Financial and operating highlights 2Q22 (2Q21 in brackets):- Operating revenues were
NOK 2 386 million (NOK 1 611 million) -
EBITDA was
NOK 562 million (NOK 313 million ) -
EBIT was
NOK 334 million (NOK 80 million ) -
Net result after tax was
NOK 161 million (NOK -11 million )
Segment highlights 2Q22 (2Q21 in brackets):Renewable Energy
- EBITDA
NOK 502 mill. (NOK 197 mill.) -
Continued high power prices
-
Fäbodliden 2 continues towards construction in 2023
-
High development activity in all business areas
-
Establishment of Hvitsten AS, a
EUR 480 million investment fund for onshore wind equity financing
Wind Service
- EBITDA
NOK 106 mill. (NOK 271 mill.) -
Utilization for the Tern vessels in 2Q was 51% (96%) due to crane upgrade and yard stays
-
Strong outlook both short and long term, as all vessels are now out of yards towards a solid backlog of
EUR 530 mill. -
FOWIC signed a major contract of € 150 mill in the quarter, adding to the backlog
-
Bold Tern conversion complete in Q2 and within budget of
EUR 61 mill.
Cruise
- EBITDA
NOK -42 mill. (NOK -179 mill.) -
Three ships in operation when Balmoral resumed cruising in May
-
Occupancy of 73% of the three ships in operations in the quarter
-
Net Ticket Income of
GBP 194 per diem -
EBITDA influenced by higher bunker cost and mobilization of Balmoral
-
Good demand for cruises in the summer of 2022
-
Strong bookings during summer seasons going forward but increased uncertainty in general for the
UK economy and the effects of a new COVID outbreak -
Negative impact from cancelling Russian and Ukrainian destinations
Renewable Energy
- EBITDA
NOK 502 mill. (NOK 197 mill.) - Continued high power prices
- Fäbodliden 2 continues towards construction in 2023
- High development activity in all business areas
-
Establishment of Hvitsten AS, a
EUR 480 million investment fund for onshore wind equity financing
Wind Service
- EBITDA
NOK 106 mill. (NOK 271 mill.) - Utilization for the Tern vessels in 2Q was 51% (96%) due to crane upgrade and yard stays
-
Strong outlook both short and long term, as all vessels are now out of yards towards a solid backlog of
EUR 530 mill. - FOWIC signed a major contract of € 150 mill in the quarter, adding to the backlog
-
Bold Tern conversion complete in Q2 and within budget of
EUR 61 mill.
Cruise
- EBITDA
NOK -42 mill. (NOK -179 mill.) - Three ships in operation when Balmoral resumed cruising in May
- Occupancy of 73% of the three ships in operations in the quarter
-
Net Ticket Income of
GBP 194 per diem - EBITDA influenced by higher bunker cost and mobilization of Balmoral
- Good demand for cruises in the summer of 2022
-
Strong bookings during summer seasons going forward but increased uncertainty in general for the
UK economy and the effects of a new COVID outbreak - Negative impact from cancelling Russian and Ukrainian destinations
Other Investments
- EBITDA
NOK -4 mill. (NOK 25 mill.) -
EBITDA for NHST
NOK 23 mill. (NOK 46 mill.) - Fred. Olsen 1848 a technology development and innovation company within floating wind and floating solar, progressing on several solutions
- Fred. Olsen Investments, undertaken four smaller investments within renewable energy related companies
Financial information
The unaudited Group accounts for 2Q22 comprise
The main business segments of the Group of companies are Renewable Energy, Wind Service, Cruise and Other investments.
The Group of companies' operating revenues in the quarter amounted to
EBITDA in the quarter was
Depreciation in the quarter was
EBIT in the quarter was
Net financial items in the quarter were
Net Result in the quarter was
For the first half-year, operating revenues were
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