Report for the second quarter 2022

Financial and operating highlights 2Q22 (2Q21 in brackets):

  • Operating revenues were NOK 2 386 million (NOK 1 611 million)
  • EBITDA was NOK 562 million (NOK 313 million)
  • EBIT was NOK 334 million (NOK 80 million)
  • Net result after tax was NOK 161 million (NOK -11 million)

Segment highlights 2Q22 (2Q21 in brackets):

Renewable Energy

  • EBITDA NOK 502 mill. (NOK 197 mill.)
  • Continued high power prices
  • Fäbodliden 2 continues towards construction in 2023
  • High development activity in all business areas
  • Establishment of Hvitsten AS, a EUR 480 million investment fund for onshore wind equity financing

Wind Service

  • EBITDA NOK 106 mill. (NOK 271 mill.)
  • Utilization for the Tern vessels in 2Q was 51% (96%) due to crane upgrade and yard stays
  • Strong outlook both short and long term, as all vessels are now out of yards towards a solid backlog of EUR 530 mill.
  • FOWIC signed a major contract of € 150 mill in the quarter, adding to the backlog
  • Bold Tern conversion complete in Q2 and within budget of EUR 61 mill.


  • EBITDA NOK -42 mill. (NOK -179 mill.)
  • Three ships in operation when Balmoral resumed cruising in May
  • Occupancy of 73% of the three ships in operations in the quarter
  • Net Ticket Income of GBP 194 per diem
  • EBITDA influenced by higher bunker cost and mobilization of Balmoral
  • Good demand for cruises in the summer of 2022
  • Strong bookings during summer seasons going forward but increased uncertainty in general for the UK economy and the effects of a new COVID outbreak
  • Negative impact from cancelling Russian and Ukrainian destinations

Other Investments

  • EBITDA NOK -4 mill. (NOK 25 mill.)
  • EBITDA for NHST NOK 23 mill. (NOK 46 mill.)
  • Fred. Olsen 1848 a technology development and innovation company within floating wind and floating solar, progressing on several solutions
  • Fred. Olsen Investments, undertaken four smaller investments within renewable energy related companies

Financial information

The unaudited Group accounts for 2Q22 comprise Bonheur ASA (the “Company”) and its subsidiaries (together the “Group of companies”) and the Group of companies’ ownerships in associates.

The main business segments of the Group of companies are Renewable Energy, Wind Service, Cruise and Other investments.

The Group of companies’ operating revenues in the quarter amounted to NOK 2 386 million (NOK 1 611 million). Renewable Energy had operating revenues of NOK 693 million (NOK 330 million), Wind Service NOK 846 million (NOK 1 008 million), Cruise NOK 580 million (NOK 0 million). Other investments had operating revenues of NOK 267 million (NOK 273 million).

EBITDA in the quarter was NOK 562 million (NOK 313 million). Renewable Energy achieved EBITDA of NOK 502 million (NOK 197 million), Wind Service NOK 106 million (NOK 271 million), Cruise NOK -42 million (NOK -179 million). Within Other investments EBITDA was NOK -4 million (NOK 25 million).

Depreciation in the quarter was NOK -246 million (NOK -234 million). An impairment of NOK 18 million was reversed during the quarter as a result of a contractual settlement for the Jill-vessel.

EBIT in the quarter was NOK 334 million (NOK 80 million).

Net financial items in the quarter were NOK -34 million (NOK -43 million). Net interest expenses in the quarter were NOK -87 million (NOK -90 million). In addition, there were net unrealized financial gains of NOK 66 million (NOK 57 million) in the quarter, which mainly consist of exchange rate differences of NOK 59 million (NOK 27 million), unrealized gain on financial instruments of NOK 16 million (NOK 17 million) and unrealized loss on investments of NOK -9 million (NOK 13 million). Other financial items amounted to NOK -13 million (NOK -9 million).

Net Result in the quarter was NOK 161 million (NOK -11 million) of which NOK -14 million (NOK -54 million) is attributable to the shareholders of the parent company. The non-controlling interests’ share of the net result in the quarter was NOK 175 million (NOK 43 million).

For the first half-year, operating revenues were NOK 4 862 million (NOK 2 948 million) and with an EBITDA of NOK 1 488 million (NOK 549 million).