Wärtsilä Corporation Annual report 2014

Services development in 2014

Service market activity developed well during 2014. Marine customers’ service demand picked up in the second half, and the demand for power plant related services was healthy throughout the year. At the end of 2014, Wärtsilä’s installed base totalled 181,000 MW. Four-stroke engines accounted for approximately 60% of the installed base and two-stroke engines for approximately 40%.

Services’ order intake increased by 9%, totalling EUR 2,045 million. Several important long-term service agreements were signed during the year, with particular interest from customers with gas fuelled vessels, as well as cruise customers. Noteworthy contracts included the 10-year maintenance and technical support agreement with Royal Caribbean Cruises Ltd covering 36 vessels. Net sales from the Services business increased by 5% to EUR 1,939 million, which represents 41% of Wärtsilä’s net sales. The Services sales mix saw an increase in revenues from spare parts and projects.

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