Fred. Olsen Windcarrier scores turbine contracts

In: Vessels
28/05/2021
Fred. Olsen Windcarrier (FOWIC) has over the last two months signed three new turbine transport and installation (T&I) contracts with a combined value of up to EUR 124m.

The contracts are linked to work in 2022-2024 in both Europe and APAC. 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 all represent unique challenges in terms of operating in demanding soil conditions or requiring local knowledge and experience.


Following these new contracts and the previously announced temporary reallocation of a second vessel to Taiwan, FOWIC’s backlog now stands at approx. EUR 353 m including options of which 80% is firm revenue.

FOWIC is currently executing a new crane upgrade program for its existing three vessels,
Brave Tern, Bold Tern and Blue Tern and will, when completed in 2024/25 will enable it to install 13-15 MW turbines coming to the market in 2024/25. In addition, FOWIC aims to construct a fourth vessel to supplement the existing fleet and work continuously to optimize the long term financial structure of the company. The company has offices in Oslo (Norway), Fredericia (Denmark), Hamburg (Germany), and Taipei (Taiwan).

For more information on installation and maintenance of major offshore wind farm components, click here.

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