Good morning, everybody, and welcome to the second quarter presentation for Bonheur. My name is Anette Olsen. I am the CEO of Bonheur and Fred. Olsen & Co. Today I have Øyvind Engelsrønning with me. He is the Vice President of Fred. Olsen Finance and also the CEO of Fred. Olsen Investments. He will do the presentation as usual, and then we also have the CEOs for the different companies that will come and present to you. We will then continue with questions at the end. So, Øyvind, go ahead.
Thanks, Anette. Richard Olav Aa was unable to attend today, so I'm taking this in his place. Just a few reflections before we go into the figures on this quarter. I would say it's been overall a very good quarter across all segments, both financially and operationally. In fact, looking back, it's the best second quarter we've had since 2016. So that's quite well. But as you probably say, there's still room to improve. So if you just then move on to the highlights of the quarter and focus on each segment from the left to the right. If you look at renewable energy, the segment generated an EBITDA of NOK 259 million. That is a reduction from last year's EBITDA of NOK 277 million.
Last year, there was a positive impact stemming from the revenue recognition or a reversal of our accrued higher price contribution fee, which at that quarter was NOK 80 million. So the underlying EBITDA is actually an improvement of NOK 62 million over the quarter. Of course, this EGL, as the fee is called, is now no longer relevant. Reasons for the performance this quarter was a 36% lower power price on average across our markets and a 32% higher generation across our wind farms. So good performance on generation. Also positive to note, and Sofie will come back to this in her presentation, a final investment decision was taken on a new wind farm in Scotland on the Crystal Rig IV, which will have an investment cost of approximately GBP 81 million. So that's good. Moving on then to the wind service segment.
Obviously, the result is very strong this quarter, as you will see. They generated an EBITDA of NOK 763 million, which represents a NOK 443 million improvement from this quarter last year. Now, during this quarter, we have received, or Fred. Olsen Windcarrier have received a cancellation on a contract, which then has been recognized and impacts the EBITDA this quarter with NOK 290 million. Except for the termination fee, there are other also positive impacts this quarter, which stems from the contract which has been in place this quarter on the Blue Wind vessel, which was not there last year, and also a revenue recognition of a reservation fee on a reservation contract entered into last quarter, which was lapsed this quarter.
Obviously, with the termination on a contract in place, that impacts the backlog, which is down now from EUR 514 million in the previous quarter, i.e., the first quarter this year, and is now down to EUR 325 million for the Tern vessels, with an additional EUR 71 million in backlog on the Blue Wind vessel. Haakon Magne Ore, the CEO of Fred. Olsen Windcarrier, will come back to both the termination fee and also the impact on the backlog and the development backlog with the new contract that are also in place now. Brave Tern is still undergoing an upgrade, and the conversion is expected to be finished during the third quarter this year. Obviously, with a vessel in the yard, it's impossible to get 100% utilization, but with the Tern vessels that were in operation, they achieved close to 100% utilization.
Again, Haakon Magne will come back to this. So then moving on to cruise. A good quarter, as mentioned already, actually by generating an EBITDA of NOK 212 million, which is up from NOK 132 million last year. This is actually, at least for me, the best second quarter result I've ever seen since I started working here 12 years ago. So very good to see Fred. Olsen Cruise Lines starting to firing on some cylinders now after the COVID, but still rooms for improvement, we have to say. The performance is explained by, in most part, the achieved higher occupancy rate now at 77% in the second quarter, which is up eight percentage points compared to last year. If you look at the average second quarter occupancy rate between 2014 and 2019, that was at approximately 77%.
We're now at par with the occupancy rates we saw before the pandemic came in, and we're very glad to see that. Ticket price development has also been positive, albeit not as positive as the occupancy improvements. The net ticket income per passenger day during the second quarter was GBP 196. Sorry, that would increase GBP 196 from GBP 191 last year. Fred. Olsen Cruise Lines continue to see good booking numbers and good customer satisfaction. The final segment then to cover is the other investment segments. Impact on EBITDA is fairly negligible with a minus NOK 4 million EBITDA generated in the quarter, whereas it was NOK 3 million negative last year. In NHST, we've seen an improvement in EBITDA up from NOK 22 million last year up to NOK 44 million in this year's quarter, and that's great to see.
Fred. Olsen 1848 continues to undertake and progress their technology initiatives and commercialization initiatives, and Fred. Olsen Investments continues to manage and undertake a look into more investments for the Bonheur Group. So this gives consolidated revenues for the group of NOK 4.3 billion, up from NOK 2.8 billion last year. EBITDA consolidated at NOK 1.2 billion approximately, up from around NOK 700 million last year. An EBIT of NOK 938 million, up from NOK 458 million last year, and a net result after tax of NOK 594 million, up from NOK 554 million last year. Sorry, NOK 694 million this quarter. Worthwhile also just to reflect on the equity situation in the parent company. So the equity ratio remains rock solid at close to 71%. It's down from 75.6% this quarter last year. That change is due to a bond issue which was undertaken by Bonheur in the third quarter last year.
In fact, the equity level in Bonheur as a parent company has increased during the period. Cash in the parent company also continues to remain very solid level, close to NOK 3 billion, up from around NOK 2.3 billion last year. So I will not dwell too much on the consolidated summary as I've already been through many of these figures already. Perhaps just noting some changes from the previous quarter just to explain some of those. If you look at the net finance effects, there's been a change since the previous quarter of NOK 233 million negatively. In fact, I would say that the net finance costs this quarter are more in line with where we would expect them to be. So last year's result, I would say that the big change stems from a big swing in unrealized exchange rate differences this quarter.
Also, unrealized impact from the revaluation of swaps in Fred. Olsen Renewables and also sort of a positive impact from actually net interest costs. Obviously, as you know, Bonheur has a very strong cash position and any change in interest rates impacts us positively, you could say, due to that. On the tax side, this quarter had NOK 109 million in tax and you see the swing of NOK 170 million negatively versus last year. That is due to that we last year had the recognition of deferred tax assets in the second quarter. So that explains this. It all ends up, as I mentioned, in a net result of the group consolidated of NOK 694 million, whereof the shares of the parent company sit with NOK 596 million of that. The rest is for the minorities.
Then looking at the segments a little bit more, I've already been through much of this, but I'll do some repeat and additions on this. Within renewable energy, we saw an improvement in the revenue side of NOK 70 million. As mentioned, this stems mostly from the improved generation on the wind farms. In the wind service segment, we have an improvement in the revenues of close to NOK 1.2 billion. So this quarter delivers NOK 2.45 billion in revenues. Now, the big change from last year, already touched upon it, this relates to the recognition of the termination fee as well also as the contract for the Blue Wind vessel, which was not there last year, and also the reservation fees that have been recognized this quarter. Some negative impact by Global Wind Service, but all in all, a positive change of close to NOK 1.2 billion.
For the cruise segment, the improvement is NOK 188 million. Again, this relates to occupancy. So this quarter delivers revenues of NOK 1 billion and 43 million. All in all, total revenues of NOK 4.3 billion. Then moving on to the EBITDA, looking at renewable energy, they delivered NOK 259 million in EBITDA, down NOK 18 million from last year. Already mentioned that had it not been for the recognition of or the reversion of accrued EGL fees in prior year's quarter, this change would have been positive by NOK 62 million, more or less reflecting the uplift in the top line for the company. On the wind service side, NOK 763 million of EBITDA, the change from last year of NOK 442 million, NOK 290 million of that reflects from the termination of the contract that Haakon Magne will come back to.
Other items relate to, as I mentioned, good performance and the contract on the Blue Wind vessel and also reservation fees received. On cruise, the NOK 212 million in EBITDA explained or the increase is explained by the higher occupancy, as already mentioned. Just to add on Fred. Olsen Cruise Lines and the cruise segment, this quarter's performance on the cost side was negatively impacted by the outcome and the conclusion of an arbitration dispute between Holland America Line and the vessel owning companies for Bolette and Borealis, which resulted in net costs of NOK 27 million related to legal fees. So had it not been for that, the improvement would have been bigger as well. Then to move on to the balance sheet items and the group capitalization.
Many of you are already familiar with what the strategy is, but just to reiterate, the group has a target and objective to secure long-term visibility and flexibility through the business cycles, and we achieve that through optimizing and having a strong balance sheet. There is a green financing framework in place for Bonheur and its subsidiaries, under which also the Bonheur bonds are issued, and that's being used by several of the group companies. This table shows you on the top side the cash and deposits in the companies that are 100% owned by Bonheur, and on the bottom side, the companies that are between 50 and 100% or associated by Bonheur. As you can see then on the top half, renewable energy on the 100% owned entities, they have NOK 356 million in cash and zero debt. That's a good position to be in.
Wind Service now, obviously a big change from prior quarters. The net cash flow impact from the reservation fee and the termination fee this quarter was NOK 955 million, and that is then reflected in the high cash balance in the Wind Service segment. So now we see that there is actually a net cash position of NOK 1.2 billion, which is remarkable and super strong. On the cruise segment, glad to see that they're building cash now. So they have a cash balance of NOK 628 million and a remaining vendor financing on the two vessels that were acquired in 2020, now at NOK 198 million. Bonheur ASA and other companies 100% own have close to NOK 3.2 billion in cash and close to NOK 3 billion in debt, which relates to the bond debt that Bonheur has.
So all in all for these companies, a net cash position of close to NOK 2.2 billion, which is strong. Then on the bottom half, where we try to make sure that we optimize the financing structure as good as possible, you'll see that within the renewable energy segment, there is NOK 365 million in cash, but NOK 5,020 million in debt. And that is mostly project debt related to the wind farms that they have with long, secure, visible cash flows and where we try to optimize and make sure we have long duration financing in place. On the wind service segment, for the other companies that are not 100% owned, there is NOK 578 million in cash and NOK 918 million in debt. So for these companies as a whole, there is a net debt position of close to NOK 5 billion. Then, Anette, are you through the numbers? Okay, good.
We will now move to the segments, and Sofie Olsen Jebsen, CEO of Fred. Olsen Renewables, is next.
Thank you. Hello everyone. This quarter was influenced by higher generation. It was mainly due to higher winds that have partly been offset by lower power prices compared to last year. I think it's also worth to mention that the results are lower than last year's quarter because Q2 in 2023 also included a positive revision effect on the UK windfall taxes, as I've mentioned, called the Electricity Generation Levy. So moving on then, in Fred. Olsen Renewables, we develop, construct, and operate renewable energy parks. And this business model makes us quite unique. As you see from this picture here, we have a lot of activity in the different segments, and it also illustrates the strong pipeline of development projects that we have.
The difference here from last quarter is that Crystal Rig IV, a wind farm in Scotland, has moved on to the construction phase. Very positive news, and I'll come back to that a bit later. Moving on then to talk about the market. We see that generation is higher, as mentioned and as pictured in the top left graph. On the power prices, as you see on the right-hand side, they follow the gas prices quite closely. We experience that the power prices have stabilized at the lower level together with the gas prices because there is a strong gas storage in Europe, which actually is predicted to reach 90% by mid-August. With regards to LNG prices, they have risen, albeit of a low demand and higher production costs.
I think it's also fair to mention that we do expect gas prices to remain sensitive to any geopolitical developments and if there is a rebound of industrial demand. So the power prices, as shown on the bottom left here, are now stabilizing at a slightly lower level or a lot lower level than what we saw in 2021, 2022, and 2023. Moving on then to talk a bit more about Crystal Rig IV. This is a wind farm that has now moved into construction. It is part of the Crystal Rig complex that is located south of Edinburgh, as you see from the map. It's a large complex, which we are very proud of, and that continues to deliver a lot of renewable energy, and Crystal Rig IV will only add on to that. It is an 11-turbine wind farm that will have an installed capacity of 49.1 MW.
The construction work will overall consist of everything you need to actually produce and deliver renewable energy from a wind farm like a transformer building, underground voltage and SCADA cables, etc. We have quite a fixed supplier strategy or procurement strategy that we have been performing successfully over the years. For this project, the main turbine supplier that has been chosen is Vestas. These civil and electrical works will be performed by RJ McLeod. We see that the total investment will be estimated to be GBP 81 million. And the wind farm as a whole falls within the scope of Wind Fund I , so that we will proceed with the pre-agreed procedure with Wind Fund I to enter a 59, sorry, a 51% for Fred. Olsen Renewables and a 49% for Wind Fund I partnership with the project. Next slide.
To go a bit then more into the project details, you see here on this map on the right how the layout will actually be of the projects. It is quite interesting how the tip height variations will be, as you see from the different colored dots here. That is due to consent restrictions. We will install a range from 4.5-4.3 MW turbines, and that is due to this reason. The planned commercial operation date is in February 2026, but the tree felling and work on site is actually starting now already on the 19th of July. This is a construction project that is ongoing as we speak, I would say. The installed capacity is 49.1 MW. The capacity that will be delivered to the grid is 48.2 MW due to grid restrictions.
I think it's quite noteworthy that the capacity factor of the project is actually 41.3%, which is quite high for onshore winds. That was what I wanted to present this quarter. I think it's worth summarizing. It has been a quarter of high generation, slightly offset by lower power prices, but we are very happy with this quarter.
Thank you very much, Sofie. Next will be Lars Bender, the CEO of Fred. Olsen Seawind.
Thank you, Anette. Yes, also good morning from me. I will give you an overview of the highlights for Fred. Olsen Seawind in Q2 and go through activities in our core markets. Before that, maybe sharing a couple of reflections on the quarter. First of all, we've had a quarter with solid performance on our projects, both in Ireland and Scotland.
And secondly, we have positively seen that the Irish government has opened up for consultations on terms and conditions for new areas in Ireland. And secondly, also the Norwegian government has progressed consultations on new areas in Norway. So with those few reflections, I'll go to our project in Ireland. So as you're well aware, Codling is a large offshore wind project, and the last quarter focus has been very much on preparing the consent application. The context for the consent application is that over the last two to three years, the project has been through three milestones. First, Maritime Area Consent, which was the first that secured site exclusivity. Secondly, we've obtained grid for the full project size. And thirdly, last year, we secured a CFD contract for the full project capacity.
The fourth and last milestone on the project before we can take FID is getting a final consent for the project. That is currently on track. As part of that process, we have had several public consultations held during Q2 with positive feedback from stakeholders in our close proximity to the project. Given we are in the late stage of development of the project, the project is also very much now focused on procurement and engaging with the supply chain. We know that we have a tight supply chain currently, and that naturally gives focus to engaging with the supply chain and finding good solutions for delivering the project. As I mentioned before, the last part around Ireland we've seen in this quarter is that we've seen a publication of terms and conditions for Ireland phase two.
Last quarterly presentation, I announced that we have a partnership with EDF for phase two in Ireland, and we will now look further into these terms and conditions together with EDF to assess the opportunity. Overall, positive to see that a core market where we have a significant project and a good standing is now progressing towards the next phases. If we then move to Scotland, also here we've had a quarter with focus on consent. The application is due to be submitted in this year, and it comes back to the strategy we've set out for the project very early. We want to be one of the first movers amongst the Scotland competition projects. Therefore, we have gathered data on site at pace.
Now we are also analyzing that data and putting together the application at pace with the aim of submitting, as I said, later this year. We have also now undertaken detailed concept studies for floating technology. What we see now is a market where over the last two to three years, a lot of concepts have been brought forward, but also a lot of good technological solutions for floating wind have matured more. So overall, positive developments in floating wind. But naturally, as a project, we need to go through those, select the best concept for the project and for a business case. This also means that we have focused on engaging now with the supply chain to see where the constraints are, but of course, also to grab the opportunities in relation to technology and supply chain for the project.
Moving on to Norway, the news of this quarter is that the Ministry of Energy has published a consultation on Vestavind B and Vestavind F. Vestavind F includes Utsira Nord. So overall, both new areas, but also a renewed consultation on Utsira Nord. Expectation is that the formal notification to the European Surveillance Authority will go in the autumn. So the expected earliest relaunch of the Utsira Nord competition will be ended this year, but it might also drag into 2025. But overall, I think small positive note is that now at least it's progressing. There is a consultation, and then we'll have to wait and see what those conditions will mean for the overall attractiveness of the tender. So with those core markets, the sum of the quarter would be two points: good progress both in Ireland and Scotland on consent.
And secondly, new opportunities opening up in two of our core markets in Norway and Ireland as well. So with that, I'll give the floor back to you, Anette.
Thank you, Lars. We are moving on to Fred. Olsen 1848, and the CEO, Per Arvid Holt, will present to us.
Thank you. Okay, I will go through three projects in our portfolio: one related to floating solar and two related to floating wind. So we'll start with floating solar and start by reflecting a bit about solar in general. Now, solar energy has shown an impressive growth in Europe during the summer months. Solar produces as much energy as wind, according to the Wind Europe statistics. And what is just as impressive is that solar has a supply chain that can support such a growth.
It looks like it is expected that between 2022 and 2024, the supply chain capacity will more than double. So that is quite impressive. Solar is an intermittent source, of course. And secondly, a solar panel producing between 400-650 watts depends on size. In a commercial scale, that's not really that much. So what you need is scale. And when you need scale, then you need area. And industrializing new area can result in discussions. We see in Norway, which is not very densely populated, we have discussions when nature is industrialized. And in other areas of the world, then there is less area available. So this is a strong incentive for us to look into using water surfaces for deploying solar. And from our side, we see quite high potential in that. There's also a very interesting combination with hydro.
In a reservoir with solar power, then you can preserve the reservoir water when the sun is shining, and you can compensate for the intermittency when the sun is not shining in the nighttime, for example. So that is sort of the context for floating PV. We see today that there's an active still water market. There are quite large installations in South America and Europe, but mostly in Asia. For us, with our maritime heritage, we look into solutions with more environmental loads. That's the opportunity for us to make a system which can allow for more energized water surfaces, i.e., more wave heights.
So our target has been 0.5-4 meters initially, which has potential of opening up much larger lakes, larger dams, and of course, saltwater areas, which then brings a great potential even in installing the power closer to where the power is actually needed. So this is the context bit. If you go much higher than 4-meter Hs, we see that we struggle to be cost competitive. So this is sort of the window for the technical system that we are developing. So that is BRIZO. BRIZO is based on hydrodynamic loading. So what is key there is basically the mooring system. And that is exactly what BRIZO is. It's a mooring system laid out in the grid pattern where you can place the individual panels inside that grid pattern. Competitive cost level is key.
We use a lot of standard materials such as ropes and PE pipes as used in water distribution systems. And then we have some components which are our own IP in that system. And those need to be prepared for mass production. And looking to other industries than we have traditionally done here, such as automotive for the production of those. It's a plastic-based system. So being sustainable and being recyclable is key for us. And based on some of the markets we're looking at, our system needs to be prepared for typhoons or hurricanes for that matter. Status of the project itself, we are in what we call the validation phase. That's a new design iteration. And we currently have the result of our concept phase, which is the 124 kW pilot in Risør. And we're actively now using that to improve our design and implementing new solutions.
For banking and insurance, we have an ongoing DNV verification process. There is no DNV standard available yet, so there is no certificate available. But we are in process with DNV in a verification process in the meantime. The next big step for us is securing a more commercial-sized pilot. And that's an active process going on. And then we're in the size of 1-3 megawatts peak installed. So that is the solar part. I'll then go a bit into the floating winds. We need to shift context a bit. I'm picking up here what we call a Mobile Port Solution, which is something that we cooperate with Fred. Olsen Windcarrier. And it's a project that we've had in the portfolio since 2020, actually. But it's currently improved in intervals. But we've been thinking about floating wind in Fred. Olsen for a long time.
What the Mobile Port Solution is, well, we see that in areas with high ambitions for floating wind, there is a constraint in port infrastructure. Floating wind will require more infrastructure than bottom fixed, as far as, in our view. The reason for that is that the floating foundations themselves, we believe, need to be modular. You need a site for assembling the floating foundation. You need a site for pre-assembly and pre-commissioning of the wind turbine. You need a site for installing the wind turbine on the floating foundation. This constraint is an opportunity for us for a new service as the Mobile Port Solution, where we basically utilizing, in this picture, you see a jack-up. It could be a simpler system.
But we're making a logistics hub close to the mobilization site, near shore and in sheltered waters, and take away the wind turbine activities from the fixed infrastructure. It's a good service for the Fred. Olsen-related companies. We have a lot of the competencies required to offer a good solution for this. Finally, I will give a status on BRUNEL, which is our floating foundation based on monopile fabrication methodologies, which are securing a high throughput due to optimization and efficiency. We have now completed the basic design phase for BRUNEL. We are waiting on the final clarifications with DNV as we speak and hope that we will be in the possession of the DNV certificate very soon. That means that we have done a significant amount of work on designing from global behavior down to secondary steel.
We are basically ready for engaging with fabricators on specific projects or pilots. Pilots is something that we are chasing at the moment. That sort of is the software side of things. We also have a software side where a floating foundation needs controllers to operate with stability. We have our ongoing project with IFE and ZX Lidars for both increasing power production, uptime, and reliability. The role of ZX Lidars in that project is to see whether the implementation of a forward-looking Lidar can improve the response time by reading the wind higher up. We've made a video of that, which we have posted on LinkedIn. So you can search for that if you want more information on that. And by that.
Thank you, Per. I think you wanted to show the video here, but better for everybody to go into the LinkedIn. Absolutely. Yeah.
Thank you.
Per Magne Ore is next. And sorry, Haakon Magne Ore. I'm sorry. He's next. And not a new name, but a lot of excitement this quarter.
Very good.
So.
Yeah, absolutely. Good morning to–
CEO of Fred. Olsen Windcarrier.
Good morning to everyone. Two main highlights on the quarter before we dive into the details. It has been yet another strong quarter. We had stable operations and are making good progress on all of the projects that we are involved in. Secondly, as mentioned, we received a termination for a project that was canceled and not go ahead. That would impact especially the accounting this quarter, but also going forward. Financially, we do not foresee any negative effect due to solid cancellation fees. So if we're moving on to the next slide, I will focus on the activity this quarter.
Bold Tern, that's the best we have in Taiwan, that completed the Changfang project and went straight over to the Zhong Neng. Brave T ern remains in yard undergoing the major upgrade to handle next generation of turbines. Blue Tern completed the mobilization for the Baltic Eagle project and working full speed ahead on that. Blue Wind, the best that we managed on behalf of Shimizu outside Japan. We completed the mobilization phase and we are now installing foundations on the Yunlin project. This morning, we had, I think, one or two meters left to hammer a piling for the last monopile on the project. So in a couple of hours, we have hopefully then successfully installed all the monopiles on this project. We will then demobilize the vessel, turn it around, and then install the remaining turbines on the project.
If we then go to the next slide, it shows the more operational side of the quarter. 100% contractual utilization in this quarter as well. That means that we have sold every day that was available for sale in the quarter. Brave Tern, as said, was in yard. You see the picture down to the right showing the vessel nearly complete to go out of the dry dock. We continue to expect it to be redelivered during this quarter. We had some downtime between our idle time between contract shift in Taiwan as the client declared the latest startup window. Combined, we then was on hire for 64% of the days in the quarter. Then over to the accounting side, we had revenues of close to NOK 162 million in the quarter and reported EBITDA of NOK 62.7 million.
But I think I said several times during this presentation, this is colored by termination effect of the contract, but also the previously announced booking of a reservation fee for a contract that lapsed. If you look at the more financial impact, the combined effect of the two fees is NOK 82 million net. That means money we actually have received this quarter, less all costs we have to terminate or we had on the project. The difference between then accounting and the cash effect, that is mainly linked to how IFRS treat a commitment that we have with the previous charter of the vessel, that we have to share the revenues 50/50 that we get on the vessel for the original charter period. So how this is then done, we have to make an estimate of how much that liability of sharing revenues has to be.
Then we deduct that from the fees. On the opposite side, then we will book 100% of the revenue of the vessel going forward. Next slide showing the backlog situation. Over the last year, we had had that backlog above EUR 500 million. This quarter, it is down to EUR 325 million for our own vessel. That's again linked to the contract being terminated. I think we have said before that this contract had a very high, a normal high level of third-party cost. So the value decline in the backlog is not dramatic as it may seem. In addition, we added a new contract for a completion of an existing project in the UK during the quarter. The Shimizu backlog is also slightly impacted by accounting. The backlog today stands at EUR 71 million. But that is money that we take through our own books.
And that's why we reported separately. We also signed a new contract for the vessel in 2025 this quarter. But that will, of technical reasons, not go fully through our books. And then we haven't included it in the reported backlogs. On the market side, the market remains tight. There is very limited vessel availability short to medium terms. And we see that clients are interacting and trying to secure vessel with a longer lead times than normal. Historically, we have seen 2-3 years. We now see customers are even pushing that to secure vessel, which is expected to be a bottleneck going forward. There's also a dynamic, I think I mentioned it last quarter. We have the general supply chain issue in offshore wind that is impacting the dynamics, and it continues to do so. Shorter term, we see that ongoing projects continue to be delayed.
That means that it creates additional demand for installation vessel because the job isn't done during the original contract. That is positive for us, and we expect also that going forward. Longer term, the backside of it is that with the embedded risk and higher cost from the uncertainty in value chain, we see some of the developers are continuing to shift projects from 2027-2028 and then into later end of this decade. I think that concludes what leads what I've prepared to say.
Thank you, Haakon Magne. We will now move to Fred. Olsen Cruise Lines, and I'll hand the word back to you, Øyvind.
Thanks, Anette. So just to wrap this off then with Fred. Olsen Cruise Lines. As already mentioned initially, it's been a good quarter for Fred. Olsen Cruise Lines.
Also in a historical context with the best second quarter that I've seen for them for many years. Occupancy for the three vessels was 77% during the quarter, which is up eight percentage points from last year. We're now then at par with the occupancy rates that we saw in the second quarters prior to COVID. That is a good thing to see. But still room for improvement. Also still room for improvement on that ticket income, which at this quarter achieved 196 GBP per DM compared to 191 GBP the same quarter last year. We continue to see good booking numbers compared to last year for the coming or for the current and the coming year. And we see also good and increased customer satisfaction on the vessels. All in all, a good quarter for Fred. Olsen Cruise Lines.
We will just then let this slide finish off the presentation and not adding more comments to this, but just sort of reiterating what I started with. It's been a good quarter across all segments. Good performance both financially and operationally. And for all the employees and all the viewers, we wish you a good summer.
It's a bit early, Øyvind, because we're moving to questions.
I know.
So we now open up for questions.
Thank you. If you would like to ask a question, please press star followed by the number one on your telephone keypad. If you would like to withdraw your question, again, press star one. We'll pause for a moment just to compile the Q&A roster. Your first question comes from Jonas Fremming with SpareBank 1 Markets. Please go ahead.
Yeah, good morning everyone. Atrong quarter. So congrats on that. I have some questions, so I'll just go right to it. First on Fred. Olsen Windcarrier, it's a lot today, the cancellation and many numbers being communicated. Just looking at the numbers, I see NOK 290 million in positive EBITDA effect this quarter. And then it is said an additional NOK 550 million to be recognized as revenue over the initial charter period. And then it is said that the client is entitled to 50% of the new contract revenues. And then I see NOK 955 million in the quarter as a cash flow effect. It's a lot of numbers and quite difficult to kind of understand how this will kind of affect the company going forward.
So could you just like one more time maybe repeat or maybe dive more into the details around the different numbers and kind of explain the fundamentals of how we should kind of look at the termination fees, the cancellation fees, how this will kind of affect you going forward, the potential for new contracts on top of the cancellation fees and so on? That's maybe a big question, but I think everyone would like to hear more about this.
Haakon Magne, are you going to give it?
Yeah, I think it's, as I said, it's a long question. I think you made a good summary of actually the facts. So maybe I'm just trying to take the overall picture. The majority of the cash flow effect of the termination fee was this quarter.
We are still due to receive some cash, but that is more linked to some minor part of the contract and cost coverage for costs that we already have incurred. So hopefully that would clear the financial impact of the termination. On the contract side, I think we cannot go directly into our vessel schedule. But as I said in my initial comment, that we see a very tight market with limited vessel availability near term. We see that there are projects that continue to struggle due to the value chain or other issues. And I think also we have a very good track record in turning around, potentially shuffling around on our vessel schedule to support vessel customers that need vessels in the short to medium terms. For example, I think the contract we booked in this quarter was a good example of that.
At least a half long answer to a long question.
Okay, I might follow up. The NOK 550 million in recognized revenues, what is that? Is it, could you go more into details on that figure? I think in general, we always have a confidential clause in our agreement. So I think that's also why we are limited to give detailed information on this topic. Okay, but in terms of cancellation fees, NOK 290 million in pure EBITDA contribution this quarter from cancellation fees, is that something that will kind of continue or have you booked all the cancellation fees this quarter basically?
I think we give a little bit more explanation of it in the quarterly report. So I think there you will see the level of revenue that we expect to recognize the way we see the situation today going forward over the remaining of the contract, which takes it through almost 2025. Okay, but in terms of the added contract this quarter, the UK contract, I think it was, is that for the same vessel and maybe 2025 execution or? I think we haven't made it public yet.
Okay. All right. I will take a deeper look in the report. Maybe a last question from you related to cooling. So it seems that there are a change to the wording. Is it any update on the FID timing? I think you mentioned 2025 to 2027 in the last quarter. Is 2025 more realistic now than before or how should we look at it?
Yes. I think you should look at it as the same as we said in the last quarter. The reason we have an interval is because we have set the project up for a flexible development. Basically on one side to cater for, you can say, the consent regime in Ireland that we have flexibility on how long time that takes. But on the other side, it's also important to say that we see opportunities in the market now on the supply chain side, new technology developments, and we want to cater for being able to also grab those opportunities. So same as the last, we still guide on an interval basically because strategically in the market right now, a flexible schedule is the right thing for the project.
All right. Thank you. That's all from me.
Your next question comes from Roald Hartvigsen with Compass Point . Please go ahead.
Hi, good morning. Roald Hartvigsen from Clarksons Securities here. Congratulations on a very sound quarter. I want to touch a bit upon the cruise business where you seem to be operating very well and building a sound cash position. Space in general also seems to be coming a bit more to life also on the new building and fleet renewal front, at least from looking at a couple of your cruise peers. We've seen both Royal Caribbean and Carnival starting to place new build orders again at the start of this year. This week, we also had the Walt Disney Company follow up with a new build order of their own.
I guess you guys are probably not very inclined to pursue new builds per se, but do you see the current fleet renewal activities by other players opening up the potential for any second-hand acquisition of tonnage that could be relevant for you guys? Or are you now in a position where you are content with your current fleet size? Any color on that would be appreciated.
I think I would like to just answer that question generally. I mean, obviously, we follow closely the development in the cruise business. Also, the new buildings you are mentioning, but we never comment on future acquisitions and so forth. You will hear about it when things happen.
Maybe Anette, we could just add that. I mean, it's encouraging to see the good signs out in the market in terms of demand and activity.
And although we have 77% occupancy this quarter, which historically is a decent or too good level, there is still room for improvements. And we intend to focus really hard on making sure the operations go really well.
Absolutely.
Thanks for that. And then on the wind turbine installation segment, do you have any further details on the timeline on the completion of the Brave Tern vessel? I know you said the third quarter, but should we expect beginning of quarter or more towards the later end of the quarter? Any details there would also be appreciated. I think we always said third quarter, and we continue to do that. The vessel, I showed you a picture where the vessel is about to go out of the dry dock. So there is still some work to be done.
So I don't think any foresee any revenues on that vessel in the third quarter if that's what you're looking for.
Okay, thank you. I much appreciate it. That's it from my side today.
Thanks. If you would like to ask a question, please press star one on your telephone keypad. We have no further questions in our queue at this time. I will now turn it back over to the presenters for closing remarks.
Well, thank you very much. And Øyvind, you can wish everybody a good summer.
Good things can't be said enough. So I think just to all employees and to all the viewers who wish you a great summer and look forward to seeing you again.
Thank you. I hope it will get a little warmer, but we look forward to having a quiet summer here in Norway.