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4-Traders Homepage  >  Equities  >  NASDAQ OMX HELSINKI LTD.  >  Wartsila Oyj Abp    WRT1V   FI0009003727

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Wartsila Corporation : Wärtsilä gets propulsion order for the first LNG powered ferry in North America

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12/03/2012 | 12:51pm CEST
Wärtsilä gets propulsion order for the first LNG powered ferry in North America

Wärtsilä Corporation, Press release, 3 December 2012 at 12 noon EET

Wärtsilä, the marine industry's leading solutions and services provider, has been awarded the contract to supply the gas powered propulsion machinery and corresponding gas storage and handling systems for a new passenger ferry. The vessel has been ordered by Canadian operator Société des traversiers du Québec (STQ), and will be the first North American ferry to be powered by liquefied natural gas (LNG). The ship is being built by Fincantieri Cantieri Navali Italiani in Italy and will be used on routes crossing the St. Lawrence River. The Wärtsilä contract was signed in October, 2012. The Wärtsilä equipment is due to be delivered in the autumn 2013, and the vessel is scheduled for delivery by the end of 2014.

The ferry is being built to comply with the stringent emission regulations applicable to its area of operation. With the Wärtsilä 34 dual-fuel generating sets, which will provide the main power generation, the stringent regulations will clearly be met. By operating on LNG, nitrogen oxide (NOx) emissions are at least 85% below those specified in the current International Maritime Organisation (IMO) regulations, and the CO2 emissions are some 25% less than those of a conventional marine engine running on diesel fuel. The sulphur oxide (SOx) and particle emissions are negligible at almost zero percent. This level of environmental sustainability even exceeds the emission reductions mandated by the strict local regulations. The IMO has designated some U.S. and Canadian waters as an Emissions Control Area (ECA). This is in line with the International Convention for the Prevention of Pollution from Ships (MARPOL). The North American ECA became enforceable in August 2012.

Long experience in gas technology

In addition to the four main power generating sets, Wärtsilä will also supply its innovative LNGPac system. Designed and developed by Wärtsilä, the LNGPac comprises onboard LNG bunkering, storage tanks and handling equipment, as well as the related safety control and automation systems. The entire Wärtsilä propulsion solution is designed with a focus on safety and simplicity. All engines can be seamlessly switched to marine diesel oil (MDO) operation, should gas not be available, thus full redundancy can be achieved. This ensures that the safety factor is at the highest possible level.

"Wärtsilä is the established global leader in dual-fuel and gas engine technologies. All in all, Wärtsilä has now sold more than 2000 of its gas fuelled engines, which together have accumulated more than 7 million operational running hours in both land-based and marine applications. We are extremely proud to be contributing in a meaningful way towards more sustainable shipping," says Aaron Bresnahan, Vice President, Wärtsilä Ship Power, Sales.

"I am very happy with the outcome of the very demanding design and construction process for this new ship due to start service in Matane, Baie-Comeau and Godbout in 2015. At 130 meters long and with a capacity for 800 passengers and 180 cars, the new ferry will be much larger and better equipped than the "Camille-Marcoux" that it will replace. Its larger hold capacity will be suitable for all types of vehicles. The crossing will be a more pleasant experience for passengers," comments Georges Farrah, CEO of STQ.

Read more:
Wärtsilä 34DF
Wärtsilä LNGPac
Wärtsilä's leadership in gas engine technology enhanced - more than 2000 engines sold and 7 million running hours accumulated (Press release 12 November 2012)

For further information please contact:

Mr Johan Hansten
Area Director, Sales
Wärtsilä Ship Power
Tel. +358 40 552 5227

Ms Mirja-Maija Santala
Media Manager
Wärtsilä Corporation
Tel. +358 400 793 827

Wärtsilä in brief
Wärtsilä is a global leader in complete lifecycle power solutions for the marine and energy markets. By emphasising technological innovation and total efficiency, Wärtsilä maximises the environmental and economic performance of the vessels and power plants of its customers. In 2011, Wärtsilä's net sales totalled EUR 4.2 billion with approximately 18,000 employees. The company has operations in nearly 170 locations in 70 countries around the world. Wärtsilä is listed on the NASDAQ OMX Helsinki, Finland.

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Financials (€)
Sales 2016 5 032 M
EBIT 2016 611 M
Net income 2016 407 M
Debt 2016 241 M
Yield 2016 3,21%
P/E ratio 2016 18,43
P/E ratio 2017 16,20
EV / Sales 2016 1,56x
EV / Sales 2017 1,50x
Capitalization 7 594 M
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Mean consensus HOLD
Number of Analysts 22
Average target price 40,4 €
Spread / Average Target 4,9%
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Jaakko-Veikko Eskola President & Chief Executive Officer
Percy Henrik Mikael Lilius Chairman
Marco Wirén Chief Financial Officer & Executive Vice President
Jukka Kumpulainen Chief Information Officer & Vice President
Outi Maarit Aarni-Sirviö Independent Director
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