Offshore Wind Brings Revenue Growth to Bonheur ASA

Bonheur ASA, a specialist in shipping, offshore drilling, renewable energy and cruise, has released its Annual Report for 2013.

In 2013, the Group of companies experienced increased revenues compared to the previous year and the overall financial position continued to be satisfactory.

High revenue growth rates were achieved for the segments Renewable Energy and Shipping/Offshore wind. The transport and installation vessels within Shipping/Offshore wind performed satisfactorily during the year. A challenging market and impairments within Cruise, as well as higher cost levels within Offshore Drilling, however, resulted in lower operating results compared with 2012.

Fred. Olsen Renewables AS with subsidiaries (FOR) continued to develop its wind farm activities in the UK, Sweden, Norway and offshore Ireland in 2013. FOR’s operating revenues in 2013 amounted to NOK 726 million, based on an annual pro¬duction of 1 112 GWh. Operating result before depreciation (EBITDA) was NOK 522 million.

The shipping / offshore wind activities are organized through First Olsen Ltd. (FOL). FOL is 100% owner of Fred. Olsen Windcarrier AS with subsidiaries (FOW) and Universal Foundation Norway AS (UFN). Total revenues in 2013 amounted to NOK 1 017 million (NOK 522 million). Operating result before depreciation (EBITDA) was NOK 193 million (NOK -29 million). Operating result (EBIT) was NOK 37 million (NOK – 115 million) and net result was NOK 137 million (NOK -175 million).

Global Wind Service A/S launched its eighth operational business unit in October 2013, located in South Africa, to complement its other operations in Denmark, the United Kingdom, the Netherlands, Germany, Poland, Romania and Turkey.

Universal Foundation Norway AS, a wholly owned company by First Olsen Ltd, together with the subsidiary Universal Founda¬tion A/S (Denmark, 82% owned) develops an integrated turnkey solution around its unique Universal Foundation suction bucket offshore wind foundation.

In 2013 the company delivered two projects consisting of three foundations with complete meteorological masts in UK waters based on the Universal Foundation technology, of which one is awaiting further instructions from the client as to its final installation. The meteorological masts are an integral part of the company’s comprehensive qualification process in readiness for commercial projects for foundations for offshore wind turbines from 2015 onwards.

The Bonheur ASA’s directors stated in the report: “The recent development in Ukraine and Crimea and the focus on the dependence of gas from Russia has reopened the discussion of securing energy supply to Europe. This may further increase the need for more renewable energy, including wind power. In Norway, the debate regarding electrification of the oil and gas installations on the Norwegian Continental Shelf may also provide opportunities for developing more wind farm projects at the west coast of Norway.” 

The full report is available here.