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Waertsilae Gains on Dual-Fuel Ship Engine Order: Helsinki Mover

Sept. 2 (Bloomberg) -- Waertsilae Oyj, a Finnish maker of ship engines, rose the most in eight weeks in Helsinki trading after winning a repeat-order for the design and engines of a dual-fuel platform supply vessel.

Waertsilae increased as much as 3 percent to 36.38 euros, the steepest intraday advance since July 8, and added 2.9 percent to 36.36 euros at 1:50 p.m. in the Finnish capital. Trading volume was 29 percent of the three-month daily average.

Waertsilae will design a platform supply vessel for Siem Offshore Inc., the Finnish company said in a statement today. The order includes supplying dual-fuel engines that also run on liquefied natural gas, the ship’s electrical and automation systems and its LNG storage and handling systems. Waertsilae didn’t disclose the value of the order for the vessel, which will be operational in 2015.

Ship-power solutions make up about 25 percent of Waertsilae’s 1.15 billion-euro ($1.5 billion) second-quarter net sales, with power plants and services accounting for the rest. The attractiveness of LNG as a fuel is supported by its low carbon-intensity, global trade and pricing, Waertsilae said in the interim report on July 18.

Siem Offshore made a similar order in November 2012 and almost half of the vessels in its fleet already feature Waertsilae ship designs and equipment, the Helsinki-based company said.

To contact the reporter on this story: Kati Pohjanpalo in Helsinki at kpohjanpalo@bloomberg.net

To contact the editor responsible for this story: Tasneem Brogger at tbrogger@bloomberg.net

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