Markets and finance

Turbine vessels prospects boost wind player: 'outlook is positive'

Tern vessels kept busy as Fred Olsen Wind Carrier books contracts and reservations

Bold Tern, part of the Fred Olsen Wind Carrier fleet.
Bold Tern, part of the Fred Olsen Wind Carrier fleet.Photo: Fred Olsen
Corporate Power Editor, Recharge

Turbine installation boosted the parent group of Fred Olsen Wind Carrier (FOWC) last quarter.

FOWC – whose Tern fleet of three installation vessels are regulars at major projects globally – helped the Wind Services segment of Bonheur deliver a 33% year-on-year increase in profits (Ebitda) to NKr577m ($57.7m) in the three months ending September.
With two of its vessels at 100% utilisation in the quarter and the third, Brave Tern being prepared for 15MW models, FOWC in the third quarter booked firm contracts (64 turbines) and reservation agreements (63) for turbine installations in 2027 and 2028.

“The market outlook for wind turbine installation vessels is positive,” the company told investors, adding that the contract backlog for the Tern vessels now stands at €360m, up from €288m a year earlier.

FOWC forms part of Bonheur’s Wind Service section along with Global Wind Services, the on- and offshore turbine installation specialist.

Analyst group Clarksons said Wind Service’s Ebitda was “sharply ahead” of its NKr208m forecast helped by a strong operational performance.

The contracts and reservation agreements provide “enhanced visibility on cash flow generation in the years ahead”, added Clarksons.

Bonheur also owns renewable energy businesses including wind operator Fred Olsen Renewables and developer Fred Olsen Seawind, and offshore developer Fred Olsen Seawind. It is a major shareholder in DN Media Group, which publishes Recharge.
(Copyright)

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Published 24 October 2025, 10:20Updated 24 October 2025, 10:20
OffshoreFred Olsen Windcarrier