Vestas launches 15MW offshore wind turbine

This morning, Vestas launched a 15MW offshore wind turbine, the largest turbine currently announced. We believe the turbine’s hub height is at least 10m greater than the Siemens Gamesa turbine launched in May and potentially somewhat heavier, putting further limitations on the capabilities of turbine installation fleet. Although expected in the market for some time, we view the new turbine as confirmation of ever-larger offshore wind turbines and the need for a higher-spec installation fleet. Wi...

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OHT (Buy, TP: NOK35.00) - Shifting the balance of power

As an early mover in the offshore wind installation industry and capital markets, we believe OHT represents a unique opportunity for investor exposure to the growing offshore wind market. Ever-larger turbines require new and larger-capacity installation vessels, which OHT addresses with its newbuild programme. Based on its current fleet we calculate a fair value of NOK30/share, increasing to NOK39/share if we include growth opportunities. Hence, we initiate coverage with a BUY and NOK35 target p...