Fjord1 starts testing electric ferries across the Tysfjord

By | 2022 Newsletter week 48 | No Comments

Fjord1 took over the operation of the national road ferries across the Tysfjord in Nordland today (1 December 2022), and will soon have the world’s longest electric ferry connection.

The new ferry contract between the Statens Vegvesen and Fjord1 covers both national road 827 between Drag and Kjøpsvik and E6 between Bognes and Skarberget.

The contract runs until 2032.

According to the contract, all the ordinary ferries across the Tysfjord must be operated with electricity. Now starts the test period between Drag and Kjøpsvik, which hosts the country’s – and the world’s – longest electric ferry connection.

Fjord1 put in three vessels, which have been rebuilt to be suitable for electric ferry operation.

Ferries LOTE and GLUTRA are already in place on the E6 between Bognes and Skarberget. However, the ferry quays are not adapted to electric operation yet, due to delays in the delivery of a new power line to Bognes. The ferry quays must be fully rebuilt and ready for electric operation by the autumn.

Thus, FANNEFJORD will be the first to launch electric operation across the Tysfjord when the vessel is completed in the new year. With a crossing of 14.8 kilometres, this is the world’s longest electric ferry connection.

In the meantime, the reserve ferry SULAFJORD will take the traffic between Drag and Kjøpsvik.

Fjord1 expects continued strong demand for its services

By | 2021 Newsletter week 47 | No Comments

Fjord1’s first nine months and third quarter 2021: Safe and stable operations


  • -4% Revenue, NOK 758 million. The reduction is attributable mainly to the phasing out of the Molde-Vestnes ferry contract.
  • -18% EBITDA, NOK 276 million
  • The EBITDA margin decline to 36% from 43% mainly reflects higher fuel costs and higher maintenance cost than in same quarter last year.
  • Investments amounted to NOK 289 million, mainly for purchase of a new vessel.

First nine months

  • -5.9% Revenue NOK 2,157 million
  • -14.5% EBITDA NOK 663 million
  • EBITDA-margin of 31% (34)
  • Investments were NOK 531 million for the first nine months, which represented 60% reduction from the same period in 2020, when investments in the newbuilding and electrification programme peaked.
  • Net interest-bearing debt (NIBD) stood at NOK 5,274 million as per 30 September. The company has lower investment commitments going forward and will use operating cash flows, proceeds from infrastructure sales, and NOx compensation for electric vessels to continue to reduce debt.


Fjord1 is confident that there will continue to be a strong demand for safe, environmentally friendly, and reliable transport in coastal regions in the future. Fjord1 assesses new tender opportunities in the Norwegian market on an ongoing basis, as well as opportunities outside of Norway.

Fjord1’s strong contract portfolio is worth NOK 21.8 billion through 2034, excluding options and index regulation, which offers a solid platform for profitable growth.

The company had net interest bearing debt of NOK 5.3 billion at the end of September 2021, down from NOK 5.8 billion at the end of September 2020. The company plans for a lower investment level going forward and expects the main part of the cash flow from operating activities and proceeds from the sale of infrastructure assets to be used to reduce interest-bearing debt further.

Click on the cover, access the download page of Fjord1, and download the report

Westcon Yards Wins Fjord1 Contract

By | 2021 Newsletter week 33 | No Comments
  • Cargo handling increased by 8.25 % in H1
  • Of the 100,000 trucks and trailers handled, more than half were unaccompanied for the first time.
  • The largest increases were recorded on the routes to Gothenburg and to Klaipeda. In total, 3.66 million tonnes of freight were handled in Kiel in the first half of the year.
  • The strongest part the Ostuferhafen with the forest products and logistics centre. (DFDS: 9 departures / week).
  • Restart in June of Kiel – Oslo route by Color Line.

Fjord1 Appoints Systems Integrator for Electric Vessel Conversions

By | 2021 Newsletter week 30 | No Comments
  • Three more vessels to be converted in zero-emission

Fjord1 has contracted Norwegian Electric Systems (NES) to act as system integrator and deliver power control, distribution and battery systems on three ferries set to be converted from gas and diesel propulsion to zero-emission battery operation.

NES will also deliver equipment and control systems for four battery charging stations.

After this, NES will have installed battery systems on board 21 zero-emission ferries.

Once converted, the three vessels will operate on the Drag – Kjøpsvik and Bognes – Skarberget ferry services in North Norway, from December 2022.

Photo, from left: SVP Sales at NES Stein Ruben Larsen, Sales manager at NES Martin Aasheim and Project and Technology Manager at Fjord1 ASA, Nils Kristian Berge.

Fjord1 returns to Tersan for Two More Ferries

By | 2021 Newsletter week 23 | No Comments

Tersan signed a contract with Norway’s Fjord1 ASA for the construction of two environmentally friendly vehicle and passenger ferries.

  • To be delivered in Q2, 2023
  • Designed by HAV Design firm
  • Length 84 metres / 248 people including crew / 80 cars / 6 trucks.
  • Fast charging of batteries during port call
  • Able to operate in all-electric mode, hybrid mode and diesel-electric mode
  • Routes: Stranda – Liabygda (NB1113) and Eidsdal – Linge (NB1114)
  • NB1113 and NB1114 will be the 8th and 9th ferry that Tersan will build for Fjord1

Fjord1 Increased EBITDA Margin In Q1

By | 2021 Newsletter week 21 | No Comments
  • -8% Revenue (NOK 691 million) because of the phasing out of one ferry contract and lower revenue in the Catering segment due to the pandemic.
  • +2% EBITDA (NOK 198 million)
  • EBITDA margin increasing to 29% from 26% The improvement in margin reflects lower operating costs for the electric vessels.
  • Investments amounted to NOK 124 million in the first quarter.
  • Net interest-bearing debt (NIBD) stood at NOK 5,400 million as of 31 March, a decline of NOK 103 million from the close of 2020.
  • Fjord1’s long-term contract portfolio, is worth NOK 21.2 billion


Fjord1 is confident that there will continue to be a strong demand for safe, environmentally-friendly and reliable transport in coastal regions in the future. Fjord1 assesses new tender opportunities in the Norwegian market on an ongoing basis, as well as opportunities outside of Norway.

The company expects more moderate revenue growth in 2021, with cost improvements continuing to support operating margins.

Fjord1 Wins Double Ferry Route Contract

By | 2021 Newsletter week 7 | No Comments
  •  Statens Vegvesen (Norway’s Road Administration) has set Fjord1 ASA as the winner of the contract for operating the two connections Bognes – Skarberget and Drag – Kjøpsvik in Nordland.
  • The contract is for 10 years (01.12.2022 until 30.11.2032, with an 18-month extension option).
  • The route is actually operated by Torghatten Nord.
  • One of the conditions was the zero-emission character of the operation.

Fjord1 Q2: Ferries Up, Tourism Down

By | 2020 Newsletter week 34 | No Comments

With more new vessels added, and new route contracts, the ferry division of Fjord1 has done a good job with a revenue increase of 14%.

The tourism division (fjord sightseeing etc) was of course affected by the absence of foreign travellers.


  • New ferry contracts secured revenue growth of 9% and EBITDA-margin of 33%
  • Ferry and Passenger Boats are shielded by contract structures based on capacity and sailing frequency, not traffic volumes.
  • Continued operating profit for Catering despite revenue reduction
  • Negative results from joint ventures and associates in Tourism due to strict Covid-19 travel restrictions. There was rise in domestic tourism in July.

Ferry Division Q2

+14% Revenue NOK 698 million (612)

+17% EBITDA NOK 227 million (194)

+15% EBIT NOK 112 million (97)

Fjord1 now has 5 “electric” routes

  • Anda-Lote on E39 outside Sandane (GLOPPEFJORD and EIDSFJORD)
  • Krokeide-Hufthammar outside Bergen (MØKSTRAFJORD and HORGEFJORD)
  • Husavik – Sandvikvåg outside Bergen (HUSAVIK)
  • Brekstad-Valset in Trøndelag (VESTRÅTT and AUSTRÅTT)
  • Hareid-Sulesund on Sunnmøre (HADARØY, GISKØY and SULØY)

Renewal programme comprising 25 vessels coming to an end

  • Delivered in June: MØRING
  • The last vessel in the current programme was delivered in August


By | 2020 Newsletter week 21 | No Comments

Fjord1’s Second Largest Owner Sells To Havila

Perestroika AS, a company controlled by Frederik W. Mohn, has on 13 May 2020 entered into an agreement with Havila Holding AS and Havilafjord

Holding 2 AS to sell all of its shares in Fjord1 ASA, constituting 18.459.849 shares, and representing 18.46% of the issued share capital of Fjord1.

Following completion of the transaction, Perestroika will no longer hold any shares or votes in the Company.

Perestroika was the second largest shareholder f Fjord1, after Havilafjord AS. Perestrika is a company from Frederik W. Mohn, one of Norway’s richest people.

Havila shipowner Per Sævik is now by far the largest owner of Fjord1.

Good Start Of A New Era For Fjord1 – Q1 Results

By | 2020 Newsletter week 20 | No Comments


  • Revenue NOK 752 million (+17%) after the start-up of new routes on 1 January 2020
  • EBITDA NOK 194 million (+23%)
  • Reduced frequency on ferry and passenger boat routes due to travel restrictions have had a limited financial impact, although the effects on Catering and Tourism have been significant.
  • The vessel renewal programme is coming to an end, with five vessels delivered in Q1. Two deliveries remain out of a total of 25 new and upgraded vessels.
  • Fjord1 views 2020 as a ramp-up year, with the start-up of several new ferry contracts, the completion of the vessel newbuild programme and further progress in the electrification of the fleet. Fjord1 is well-equipped to navigate this more uncertain market environment, with a long-term contract portfolio of NOK 22.8 billion and exciting long-term prospects in the tourism industry.
  • Travel restrictions for technical personnel from Germany and Italy may delay the completion of electrification infrastructure. Such delays could postpone the start-up of fully electric ferry routes. This will in turn, postpone the release of government-funded NOx compensation for the new vessels, public infrastructure payments and expected fuel cost savings, as well as the turning point of the net interest-bearing debt.


  • Fjord1 believes there will be demand for safe, environmentally friendly and reliable transport in coastal regions in the future.
  • Fjord1 assesses new tender opportunities in the Norwegian market on an ongoing basis, as well as opportunities outside of Norway.
  • Fjord1 has a strong contract portfolio of NOK 22.8 billion in total value through 2033, excluding options and index regulation.
  • In 2020, revenue is expected to grow by 10-15% compared with 2019. The increase will be driven by the new ferry connections that started 1 January 2020.