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CAUTIOUS OPTIMISM FROM WÄRTSILÄ

Tuesday, October 23, 2018 

Wärtsilä’s interim report for Jan-Sep 2018, published today, reveals that the company expects the improvement in its marine business to continue in the near future.

The energy business is also looking strong, with greater emphasis on renewables, while prospects for services are downgraded from ‘good’ to ‘solid’. The latter is explained by services being transactional business rather than booked as orders, and is being addressed by the previously-announced regrouping into two main sectors – marine and energy – with each responsible for both sales and service in their particular fields.

The new R&D and production hub in Vaasa is expected to further improve prospects once it is opened in 2020.

In marine solutions, Wärtsilä says that demand outlook is supported by an extensive product mix and broad segment exposure, which compensates for the slow pace of recovery in overall vessel contracting.

Jaakko Eskola, President and CEO (pictured), said: “Wärtsilä's net sales developed well in the third quarter, thanks to the strong growth in newbuild marine and energy deliveries. This, in combination with slower than anticipated development in transactional service volumes, is affecting the group sales mix and burdening profitability. In the marine industry, the approaching IMO 2020 sulphur regulations have resulted in increased demand for exhaust gas cleaning systems. This boosted order intake in both marine solutions and services. Marine solutions’ orders were further supported by the continued high level of activity in the cruise and ferry segment.”

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