Report for the first quarter 2022

Financial and operating highlights 1Q22 (1Q21 in brackets):

  • Operating revenues were NOK 2 476 million (NOK 1 338 million)
  • EBITDA was NOK 926 million (NOK 236 million)
  • EBIT was NOK 681 million (NOK 9 million)
  • Net result after tax was NOK 430 million (NOK -35 million)

Segment highlights 1Q22 (1Q21 in brackets):

Renewable Energy

  • EBITDA NOK 1 220 mill. (NOK 333 mill.)
  • Continued high power prices
  • Good wind conditions
  • Full operation of Högaliden adding 18% generation
  • Seawind’s JV with Vattenfall was awarded rights to develop the Mara Mohr area, with a capacity of up to 798 MW, in the Scotwind lease-round in the UK

Wind Service

  • EBITDA NOK -9 mill. (NOK 70 mill.)
  • Utilization in 1Q was 16%. Solid outlook for 2Q-4Q 2022
  • Brave Tern was not in operation and commenced 10-year class renewal survey in March
  • Bold Tern conversion program ongoing at yard in Singapore, estimated completion in May
  • Blue Tern completed yard stay mid-February and commenced directly on the Kaskasi contract (Offshore Germany)
  • Strengthened order backlog to EUR 540 million for 2022-2024
  • GWS operated in line with expectations


  • EBITDA NOK -246 mill. (NOK -141 mill.)
  • Two ships were cruising
  • Q1 sailings impacted by Omicron
  • Balmoral is planned to commence cruising in May 2022
  • Good demand for cruises in 2022 and 2023

Other Investments

  • EBITDA NOK -39 mill. (NOK -26 mill.)
  • EBITDA for NHST NOK -1 mill. (NOK 7 mill.)
  • Fred. Olsen 1848 a technology development and innovation company within floating wind and floating solar, progressing on several solutions
  • Fred. Olsen Investments, at present four smaller investments within renewable energy related companies

The unaudited Group accounts for 1Q22 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 2 476 million (NOK 1 338 million). Renewable Energy had operating revenues of NOK 1 442 million (NOK 477 million), Wind Service NOK 574 million (NOK 607 million), Cruise NOK 209 million (NOK 0 million). Other investments had operating revenues of NOK 252 million (NOK 254 million).

EBITDA in the quarter was NOK 926 million (NOK 236 million). Renewable Energy achieved EBITDA of NOK 1 220 million (NOK 333 million), Wind Service NOK -9 million (NOK 70 million), Cruise NOK -246 million (NOK -141 million). Within Other investments EBITDA was NOK -39 million (NOK -26 million).

Depreciation in the quarter was NOK -245 million (NOK -227 million). No impairment was booked in the quarter.

EBIT in the quarter was NOK 681 million (NOK 9 million).

Net financial items in the quarter were NOK -14 million (NOK 18 million). Net interest expenses in the quarter were NOK -96 million (NOK -91 million). In addition, there were net unrealized financial gains of NOK 92 million (NOK 112 million) in the quarter, which mainly consist of unrealized financial instruments of NOK 105 million (NOK 112 million), unrealized gain on investments of NOK 22 million (NOK 14 million) and exchange rate differences of NOK -35 million (NOK -15 million). Other financial items amounted to NOK -10 million (NOK -3 million).

Net Result in the quarter was NOK 430 million (NOK -35 million) of which NOK 54 million (NOK -138 million) is attributable to the shareholders of the parent company. The non-controlling interests’ share of the net result in the quarter was NOK 376 million (NOK 103 million).