Sunday, February 25, 2024

3 new transport and installation contracts for Fred. Olsen Windcarrier


Fred. Olsen Windcarrier (FOWIC) has over the last two months signed 3 new turbine transport and installation (“T&I”) contracts with a combined value of up to EUR 124m. The contracts are linked to work in 2022-2024 in both Europe and APAC. Two will be executed with an upgraded vessel, and combined the projects will cover up to 630 vessel days. All three contracts are repeat contracts building on existing client relationships, and each represent unique challenges in terms of operating in demanding soil conditions or requiring local knowledge and experience. Following these new contracts and previously announced temporary reallocation of a second vessel to Taiwan, FOWIC’s backlog now stands at approx. EUR 353 m including options of which 80% is firm revenue.

Industry leading fleet

FOWIC is a market leader within transport and installation of offshore wind turbines, having an industry leading fleet and having installed 20% of all offshore turbines globally to date (excluding China). A new crane upgrade program for its existing 3 vessels has been initiated and will, when completed in 2024/25 secure a future proof fleet able to cost efficiently install both 13-15 MW turbines coming to the market in 2024/25, but also bigger turbines. In addition, FOWIC aims to construct a fourth vessel to supplement existing fleet and continuously work to optimize the long term financial structure of the company. The company has offices in Oslo – Norway, Fredericia – Denmark, Hamburg – Germany, and Taipei – Taiwan.

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