Good morning, everybody, and hearty welcome to the third quarter presentation for Bonheur. My name is Anette Olsen, and I am the CEO. Today, Rikard Olav Aa, our CFO, will do the main presentation. In order for you to also meet some of our leaders, we have today three of our CEOs for the subsidiaries that will come in and present for you. We will do the questions at the end, and I think for now, this is the information you need. Rikard, please.
Yes. Thank you, Anette, and also a warm welcome from me to the third quarter presentation. Before we dive into the numbers, I thought it would be good to give you the overall picture of this quarter, both result-wise and strategic-wise. You can have that in back of your head when we go through. On the result side, I think there are three items that have characterized the results in this quarter.
First of all, it's a very low wind quarter. Despite having had very high power prices, we haven't really taken the benefit of this quarter due to very low wind speeds, especially in the U.K. Secondly, it's a very strong quarter for the ocean companies, and especially Wind Carrier, with very good operational performance in this quarter.
Thirdly, we're very happy that we have mobilized two cruise ships back in the market, and hopefully, the cruise business can now gradually resume back to normal. That are the results, and strategically, which will be covered very well today, I think, from Alexandra and Lars later today, is that we are building the offshore wind development company with full speed. Also the fleet upgrade program in the Fred. Olsen Windcarrier are continuing according to plan, which Alexandra will cover. With those three result elements and two strategic elements in the back of your head, we can then proceed to the numbers. Starting on the top right of this slide on a consolidated basis, the revenues this quarter came in close to NOK 1.9 billion, which is up approximately NOK 500 million from similar quarter last year.
EBITDA was NOK 279 million, which was almost a doubling of the EBITDA from third quarter last year. We had an EBIT of NOK 40 million after depreciation, which was an improvement of more than NOK 300 million from third quarter last year. There are some special items on taxes that I will come on to later. The result after tax is a negative NOK 157 million. Going through each of the segments, starting with the renewable energy, we have an improvement on the EBITDA from NOK 131 million to NOK 174 million. Third quarter last year, we had good wind, but very low power prices. This quarter, it's turned the opposite way, where we have high and increasing power prices, but extremely low wind.
The wind has been 44% lower than in third quarter 2020 when we measure it like for like. Others will come back to also the markets and the generation later in the presentation today. We're very happy now that the Högaliden project is coming to an end. It's a very important project for us. All turbines are now up and handed over successfully from the turbine manufacturer to us in where we are now. We expect approximately 19% uplift the generation going forward all for us in total from the Högaliden project.
Looking a little bit ahead, given that we had a strange quarter, we see that the power prices are very high going into the fourth quarter and that we also have had very good wind speeds so far in the fourth quarter. Finally, on renewable energy, the offshore wind business unit, we call it, but they are establishing a separate company, and they're building that stone by stone as we speak, and that's progressing with full speed.
On the wind service, a strong quarter of EBITDA of NOK 264 million, coming on strong utilization of the Tern vessels and also a very good execution, and in particular on the project, Moray East, where Blue Tern actually set a record in number of days installing turbines, which we believe is a world record. Bold Tern is now arrived at the yard in Singapore to go through an upgrade with the new crane and sponsons and other reinforcements to be future-proof. Blue Tern has arrived in the yard in Odense, Denmark, for their class review work. The fleet upgrade program continues as planned in the quarter.
On the cruise lines, we have a loss of NOK 138 million, which is on par with the third quarter last year. We have had revenues this quarter as we mobilized two cruise ships, one in the beginning of the quarter and one in the middle of the quarter. We also have mobilization cost in this quarter associated with the mobilization of those two ships, resulting in a flat and negative EBITDA. The two remaining cruise ships, Braemar and Balmoral, are expected to come into the waters after the winter and be ready for the summer season next year. More problematic on the cruise side is the strong discounting we're experiencing now in the U.K. market for the coming winter.
There is an overcapacity in the market before the customers come back through cruising from the summer season next year. The prices for cruises in the U.K. are characterized by discounts as we speak. We see substantial demand for cruises at normal price levels coming out after the winter in 2022 and 2023. On the other investments, we have a small loss there, some are timing differences.
The main operating subsidiary within other investments, NHST, had a flat development of an EBITDA of NOK 28 million, and they're experiencing good growth in the digital subscription, and also now are about to complete the reorganization of NHST, where we separate the media business into one company and the software businesses into one company with separate governance.
Finally, on this slide, the parent company financial position, very strong with equity close to NOK 7 billion, equity ratio close to 70%, and a cash position of close to NOK 2.2 billion. Going a little bit further into the consolidated figures, we've been through the EBITDA, revenues and EBITDA. On the depreciation, there's nothing to report. No impairments this quarter. The net finance cost was actually at a low level this quarter. The only kind of need to comment on this slide is taxes, where we have had to do an adjustment on our deferred taxes in the balance sheet as the U.K. authorities now plan to increase taxes in the U.K. from 19%-25%.
We have a deferred tax balance sheet item that will be impacted from this, about NOK 89 million. It's not the payable tax. That's why the tax cost this quarter is so high. Going into the segments on the revenue side. We see an improvement of more than NOK 500 million in total on the revenues, and it's largely coming from the wind service, where we have good utilization on the Tern vessels, high revenues in Global Wind Service and also good revenues in UWL. Then on the cruise side, where we've had close to 4.5 months effectively of cruising divided on two cruise ships. On the renewable energy, we see that we hardly improved revenues despite very high power prices due to the low wind.
How is this then transformed into the EBITDA? Yes, in total, the EBITDA improves from NOK 144 million to NOK 279 million, an improvement of NOK 135 million, which is largely coming from the wind service segment of improved results in Wind Carrier, UWL and GWS with Wind Carrier being the main one. On renewable energy, we get some benefit from the higher prices, so we have an improvement of NOK 43 million. On cruise, I said earlier, is the same where the revenues are in a way, the mobilization cost and the revenues from resuming cruising equal each other out. Other, it's more like timing effects. Yeah. Finally, on the group level, on the financial position and the capitalization per end of third quarter.
Just to recap and inform some of the key objectives around the capitalization. There are really three bullet points there to mention. One is that the parent shall be built on conservative leverage and a solid liquidity position, and you'll see that from the numbers below that is intact.
Also that we are involved in businesses with very high growth and capital-intensive business models, and with aim to accelerate that growth. It's very natural that these businesses are looking at various means of sourcing external capital, including various equity options and also including listing. Finally, the subsidiaries are to finance themselves with non-recourse financing and also taking account on the various aspects on the financing, the respective business model and the relative cost of capital.
That's what we demonstrate in the table below. On the top three lines we have external equity in partnerships in eight wind farms in the U.K., partnerships on the Blue Tern vessel and also the vessels in UWL. Those units are financed with the non-recourse external debt of a total of NOK 6.7 billion, as you see in the table, and also have a small cash position attached to those businesses relative to the debt. Below the three top lines, we control 100% in Bonheur.
There we see a very low debt level of a total of NOK 3.6 billion, where the main debt is associated with the bonds of Bonheur. Just starting from the top there, you have renewable energy, which are the three Scandinavian wind farms, plus the full development portfolio with zero debt and NOK 379 million in cash. Windcarrier, which are then Brave Tern and Bold Tern, which has a very conservative leverage of NOK 617 million and a solid cash position. Cruise Finance, which is the seller credit towards Carnival and a smaller cash position, which is natural given where they are in the business cycle. Finally, the corporate with a cash position of NOK 2.2 billion.
Excluding the joint venture and also the mother company, a very solid financial position. Very important for us is the green framework financing we put in place for both the partly of the Bonheur bonds and also the Brave Tern and Bold Tern vessels within Wind Carrier is also now financed with green loans. I think that covers the key themes, the results and the balance sheet items and the capitalization for the group. We can proceed with the subsidiaries. This time around, we will start with Ocean, and I will quickly cover UWL and Global Wind Service before handing it over to Alexandra. Just starting quickly with the Global Wind Service. An active quarter.
Total of now 13 employees working around the world, predominantly in U.S. and Europe in this quarter, progressing according to plan. Same with United Wind Logistics. Three vessels, two working on long-term contracts with Vestas and one in the spot market, operating according to plan. Also the spot market is quite positive these days for transport of turbine components. I think that covers Global Wind Service and UWL. Please, Alexandra.
Yes. Just to introduce Alexandra, this is Alexandra Koefoed. She is the CEO of Fred. Olsen Windcarrier. You will give the listeners a little bit more in-depth than usual, today. Please.
Thank you. I will start with saying a little bit about the last quarter. I think, Rikard, touched upon it, but it's been a good quarter execution-wise, and I think that's what we pride ourself on in Fred. Olsen Windcarrier to execute well on our projects. Brave Tern, she's in Taiwan, still, doing the Yunlin turbine installation. It's fair to say that this project is progressing slow due to a slow foundation installation. Blue Tern finished the Moray East project, and this was the project we spoke about in Q2 where we swapped the vessels. We are very happy to be able to provide a good execution. Actually, we completed the project ahead of schedule, installing 60 turbines in the last 120 days of the project.
We're happy about that, and very proud of the team that they've achieved that. Bold Tern, as we mentioned, she was on her way to Singapore. She's now safely arrived and started a complete sort of remake or rebuild, and that project is going according to plan, but she will not. She'll be in the yard in Q1, most of Q1 as well. In terms of our track record has now passed 5 gigawatt capacity installed, which is a big milestone. Just a small note on our backlog, that has changed since last quarter. Of course, partly because we have executed projects, and we have also secured a new contract, although that is a reservation agreement as per today. Still not a firm contract. I would like to say a little bit more about our plans for the fleet.
We have already spoken about that we are investing to reinforce our leading position in the market, our 20% market share. That's something we might not be able to keep, but we're certainly aiming to keep a big market share in this growing offshore wind market. We are planning to upgrade, and Bold Tern is currently undergoing this very extensive conversion. We're getting a complete new crane, upgrade of the jacking system, sponsons to make her wider and a few more minor upgrades. She'll come out of the yard being a vessel on par with some new builds also under construction. Same upgrade is planned for the two other existing vessels in our fleet.
Today we are proud to share some more details about the new build design we are planning, and I think sort of the attentive reader or listener can see that this is a vessel different from what we have. This will diversify our fleet. It's a larger vessel. I think the most important thing to say is, we have taken all the learnings from, the operation of the vessel so far, into this vessel. It's designed in very close dialogue with our clients, the turbine suppliers, mostly, but also, operators. It will also have the green features available technology-wise in the market of today. We think this will be a very, very capable vessel, in the market, and then we will have vessels fitting all projects and all sites.
That will be exciting. I'd like to say a little bit more about our financial performance, and I guess this is where we haven't been so much in-depth. Looking at the past, I'll not dwell too much on it, but just comment briefly that we have been operating in a market where the turbine installation activity, which is our core activity, has been fluctuating, and so has our EBITDA.
We have managed to keep a positive EBITDA in all years, although there have been some years with a challenging market. What we see going forward is an improving market. We do see increased activity, and a tighter supply-demand on the vessel side, which we expect will result in two things, better T&I utilization and also, improving rates.
We actually already see an improving rate level for our backlog compared to the historical day rates. Also, which is very good to see, we do see that the upgraded vessel proves its premium and comparing day rates in the backlog of the existing vessels and the converted vessel, we see a 40% increase for the latter, which shows that this is a good investment, and it proves its value. Just to comment very briefly on O&M. What we generally see is a sort of 50% of the T&I rate related to that turbine. I think it's important to say that the O&M specification for a vessel is, for what we do, which is main component exchange, is more or less the same as the installation vessel.
This will probably also tighten as we get a larger fleet of big turbines out there. Finally, just to comment briefly on our backlog. It's currently NOK 309 million, including options. Historically, we've seen 80% of options on projects being called. I think it's also fair to say we have, historically and also think in the near future, will have existing projects being extended or amended due to delays out of Wind Carrier control. We have a solid backlog for the next three years. There is still capacity to sell, and we do expect to sell some of that capacity for project delays. We are in some specific discussions already, three to at least three projects, I think is fair to say, and also see high activity on the O&M side.
This is our secure backlog, but we do expect to fill utilization in the time to come.
Thank you. We will now proceed to talk about Fred. Olsen Renewables, and Anders Bade is going to present to you. He is one of two CEOs in Fred. Olsen Renewables. Please, Anders.
Thank you, Anette. Good morning to all of you on the call. As Anette says, we have two CEOs in Fred. Olsen Renewables, with Ivar Brandvold being responsible for construction and operation, and myself for development and new markets. Fred. Olsen Renewables, we are one of the largest independent power producers in Northern Europe. We have more than 35 years of experience, dating back to the first wind farm we built in 1996. Today, we have 13 wind farms, including two under construction in Scandinavia and U.K. We have a track record of delivering projects in budget and on time. I'll come back to Högaliden later in this presentation. On the development side, we have around 3.5 GW of capacity under development within onshore wind.
When we say development, those are sites with long-term land agreements and progressing on the development side. In addition, we obviously have a number of prospects. We also have an offshore wind development pipeline in Ireland, Norway, Scotland, and the U.S., and that's under spin-off process, and Lars will come back to that later in this presentation. We're also entering new technologies, in particular floating solar, and we have briefly described that on previous presentations. Fred. Olsen Renewables, we benefit not only from our long experience, but also by being a fully integrated in-house developer and operator. We do all the phases from site identification, development, construction, operations, and ownership optimization. We certainly benefit from applying the learnings across these phases.
As an example, when we design wind farms in the development phase, we apply the learning from the construction and operation phase to do optimal design. On the production side, that has increased over the years to around 1.8 TWh. With commencement of operation in Högaliden, that production will increase by around 19%, as indicated by Rikard earlier today. In the bottom right corner, you see one of the two, I would say, key parameters to follow on the operation side. In addition to cost per turbine availability is key for us to stay high and to further improve, and we have a strong effort to continue to improve that. As an example of being an in-house operator, we do plan downtime and maintenance not only when the wind is low, but also when the power prices are low.
Moving to the next slide, you see the key revenue drivers and also the key drivers again for the price. In the up left corner, you see the generation and capacity factor for the different markets, and starting with Sweden, which actually had very good wind in Q3, with capacity factor close to 50%. In Norway at Lista, we had around normal for the quarter compared to last year with around 30%, while we had record low wind in the U.K., with very low wind speeds and a capacity factor actually below 10%. As we have more than 75% of our installed capacity in U.K., that as Rikard said, certainly has an impact on revenues for the quarter. It looks, as also Rikard said, better in Q4.
Power prices, as most people know, has gone up, been very high during the quarter, actually in all markets. On the right-hand side, you see the key drivers for the power price. In particular, the gas prices have skyrocketed during the quarter. Also, carbon prices, cost of emitting carbon, has stayed high during the quarter. In Scandinavia, we also had a very weak hydrological balance, and that's the graph you see there. That's the latent energy stored in the hydro reservoirs for hydropower in Norway and Sweden. As you can see, the reservoirs had latent power of around or more than 15 TWh less during the last three quarters than what it normally is, which obviously has an impact on how the power companies and the water power companies use their water.
In addition, we also had very low wind in not only in U.K., but also in the northern part of the European continent, which impacts both the power price in U.K. and also in southern part of Norway. Moving to the next on construction. Högaliden Wind Park. That's the wind park with 25 turbines, 4.3 MW generators and 150-m rotors. That park was completed in October. We had 16 turbines in production in third quarter, and we expect full production from this month. As previously also described on the previous presentations, we had some delays due to necessary repair of blades provided by the vendor. With a strong follow-up from our construction team, we do not expect any negative financial consequences to arise from this delay.
Högaliden is also the first wind farm in the world with turbine-mounted lidars measured installed on top of the nacelle on all the turbines. A lidar leverage the Doppler effect to read the wind around 300 meters before the wind meet the turbine, and hence we're able to optimize the tilt of the blades and the nacelle to be optimal when the wind actually meet and approach the turbine. In addition, we have started preparation for construction of Fäboliden 2, and we expect to do four installations in 2023. To the final slide from Fred. Olsen Renewables. As I have already covered the construction operations on previous slides, the focus on this will be on the first three columns. On-site investigation, we are obviously continuing to pursue sites in U.K., Sweden and Italy.
We are also pursuing sites within floating solar. That's in different geographies, particularly in Southeast Asia and Southern Europe. We are pursuing sites in solar PV. That's particularly on our wind sites where we can leverage shared infrastructure. On the development portfolio, we have increased by 100 MW in the U.K. up to 800 MW in the quarter. In Norway, we are not pursuing any new sites, but we have done environmental studies and the sites look promising. If and when the consenting regime in Norway is reopening. In Sweden, no new land agreements this quarter, but we are certainly working on a number of good prospects. We had in Italy, this is the first time we have Italy in this column. We had our first site, 70 MW.
In Italy, to secure a site, you do not go for the land agreements because land can actually relatively easily be expropriated by developers that get the consent. It's the point to have the EIA submitted. The first in line for the EIA gets exclusivity. We have that for our first site in Italy. Let me comment on the maturity and quality of the development pipeline of the more than 3,000 MW we have under development. All except 150 MW in the U.K. are new sites over the last three years. That implies that the sites are to a great extent in the early or mid-phase of development. It will take some time still till the large volumes are being consented.
Being in early and mid stage of development is also a somewhat higher risk, somewhat higher consenting risk with the sites than when you are at a later stage. On the other side, we are very deliberately going after high-quality sites, and we have a de-risking and consenting process very thought through and based on 35 years of experience with very high quality. On the consented sites, no new sites this quarter, but we are certainly working to progress the five sites you see or the sites you see under consented there towards construction, including the three in Scotland that we have got consent for over the last year. That concludes the update from Fred. Olsen Renewables. Thank you for your attention.
Thank you, Anders. Next will be Lars Bender. Lars is the CEO of the offshore wind company that we are establishing. Lars, please.
Thank you. Yes, I will give an update on our activities and the outlook for offshore wind. Currently, we've had a very busy quarter. We are, of course, active in Ireland with the Codling Wind project, which has a gross capacity of up to 1.5 GW, a lot of attention has gone into that. I'll come a bit back to that later. In addition to that, we have worked with our partners, Ørsted and Hafslund around the Norwegian market. We've worked with Vattenfall around Scotland. Also on that front, we've been busy in the last quarter. In addition, we are looking to increase our pipeline of projects. We are also spending effort and time on that, which I'll also come a bit back to.
When we talk about growth in general, we are naturally, as we mentioned in the last presentation on Q2, we are establishing a separate offshore wind unit. As part of that, looking to grow our portfolio of projects. Doing that, we are naturally relying on the rest of the Fred. Olsen sphere. We have access to around 2,400 employees across 40 countries, ranging from renewables to services to consultancy, but also innovation and technology. A positive outlook for growth. We're progressing with the establishment we mentioned in Q2. Next slide. If we then take a closer look at the Codling Wind project. As mentioned before, it's a project of gross capacity up to 1,500 MW.
It is one of the biggest and largest projects in Europe, but it's also by far the largest project in Ireland. It is also one of the phase I projects. Classification as phase I project means that the project is qualified for the first offshore wind auction in Ireland. There are six projects qualified for that. Of them, we are one. On a positive note, in this quarter, we saw the terms and conditions for the auction being published. They are currently under consultation, but it's again a sign that the Irish market is progressing according to plan, and therefore, we also expect to see the auction in 2022, early 2023, and an FID in 2024. If we take a closer look at the project, as mentioned before, we are the largest project.
If you look at the capacity of the phase I projects, we have around 32% of the capacity. A competitive advantage on scale, in our opinion. In addition to that, we are close to shore, we are in shallow waters, we have favorable sea conditions. All in all, for us, a very attractive project to develop. Naturally, we are looking forward to contributing to the offshore wind targets Ireland has set out in 2030. If we look at Scotland and ScotWind, we have in early Q3 submitted a bid for the ScotWind lease round together with our partner, Vattenfall. The total capacity in the ScotWind leasing round is 10 GW divided over 15 areas. Scotland is in general an attractive market for us. We've been there on onshore for many years.
Scotland also specifically is attractive. They expect to have separate pots for floating wind in their CFD auctions. AR6 is expected to have a separate pot for floating wind, where floating wind does not compete with bottom fixed. Also in that regard, it's an attractive market for us. We are expecting that the announcement of successful applicants will be in January 2022. Based on that, we see a CFD auction around 2025 and FID around 2027. We have, together with our partner, built our bid around our strong local presence. As mentioned before, in the Fred. Olsen system, we've been in Scotland for many years. We developed onshore wind in Scotland for many years. Therefore, that heritage is a natural point for us to build our bid around.
That means we have had focus on creating local jobs, creating local value in Scotland. As part of that, we have in the Fred. Olsen system developed a mobile port solution. What we see in a lot of the countries we're looking at, including Scotland, is that port facilities is a scarce resource for developing floating wind. In order to solve that issue and in order for the respective countries to develop floating wind, both in a timely but also in a cost-effective manner, we see a lot of advantages in using a mobile port solution. The mobile port solution basically is a solution where we can assemble the turbine and foundation. Instead of using a port, we do it offshore.
That leaves capacity in the port for other operations, and basically enables a country like Scotland to progress with floating wind instead of investing in infrastructure and port facilities. This is an industry enabler, in our opinion, both in Scotland, but actually also holds a potential in a lot of other countries where facilities and ports also is a scarce resource.
All in all, we are looking forward to the announcements in January with an optimistic view on that. If we then look at new markets in general, as mentioned before, we have a solid base. We are developing a mature project in Ireland together with EDF. We are in Scotland together with Vattenfall and in Norway together with Ørsted and Hafslund, we are preparing to bid both on Utsira Nord and on Sørlige Nordsjø II. A solid base.
From that base, we are now looking at developing into new markets. We have already identified a range of markets which we are looking into. It is natural for us, given the synergies we have with onshore and solar, to look at markets together with them.
There is, of course, a cost advantage to that, but there is also a knowledge advantage in relation to regulatory systems and other country-specific circumstances which we naturally need to look into when identifying new markets. So we see a general offshore wind market which is growing. We have a positive outlook, and we've identified a range of markets where we are able to enter into. I think in conclusion, a very active quarter, both on the mature part of the portfolio in Codling, in the partnerships, but also on identifying new markets. I think ending this presentation on a positive note is in place. Thank you.
Thank you, Lars. Over to you, Rikard.
Thank you. Say a few words about the cruise before we move to the Q&A. Yeah. Just a little bit of recap on our cruise business, which has been through a very tough time, but hopefully now we're coming to the end of it. We are quite well-positioned in the market now, when the market will come back. First of all, we have seen that the long-term market growth in the U.K. cruising have been around 5% per annum, and we expect that to also continue after we come out of the COVID finally in the U.K., based on the demographics we see in the U.K. market.
Certainly now with a larger fleet, not in number of vessels, but in terms of passengers, we hope that we could take our fair share of that market. One of the factors we base that on is the smiley face there, where we see that we have a 60% repeat rate, which is actually the best in the U.K. market. I think that comes from that we have very popular itineraries, and we're also scoring very high on customer service. We're now coming back to the market with the two new vessels which are upgraded during the COVID, which we bought from Carnival and also complementing Braemar and Balmoral in a very good way.
We think we can return back to cruising in a stronger and more resilient way than we were earlier, and we are absolutely aiming for returning out of this with a higher EBITDA level on the four ships than we went into COVID. On the short term, there are some good news and some more challenging news. The good news is that both the two vessels we bought from Carnival, we were able to mobilize in a good way. Early this quarter, for Borealis, fifth of July, she sailed out from Liverpool and Bolette commenced sailing from mid-August. That went well. However, it costs to mobilize vessels, so that, like I said earlier, that has kind of compensated the revenues we had on those vessels in the quarter.
The plan is to take Balmoral and Braemar back into operations, so they are ready for the high season coming out in Q2 around the Easter time. Where we see the high season really starting is in the second quarter from around the Easter time. Also the bookings for next year and 2023 they are very strong. Customers want to cruise, and they want to cruise with Fred. Olsen, so that is very, very good.
On the short term, it's a little bit more challenging because we have this fourth COVID wave in the U.K., and that combined with somewhat overcapacity in the market before the demand fully recovers, that means that there is overcapacity in the market resulting in quite deep discounts from many of the operators.
Short term, that is a little bit of a challenge, but we see longer term on the backdrop of what I just went through with our market position, the market growth, our repeat rate and the upgraded fleet. I think we will resume out of COVID even stronger than we went in. I think I will end the presentation there, and then, Sandra, we can open up for Q&A.
The first question comes from the line of John Olaisen. Please go ahead.
Yeah, good morning, and thanks a lot for a detailed report. I'd just like to introduce by saying I love that you're shedding a little bit more light on the different segments. It's very useful, so thanks for that. I got two questions. First one regarding the expected offshore wind license rounds in Norway. If you could update us on your view, what would you expect to be the next milestone? I know there's a little bit of talk in the market that the change of government might have delayed the licensing round. If you have any indications for that. That was my first question, please.
Yes. I think, it's a little bit early for us to give specifics on your question. I think we are all waiting to see now, what will come out of the change of government.
My second question is on the near-term results from the cruise business. I just wonder if there are any reason to expect any significantly different EBITA for the cruise business for the next couple of quarters, given that it's the same vessel. Should we expect it to be similar to Q3 now in Q4 and Q1, or?
Thank you, John. We don't guide quarter by quarter. We don't really guide. I really cannot give you guidance.
No
On that. I think you have to do investor calculations. To help you a little bit, we have the two cruise vessels now. They're both operating in Q4. The two other ships will then gradually start mobilizing, and then we'll incur mobilization costs of them, some in the fourth quarter and some in the first quarter and then some in the second quarter when they go back. You'll have mobilization costs spread out to these quarters, but exactly how they will kind of hit the market or hit our P&L, it's a little bit too early to say, John. I think that's the best I can help you with, this morning.
All right. I'm just wondering, in Q3, were there any particular startup costs with the vessels that will not come in Q4? The same on the booking side, is there any reason why I should expect it to be different, like costs? Revenue? I don't know.
Well, we obviously have the mobilization costs.
Maybe that was a question again.
Yeah, a little bit.
Yeah.
These mobilization costs, you know, we had to take mobilization costs also in the second quarter to get ready for cruising in the third quarter. We had mobilization costs also in third quarter relating to the vessel that came into the third quarter. Exactly when this mobilization cost will come in and how they will be booked relating to the two remaining vessels, it's a little bit too early to say.
Yeah. Okay. Fair enough. Thank you. Have a nice day. Thank you.
Thank you, John.
Thank you. Next question comes from the line of Anders Rosenlund. Please go ahead.
Thank you. I have a couple of questions, if I may. My first question comes to the comment that you have on pursuing a broad set of equity options, including listing. It's fair you've done it before on onshore wind. I think, at least my understanding is that you're alluding to external financing on your new build in some sort of structure. Are you also alluding to various equity options for the offshore wind efforts? Is that part of the message here?
Thank you for the question, Anders. I think we should also go back to our second quarter report when we announced that we would establish a separate company for offshore wind, which we had a fairly detailed presentation on in the second quarter, and which we now updated you with the presentation of Lars. In that second quarter presentation, we also said that financing was an important part of separating that out and that we would consider various financing options for the offshore wind company, including listing.
Okay. That's a yes. My second question relates to the Codling Wind gross capacity figure where you are indicating 1.5 GW. Is that the total scope or is there a Codling Wind phase two on top of this 1.5 GW capacity?
First of all, when it comes to the capacity itself, this is a project that is very much now being worked on and together with EDF. I think the two phases are together in the 1.5 gigawatts.
Okay. Excellent. Thank you for that. My third question: If we just do some very simple math on the round four in the U.K., and we know there is a cap on the ScotWind. In terms of lease cost per annum, per square kilometer, and it wouldn't be too surprising if there are some lease costs, running lease costs, in Ireland as well. I haven't seen any details on that. But being involved in several offshore projects in and around in this area, it could be quite costly. How do you think about ownership and time of farming down, et cetera? What's the strategy around these things for Bonheur?
What we have said so far is that we are really putting the offshore wind assets into one company. When it comes to the question that you're asking about the future strategy and how we will finance that, I think we have also said that we are looking at various options. To be more specific than that at the moment is not possible for us.
Okay.
This is a very, very interesting area, and we see a lot of opportunity. I hope you heard from Lars Bender that we are very much working to see how we can develop this area.
Okay. Thank you for your answers, and have a nice day.
Take care.
Thank you. There are no more questions at this time. May I hand it back over to the speakers for final remarks.
You have some final remarks?
No, I just see that we are very well attended this morning, and we're certainly here for more questions, if need be. Please fire ahead if you have more you want to ask us about. Operator, we can wait maybe 30 seconds if there are some other that have something they really want to ask us about.
No problem. As a reminder, it's star one if you wish to ask a question.
No? Well, I think we were very clear this morning then, hopefully. Thank you very much, everybody.