GWS Shines on Fred. Olsen Windcarrier Balance Sheet

Global Wind Service (GWS), 75.5%-owned by Fred. Olsen Windcarrier, saw a 13% revenue growth in the third quarter of 2017, as its owner reported lower revenues from installation vessels for Q3.

Revenue growth at GWS is a result of extension of several projects and full resource utilisation throughout the third quarter.

Fred. Olsen Windcarrier's revenue from jack-up installation vessels Brave Tern and Bold Tern was lower than in the same quarter of last year due to reduced average day rate. However, the vessels – working for Adwen and Siemens during the quarter – witnessed a utilisation rate of 73%, an increase when compared with the same period of 2016, when the utilisation rate was 63%.

Looking at the three first quarters of 2017, the utilisation rate for Brave Tern and Bold Tern was 91%.

Fred. Olsen Windcarrier, together with Universal Foundation Norway, is 100% owned by Fred. Olsen Ocean, which reported an EBITDA of NOK 102 million (approx. EUR 11 million) for the third quarter of this year, down from the amount reported for Q3 2016 (NOK 112 million/ approx. EUR 12 million). Operating revenue at Fred. Olsen Ocean in Q3 fell to approx. EUR 42 million from approx. EUR 45 million reported for Q3 2016.