siem offshore lng powered psv

Wärtsilä Gains on LNG-Powered PSV Order from Siem Offshore

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September 2, 2013

Siem Offshore’s new 89.2 metre long Wärtsilä VS 4411 LNG-powered PSV will be built by Remontowa Shipbuilding

Sept. 2 (Bloomberg) –Wärtsilä a Finnish maker of ship engines, rose the most in eight weeks in Helsinki trading after winning a repeat-order for the design and engines of a dual-fuel platform supply vessel.

Wärtsilä increased as much as 3 percent to 36.38 euros, the steepest intraday advance since July 8, and added 2.9 percent to 36.36 euros at 1:50 p.m. in the Finnish capital. Trading volume was 29 percent of the three-month daily average.

Wärtsilä will design a platform supply vessel for Siem Offshore Inc., the Finnish company said in a statement today. The order includes supplying dual-fuel engines that also run on liquefied natural gas, the ship’s electrical and automation systems and its LNG storage and handling systems. Wärtsilä didn’t disclose the value of the order for the vessel, which will be operational in 2015.

Wärtsilä’s 1.15 billion-euro ($1.5 billion) second-quarter net sales, with power plants and services accounting for the rest. The attractiveness of LNG as a fuel is supported by its low carbon-intensity, global trade and pricing, Wärtsilä said in the interim report on July 18.

Siem Offshore made a similar order in November 2012 and almost half of the vessels in its fleet already feature Wärtsilä ship designs and equipment, the Helsinki-based company said.

– Kati Pohjanpalo, Copyright 2013 Bloomberg.

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