FOWIC secures three deals worth €124 million

FOWIC secures three deals worth €124 million

Oslo-based Fred. Olsen Windcarrier (FOWIC) has secured three new turbine transport and installation contracts with a combined value of up to €124 million. 

The contracts are linked to work in 2022-2024 in both Europe and APAC, the company informed.

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 represents 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 approximately €353 million including options of which 80 percent is firm revenue.

FOWIC initiates crane upgrade program

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.

Author: Adnan Bajic

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