GWS Shines on Fred. Olsen Windcarrier Balance Sheet

OrbisEnergy  tenant 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.

Sourced: Offshorewind.biz

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The Team

Katie Snell

Having worked within the property department for 9 years, I have had the pleasure of working within the majority of the Nwes sites in the Norfolk and Waveney area. For the last 2.5 years I have been based at OrbisEnergy and more recently as Senior Coordinator overlooking the renewable hub and team.

Devon Mills

Devon has joined the team at OrbisEnergy as an Administration Coordinator in November 2014 and more recently a Centre Coordinator in January 2016. Having previously worked within various customer service roles she is pleased to be able to apply her skills and knowledge to her position at OrbisEnergy.

She is keen to build a strong understanding within the Offshore Renewable industry, whilst being able to develop a good mind for business and sales.

Johnathan Reynolds

Johnathan is responsible for all aspects of business and supply chain development for the flagship innovation and incubation centre for offshore renewables in the east of England, OrbisEnergy.

Matthew Holden

Matt’s role is Technical Support Manager, his main duty is leading the European Clusters for Offshore Wind Servicing Project (ECOWindS, www.ecowinds.eu) on behalf of Nwes. In addition to ECOWindS Matt’s role is provide support for the property team and to carry out specific project work.

John Balch

John is Managing Director of Nautilus, Director of Nwes and Hub Director of OrbisEnergy and Beacon Innovation Centre. He is a mechanical engineer and has broad experience gained over 40 years in the international offshore industry.

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