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Brave Tern In The Foreground Blue Tern In The Back

3 new contracts and reservation agreements

We have signed 3 new contracts and reservation agreements with a combined revenue of up to EUR 80m.

Fred. Olsen Windcarrier (FOWIC) has recently executed three new contracts and reservation agreements with a combined revenue of up to EUR 80m. The contracts will cover approximately 300 days in 2022 and 200 days in 2023, in both Europe and APAC. Two contracts are linked to projects where FOWIC is already involved.  Following these new contracts, FOWIC’s total revenue backlog stands at approx. EUR 355m of which 18% is linked to options. The yearly distribution of the backlog is 2022: EUR 152m, 2023: EUR 126m and 2024: EUR 77m.

In accordance with the previously announced vessel upgrade program, a firm order for a new 1600t crane for Brave Tern is now placed with Huisman. 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 continued strong competitiveness of FOWIC’s three existing vessels also for the next generations of turbines coming to the market.

Read more about Brave Tern.

Industry-leading fleet

FOWIC is a market leader within the 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 the 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.

Read more about our fleet.