Fred. Olsen Windcarrier Reels In $90,5M in New Contracts

OE Staff January 5, 2022

Credit: FOWIC

Offshore wind installation firm Fred. Olsen Windcarrier (FOWIC) said Tuesday it had recently executed three new contracts and reservation agreements with combined revenue of up to 80 million euros (~$90,5 million).

The contracts, with undisclosed clients, will cover around 300 days in 2022 and 200 days in 2023, in both Europe and the Asia Pacific.

Two contracts are linked to projects where Fred. Olsen Windcarrier is already involved.

Following these new contracts, FOWIC’s total revenue backlog stands at around 355 million euros (~$401,8 million) of which 18% is linked to options.

The yearly distribution of the backlog is 152 million euros in 2022,126 million euros in 2023, and 77 million euros in 2024.

Also, as reported Tuesday, FOWIC placed a firm order for a new 1600t crane for the Brave Tern jack-up unit upgrade.

The installation on the vessel is expected to be completed in 2024. Separately, ongoing installation and upgrade work on Bold Tern at Keppel Fels is progressing according to plan and budget.

"The upgrade program will secure the continued strong competitiveness of FOWIC’s three existing vessels also for the next generations of turbines coming to the market," FOWIC said.