Key Developments: Wartsila Oyj Abp (WRT1V.HE)

WRT1V.HE on Helsinki Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Wartsila to sell its shares in QMD 2-stroke joint venture
Thursday, 24 Jul 2014 05:40am EDT 

Wartsila Oyj Abp:To divest its shares in QMD 2-stroke joint venture.Says shares in the joint venture will be transferred to the current majority shareholder, Qingdao Qiyao Linshan Power Development Co Ltd.Says value of the transaction is not significant.  Full Article

Wartsila Oyj Abp revises FY 2014 outlook
Friday, 18 Jul 2014 01:30am EDT 

Wartsila Oyj Abp:Revises FY 2014 outlook.Wartsila estimates its profitability for FY 2014 (EBIT pct before non-recurring items) to be around 11.5 pct, due to the two-stroke business transaction.Says net sales are expected to grow by around 5 pct.Previously Wartsila expected its net sales to grow by 0-10 pct and its operational profitability (EBIT pct before non-recurring items) to be around 11 pct.  Full Article

Wartsila Oyj Abp establishes 2-stroke engine joint venture with China State Shipbuilding Corporation
Friday, 18 Jul 2014 01:20am EDT 

Wartsila Oyj Abp:Wartsila and China State Shipbuilding Corporation (CSSC) have signed an agreement to establish a joint venture, which will take over Wartsila's 2-stroke engine business.Through the agreement, CSSC will own 70 pct of the business through its affiliate CSSC Investment and Development Co. Ltd, while Wartsila will hold a 30 pct ownership position The parties will co-operate in 2-stroke engine technology, marketing, sales, and service activities.The parties have agreed to transfer CSSC's whole position as shareholder to a joint venture established by an entity connected with the Municipal Government of Shanghai and CSSC.The value of the transaction is about 46 million euros.  Full Article

Wartsila Oyj Abp establishes joint venture with China State Shipbuilding Corporation for manufacturing medium and large bore medium-speed diesel and dual-fuel engines
Friday, 18 Jul 2014 01:10am EDT 

Wartsila Oyj Abp:Establishes a joint venture with China State Shipbuilding Corporation and expands the range of engines manufactured in China.Wartsila and China State Shipbuilding Corporation (CSSC) have signed an agreement to establish a joint venture for manufacturing medium and large bore medium speed diesel and dual-fuel engines.The CSSC Wartsila Engine (Shanghai) Co Ltd factory will be located at Lingang, Shanghai and is expected to have its first engine ready for delivery by the end of 2015.The Wartsila share of the joint venture is 49 percent and the size of Wartsila's equity investment is about 12 million euros.  Full Article

Wartsila signs technical management agreements in Greece
Tuesday, 15 Jul 2014 03:00am EDT 

Wartsila Oyj Abp:Says it has signed Technical Management Agreements with four Greek liquefied natural gas (LNG) ship owners, Maran Gas Maritime Inc, Dynagas Ltd, TMS Cardiff Gas Ltd and Thenamaris LNG Inc.All agreements cover Condition Based Maintenance for a total of 80 Wartsila 50DF dual-fuel engines for a five year period.The agreements have been signed between the third quarter of 2013 and the second quarter of the year.The financial details were not disclosed.  Full Article

Wartsila to supply power plant to Saudi Arabian desert-DJ
Wednesday, 18 Jun 2014 03:01am EDT 

Wartsila Oyj Abp:Receives an order to supply a turnkey power plant for Saudi Arabia-DJ.The order was placed by Umm Al-Qura Cement Company in May.The 47 MW captive power plant will be located in the mountain desert close to Taif city.The equipment will be fast-track delivered by Feb. 2015 and the project will enter commercial operation by Oct. 2015.The power plant consists of five 20-cylinder Wartsila 32TS engines, a new 2-stage turbocharged version of the Wartsila 32 series.The financial details were not disclosed.  Full Article

Wartsila Oyj Abp wins new contract
Friday, 13 Jun 2014 02:30am EDT 

Wartsila Oyj Abp:Says new semi-submersible accommodation and construction vessel (floatel) being built for Floatel International AB, Swedish offshore floatel owner and operator, will feature two Wartsila AQUARIUS UV ballast water management systems (BWMS) and other Wartsila equipment.Order was signed in Feb.Vessel, the Floatel Triumph, is under construction at Keppel FELS.It is scheduled to be delivered in fourth quarter of 2015.The complete Wartsila scope of supply includes, in addition to the two AQUARIUS BWMS units, a series of Wartsila engine room pumps and pre-engineered integrated auxiliary equipment module.Floatel Triumph is designed for operation in demanding environment, and is being built in accordance with ABS class standards.Vessel will have a total accommodation capacity of 500 persons.  Full Article

Wartsila Oyj Abp signs agreement with Royal Caribbean Cruises Ltd
Thursday, 12 Jun 2014 03:04am EDT 

Wartsila Oyj Abp:Says it has signed a ten-year maintenance and technical support agreement with Royal Caribbean Cruises Ltd (RCL), which includes a subcontract with ABB Turbocharging.Service agreement covers 142 Wartsila engines and 170 ABB turbochargers in 36 vessels.ABB Turbocharging has been subcontracted by Wartsila in servicing of agreement, which covers 142 Wartsila engines and 170 ABB turbochargers in 36 RCL vessels, 32 already in operation and four newbuilds, with an option to add more vessels in the future.Under the terms of the contract, Wartsila will provide a range of services for RCL, including condition monitoring of the engines, individualized technical support, development and design of new components as well as spare parts supply agreement.ABB Turbocharging will work with Wartsila to provide a customized service package for turbochargers on vessels, including scheduled and unscheduled spare parts and labor at ABB workshop.  Full Article

Wartsila signs services supply agreement with Norwegian DOF Group
Wednesday, 11 Jun 2014 05:00am EDT 

Wartsila Oyj Abp:Signs three-year services supply agreement with the Norwegian DOF Group.The agreement covers services for all Wartsila equipment, including engines and propulsion as well as electrical and automation systems, for DOF's vessels with Wartsila equipment operating in Norway, Brazil and Singapore.About 30 vessels of DOF Group have Wartsila equipment on board.No financial details.  Full Article

Wartsila to provide engines for new icebreaker being built by Arctech Helsinki Shipyard-DJ
Tuesday, 10 Jun 2014 02:30am EDT 

Wartsila Oyj Abp:New icebreaker being built by Arctech Helsinki Shipyard for the Finnish Transport Agency will be powered by Wartsila dual-fuel engines capable of operating on both liquefied natural gas (LNG) and low sulphur diesel fuel-DJ.The full scope of supply calls for one 8-cylinder Wartsila 20DF, two 9-cylinder Wartsila 34DF, and two 12-cylinder Wartsila 34DF engines.The contract was signed in March, and delivery of the equipment to the yard will be made in spring 2015.The financial details were not disclosed.  Full Article

Wartsila to cut jobs and vows to stay independent

HELSINKI - Finnish industrial engine maker Wartsila , the target of a failed bid by Britain's Rolls-Royce , said it was cutting 1,000 jobs and was strong enough to remain independent despite weak demand and stiff competition.

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