Slide 1: 2Q 2024 – Presentation
2Q 2024 – Presentation 11 July 2024
Slide 2: Highlights 2Q 2024
Highlights 2Q 2024 Bonheur ASA Group of companies Figures in parenthesis (2Q23) Renewable Energy Wind Service Cruise Other Investments Consolidated: Operating revenues were NOK 4 283 million (NOK 2 833 million) EBITDA was NOK 1 229 million (NOK 727 million) EBIT was NOK 938 million (NOK 458 mi
Slide 3: Consolidated summary
Consolidated summary Bonheur ASA Group of companies (NOK million) 2Q 2024 2Q 2023 Change Revenues 4 283 2 833 1 449 Opex 3 053 2 107 947 EBITDA 1 229 727 503 Depreciation -292 -268 -24 EBIT 938 458 479 Net finance -130 93 -223 EBT 803 547 256 Tax Cost -109 8 -117 Net result 694 554 140 Shareholders
Slide 4: Segment analysis – Revenues
Segment analysis – Revenues Bonheur ASA Group of companies (NOK million) 2Q 2024 2Q 2023 Change Renewable Energy 501 430 70 Wind Service 2 451 1 264 1 187 Cruise 1 043 855 188 Other 288 284 4 Total Revenues 4 283 2 833 1 449 NOK / EUR (average) 11,56 11,66 -0,8 % NOK / GBP (average) 13,56 13,40 1,2
Slide 5: Segment analysis – EBITDA
Segment analysis – EBITDA Bonheur ASA Group of companies (NOK million) 2Q 2024 2Q 2023 Change Renewable Energy 259 277 -18 Wind Service 763 320 442 Cruise 212 132 80 Other -4 -3 -1 Total EBITDA 1 229 727 503 5
Slide 6: Group capitalization per 2Q 2024
Group capitalization per 2Q 2024 Group financial objectives targeted to secure long-term visibility and flexibility through business cycles Green financing framework in place for Bonheur and its subsidiaries External (NOK million) Cash debt 100% owned entities: Renewable Energy 356 Wind Service
Slide 7: Fred. Olsen Renewables FORAS Q2-24
Fred. Olsen Renewables FORAS Q2-24
Slide 8: Full cycle business model
Full cycle business model Site Investigation Development Consented Construction Operation UK UK - 900 MW Scotland (390 MW) Scotland Scotland Portfolio Paul’s Hill II – 21 MW Crystal Rig IV – 49.1 Crystal Rig – 62.5 MW Windy Standard III – 88 MW MW installed Crystal Rig II - 138.0 MW Norway Norway –
Slide 9: Market backdrop
Market backdrop Capacity Factors and Generation Gas- and European power prices 300 600 250 500 EUR/MWh (electricity) 200 400 EUR/MWh (gas) 150 300 100 200 50 100 0 0 jan. 20 jul. 20 jan. 21 jul. 21 jan. 22 jul. 22 jan. 23 jul. 23 jan. 24 Gas: TTF (15-day MA) Electricity: DE, FR, UK (15-day MA) Power
Slide 10: Crystal Rig IV is under construction
Crystal Rig IV is under construction A Scottish Wind Farm The wind farm will consist of 11 wind turbines and 49,1 MW Adjacent to Crystal Rig I (25 turbines), Crystal Rig II (60 turbines) and Crystal Rig III (6 turbines) Site consists of: a metering and transformer building, one anemometry mast, unde
Slide 11: Crystal Rig IV – Project details
Crystal Rig IV – Project details Key facts Planned Commercial Operation Date February 2026 (COD) Wind Turbines 4 x V136 – 4.5MW (82.0 m hub height) 5 x V136 – 4.5MW (106.5 m hub height) 2 x V117 – 4.3MW (106.5 m hub height) Installed Capacity 49,1 MW Grid Capacity 48,2 MW Average Windspeed 8,7 m/s P
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Slide 13: Fred. Olsen Seawind Q2
Fred. Olsen Seawind Q2
Slide 14: Fred. Olsen Seawind
Fred. Olsen Seawind Pure-play offshore wind Independent Power Producer with solid market presence and portfolio Company Overview 25+ year track Established market Long-term Established market record in wind position with around partnerships position and development, 2.1 GW gross established with dev
Slide 15: Codling is one of the largest mature OFW projects in Europe
Codling is one of the largest mature OFW projects in Europe Project is on track for delivering the next milestone – final consent application in 2024 Codling Wind Park • Consent applications for Codling Wind Park are on track scheduled for submission 1.3 GW #1 during 2024. Dublin Gross capacity Irel
Slide 16: Leading floating wind site development off Scotland
Leading floating wind site development off Scotland Floating offshore wind project in partnership Vattenfall The Muir Mhòr Project • Development continues at pace to submit both onshore and offshore consent application in 798-1000 ~200 km2 2024. MW Area Capacity • Project remains focused on being on
Slide 17: Strongly positioned to succeed in growth market of Norway
Strongly positioned to succeed in growth market of Norway Norway holds strong potential as a future market for Fred. Olsen Seawind Norway has attractive long-term potential Utsira Nord in brief • The Ministry of Energy has launched a public consultation on the coming 3x500 MW 1,010 km2 Gross capacit
Slide 18: Fred. Olsen 1848
Fred. Olsen 1848
Slide 19: The Floating PV Power Production System - BRIZO
The Floating PV Power Production System - BRIZO Unlocking the potential in nearshore floating solar Solar: • Impressive growth in global energy mix • Land-intensive • Use of water surfaces for PV installations - high potential Global outlook for floating solar PV, 2020-2030 • Combination with hydro-
Slide 20: The Floating PV Power Production System - BRIZO
The Floating PV Power Production System - BRIZO Unlocking the potential in nearshore floating solar The technology - BRIZO: • Designed with hydrodynamic loads as starting point • Competitive cost level • Prepared for mass production • Sustainable materials • Designed for near- and offshore incl. typ
Slide 21: Mobile Port Solution
Mobile Port Solution Floating offshore wind: • Require substantially more port infrastructure than bottom-fixed • A constraint in areas with high ambitions for floating offshore wind • An opportunity for new services Mobile Port solution: • Removes the turbine integration from the quay-side • Signif
Slide 22: Floating foundation BRUNEL
Floating foundation BRUNEL Designed for the next generation of wind turbines to unlock the potential of floating wind PROPRIETARY Utilizing monopile fabrication methods for high throughput RIGHTS Basic design phase completed • Final clarifications with DNV ongoing • From global behaviour down to sec
Slide 23: Fred. Olsen Windcarrier Update
Fred. Olsen Windcarrier Update
Slide 24: Fred. Olsen Windcarrier – activity in 2Q
Fred. Olsen Windcarrier – activity in 2Q Key Facts: Offices # projects executed 60+ Global strategy – World leading 3x ~EUR 325 m 1 proven track record offshore wind >250 employees backlog incl. 1) in all core markets installation vessel fleet options First mover 5 WTGs installed MW installed First
Slide 25: Steady operational performance
Steady operational performance Quarterly financials impacted by major vessel upgrade program and booking of fees Photo: Regis Mortier Stable operations with 100% contractual utilization in quarter Brave Tern in yard undergoing major upgrade program including new crane Scheduled redelivery 3Q
Slide 26: Backlog development
Backlog development Backlog FOWIC vessels end 2Q 2024 is EUR 325 million (1Q 2024: EUR 514 million): One contract being terminated due to project being cancelled Added new contract for completion of an existing project in UK Reported Blue Wind backlog (Shimizu vessel) at EUR 71 million1 Ex
Slide 27: Cruise
Cruise Events in the quarter compared to same quarter last year Borealis, Bolette and Balmoral operated Occupancy of 77% up from 69% Net ticket income of GBP 196 per diem compared to GBP 191 Continue to see good booking numbers compared to last year Increased customer satisfaction 27
Slide 28: Highlights 2Q 2024
Highlights 2Q 2024 Bonheur ASA Group of companies Figures in paranthesis (2Q23) Renewable Energy Wind Service Cruise Other Investments Consolidated: Operating revenues were NOK 4 283 million (NOK 2 833 million) EBITDA was NOK 1 229 million (NOK 727 million) EBIT was NOK 938 million (NOK 458 mi