls three turbine transport and installation vessels, and charters in a maintenance ship.
A crane upgrade programme has been initiated for the three owned vessels, with steel already cut for the first new crane.
Installation is planned to start in early 2022.
Matching the latest designs
This will secure enhanced turbine carrying capacity and bring the three vessels on a par with announced newbuildings in the sector, Bonheur said.
The ships will be able to install the latest 13MW to 15MW turbines, but also bigger structures if they are developed, the company added.
The group owns 50% of United Wind Logistics (UWL) in Germany, which carries turbine components.
UWL took delivery of two newbuilds and bought another in 2020.
Bonheur's wind service vessel division produced Ebitda of NOK 70m ($8.5m) in the first quarter, versus a loss of NOK 29m in 2020.
Bonheur reported an overall net loss was NOK 35m in the first quarter, against profit of NOK 118m in 2019.
Operating revenue was NOK 1.3bn, from NOK 2bn a year ago. Ebitda dipped to NOK 236m from NOK 250m.
Still, the company has proposed a dividend of NOK 4 per share, a total payout of NOK 170m.
Cruises still curtailed
Bonheur's four cruiseships remain laid up in Scotland due to the coronavirus pandemic.
The Ebitda loss was NOK 141m, mainly due to lay-up, mobilisation cost and overheads.
This compares to a deficit of NOK 105m in 2020.
The company is seeing "substantial demand" for cruises for the second half of 2021 and 2022, however.
One vessel is being mobilised for a UK-only cruise in July.
Others will follow "pending other countries opening up for cruising", said Bonheur, which also has a major stake in TradeWinds owner NHST Media Group.
