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Order intake

Wärtsilä’s first quarter order intake totalled EUR 1,413 million (1,271), an increase of 11% over the corresponding period last year. The first quarter book-to-bill ratio was 1.40 (1.31).

Order intake for the Services business increased by 18% to EUR 686 million (580), thanks to strong demand for long-term service agreements. Orders received included a 5-year maintenance agreement with AS Tallink Grupp and a 12-year performance-based service agreement with Carnival Corporation. The full value of the agreement with Carnival is approximately EUR 900 million, of which the expected revenues for 24 months, approximately EUR 150 million, are included in the first quarter order intake.

Order intake for Energy Solutions totalled EUR 405 million (312), which was 30% more than for the corresponding period last year. Asia was the most active region, with orders received for equipment deliveries totalling 255 MW in capacity from Indonesia and a 150 MW equipment delivery to Bangladesh. In the developed markets, Wärtsilä received orders for two 50 MW power plants from the UK, as well as for two power plants totalling 94 MW from the USA. Wärtsilä also received its first order for a solar photovoltaic plant to Burkina Faso. The 15 MWp solar plant will be controlled and operated in synchronization with an existing engine plant, forming an integrated hybrid solution.

Marine Solutions’ order intake totalled EUR 322 million (379), a decrease of 15% compared to the corresponding period last year. Significant orders included the supply of dual-fuel main engines and regasification technology to two new LNG carrier vessels being built for Höegh LNG at the Samsung Heavy Industries and Hyundai Heavy Industries shipyards in Korea. Wärtsilä also received an order to provide a new fishing trawler with a propulsion system centred on the next generation Wärtsilä 31 engine. The gas carrier segment represented 33% of the first quarter order intake and cruise & ferry accounted for 27%. The conventional merchant segment’s share was 19%. The navy segment represented 8% of orders received, special vessels 6% and the offshore segment 3%. Other orders accounted for 4% of the total.

Order intake by business
MEUR 1-3/2017 1-3/2016 Change 2016
Services 686 580 18% 2 194
Energy Solutions 405 312 30% 1 448
Marine Solutions 322 379 -15% 1 285
Order intake, total 1 413 1 271 11% 4 927
Order intake Energy Solutions
MW 1-3/2017 1-3/2016 Change 2016
Oil 200 564 -64% 1 929
Gas 621 303 105% 1 584
Order intake, total 822 868 -5% 3 513

Order intake in joint ventures

Order intake in the Wärtsilä Hyundai Engine Company Ltd joint venture company in South Korea, and in the Wärtsilä Qiyao Diesel Company Ltd and CSSC Wärtsilä Engine Company Ltd. joint venture companies in China totalled EUR 24 million (30) during the review period January-March 2017. The results of these companies are reported as a share of the result of associates and joint ventures.

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