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MarketScreener Homepage  >  Equities  >  NASDAQ OMX HELSINKI LTD.  >  Wärtsilä Oyj    WRT1V   FI0009003727

WÄRTSILÄ OYJ

(WRT1V)
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Wärtsilä Oyj : Wärtsilä to deploy Expert Insight within Optimised Maintenance Agreement for two Thenamaris LNGCs

11/04/2020 | 04:46am EST

The technology group Wärtsilä has been awarded an Optimised Maintenance Agreement covering the main engines for two new, ultra-modern 174,000 cbm LNG Carriers (LNGCs) managed by Greece-based Thenamaris LNG Inc. The vessels, 'Cool Discoverer' and 'Cool Racer', are powered by low pressure, WinGD X-DF two-stroke, dual-fuel main engines, and were built at the Hyundai Heavy Industries (HHI) shipyard in South Korea. The five-year agreement was signed in September 2020.

The object of the agreement is to ensure certainty of operations with budgeted maintenance costs. Under the contract terms, Wärtsilä will enable remote support with condition monitoring systems including Expert Insight, Wärtsilä's unique digital predictive maintenance product, which is now capable of supporting both two- and four-stroke engines. To provide accurate and pro-active advice and recommendations, Expert Insight utilises artificial intelligence (AI) and advanced diagnostics backed by Wärtsilä's vast experience and in-house know-how. This enables prompt notification should performance deviations occur, thus allowing corrective and mitigating actions to be made early. The solution is expected to deliver an estimated 50 percent reduction in unplanned maintenance requirements, and an improvement of 2 to 5 percent in fuel efficiency, with a corresponding reduction in emissions. The service is delivered through Wärtsilä Expertise Centres around the world.

'To achieve optimal operational efficiency, it is necessary to take advantage of the latest and most advanced technology. The agreement with Wärtsilä allows us to benefit from the technological and physical support they can provide through Expert Insight and their global service network. The tailored agreement addresses our main concerns and needs, and provides ways to better manage our costs and risks,' says Mr Andreas Rapanakis, Deputy Technical Manager, Thenamaris LNG Inc.

'Our Optimised Maintenance Agreement is the smart way to ensure that the increasing complexity of modern engines is handled efficiently. It is an important element within Wärtsilä's Lifecycle Solutions offering, which strengthens the business performance and competitiveness of our customers. We will be providing a broad range of services to support the reliable and efficient running of these vessels, including 24/7 remote technical support, contract management, maintenance planning, and annual engine health audits, as well as the planning and delivery of spare parts prior to each engine overhaul,' says Mr Rajeev Janardhan, Sales Manager, 2-stroke engine Lifecycle solutions, Wärtsilä Marine Power.

Thenamaris LNG Inc. is a global ship manager of high specification, modern ocean-going vessels, and currently manages eight vessels with an additional five newbuildings set for delivery by 2022. Wärtsilä has an existing ongoing Technical Management Agreement with the company covering the Wärtsilä engines in three LNG vessels fitted with diesel-electric technology. This however is the first Maintenance Agreement signed with Thenamaris LNG Inc. for two-stroke engines.

Wärtsilä currently has about 700 vessels under maintenance agreements, of which approximately 160 are LNG Carriers.

Through Wärtsilä's and WinGD's 10-year service partnership agreement signed in December 2017, Wärtsilä has access to WinGD's Intellectual Property Rights (IPRs) and technical specifications and is appointed as an Authorized Global Service Provider for all WinGD engines. This in turn, provides WinGD and its customers continued access to Wärtsilä's worldwide service network and comprehensive services offering. It also enhances the opportunity for Wärtsilä to provide integrated smart solutions and smart services to the merchant shipping industry.

Media contact for more information on this release:

Ms Marit Holmlund-Sund
General Manager, Marketing Communications
Wärtsilä Marine Power
Mobile +358 (0)40 538 3519

marit.holmlund-sund@wartsila.com
Image caption: Wärtsilä's Optimised Maintenance Agreement will ensure operational certainty for the 'Cool Discoverer' (shown here) and 'Cool Racer', both of which are managed by Thenamaris LNG Inc.
© Thenamaris LNG Inc

All Wärtsilä releases are available at https://www.wartsila.com/media/news-releasesand at http://news.cision.com/wartsila-corporationwhere also the images can be downloaded.

Wärtsilä Marine Power in brief
Wärtsilä Marine Power leads the industry in its journey towards a decarbonised and sustainable future. Our portfolio of engines, propulsion systems, hybrid technology, and integrated powertrain systems deliver the reliability, safety, and environmental performance that Wärtsilä's Smart Marine vision encompasses. We offer our customers performance-based agreements, lifecycle solutions, and an unrivalled global network of maritime expertise.
www.wartsila.com/marine
Wärtsilä in brief:
Wärtsilä is a global leader in smart technologies and complete lifecycle solutions for the marine and energy markets. By emphasising sustainable innovation, total efficiency and data analytics, Wärtsilä maximises the environmental and economic performance of the vessels and power plants of its customers. In 2019, Wärtsilä's net sales totalled EUR 5.2 billion with approximately 19,000 employees. The company has operations in over 200 locations in more than 80 countries around the world. Wärtsilä is listed on Nasdaq Helsinki.
www.wartsila.com

Disclaimer

Wärtsilä Oyj published this content on 04 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 November 2020 09:44:47 UTC


© Publicnow 2020
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Sales 2020 4 635 M 5 628 M 5 628 M
Net income 2020 163 M 197 M 197 M
Net Debt 2020 680 M 825 M 825 M
P/E ratio 2020 33,3x
Yield 2020 3,22%
Capitalization 5 329 M 6 459 M 6 471 M
EV / Sales 2020 1,30x
EV / Sales 2021 1,30x
Nbr of Employees 18 183
Free-Float 74,8%
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Number of Analysts 16
Average target price 7,83 €
Last Close Price 9,01 €
Spread / Highest target 22,1%
Spread / Average Target -13,0%
Spread / Lowest Target -38,9%
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Jaakko-Veikko Eskola President & Chief Executive Officer
Thomas Johnstone Chairman
Arjen Berends Chief Financial Officer & Executive VP
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Outi Maarit Aarni-Sirviö Independent Director
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