Inside information: Wärtsilä to book provisions of EUR 40 million related to the Olkiluoto 1 and 2 nuclear project in Finland
Wärtsilä Corporation, Stock exchange release, 13 December 2022 at 19.00 EET
Inside information: Wärtsilä to book provisions of EUR 40 million related to the Olkiluoto 1 and 2 nuclear project in Finland
Wärtsilä signed an agreement with Teollisuuden Voima Oyj (TVO) in Finland for the delivery of nine standby diesel generators and their auxiliary systems to the Olkiluoto 1 and 2 plants in 2013. In October 2020, TVO initiated arbitration proceedings against Wärtsilä concerning the time schedule of the installation and commissioning of the project.
During the third quarter of 2022, the arbitral tribunal resolved the claims presented by the parties concerning the delivery schedules, additional costs, and liquidated damages for delay. As a result of the arbitration decision, Wärtsilä will need to further accelerate the installation and commissioning timetable and has now concluded a thorough analysis of the project completion and its cost impact.
Consequently, Wärtsilä’s Energy business comparable operating profit in Q4/2022 will be impacted by EUR 40 million cost provisions related to the Olkiluoto project.
Wärtsilä will publish its financial statement bulletin on January 31.
For further information, please contact:
Hanna-Maria Heikkinen
Vice President, Investor Relations
Tel. +358 10 709 1461
hanna-maria.heikkinen@wartsila.com
Wärtsilä in brief
Wärtsilä is a global leader in innovative technologies and lifecycle solutions for the marine and energy markets. We emphasise innovation in sustainable technology and services to help our customers continuously improve their environmental and economic performance. Our dedicated and passionate team of 17,000 professionals in more than 200 locations in 68 countries shape the decarbonisation transformation of our industries across the globe. In 2021, Wärtsilä’s net sales totalled EUR 4.8 billion. Wärtsilä is listed on Nasdaq Helsinki. www.wartsila.com