Orient Wind Energy Enters Q3 Peak Season, to Deliver 1 O&M Vessel in Q4; Analysts Forecast EPS Over NT$1 for 2024

Orient Wind Energy (7786-TW) CEO Chen Po-Lin stated today (23) that with operations entering the peak season, Q2 revenue reached NT$4.28 billion, more than doubling quarter-on-quarter and increasing 33% year-on-year. The company expects Q3 to maintain high performance, with one O&M vessel scheduled for delivery in Q4, further boosting operations. Analysts remain optimistic about Orient Wind Energy’s full-year revenue and profitability, forecasting earnings per share to exceed NT$1 this year.

Currently, Orient Wind Energy has 12 vessels in operation, including 2 large-scale vessels, with 5 additional large vessels under construction. Besides delivering one O&M vessel in Q4 2024, the company plans to deliver one cable-laying vessel in Q2 2027, one O&M vessel in Q3 2027, one heavy-duty engineering support vessel in Q4 2027, and another O&M vessel in Q2 2028.

Chen Po-Lin emphasized that as new vessels are successively delivered and deployed, all of which belong to high-margin businesses, combined with strong demand for natural gas and submarine cables, the company anticipates steady year-on-year operational growth.

Moreover, Orient Wind Energy is actively diversifying its business. Chen also updated on the progress of the telecommunications submarine cable projects. The company’s contracted project for Chunghwa Telecom’s Taiwan-Penghu-Kinmen-Matsu No. 4 submarine cable system has seen the Taiwan-Matsu segment completed, while the Taiwan-Penghu-Kinmen segment is expected to finish in Q3.

Orient Wind Energy noted that apart from offshore wind power, contributions from telecom submarine cables and natural gas energy are growing. For 2024, offshore wind is expected to account for 75% of revenue, telecom cables 20%, and natural gas energy 5%, with the latter two segments projected to increase their share in the future.

Overall, the company stated it has secured stable revenue through four long-term contracts, with approximately 70% of orders secured through 2030. As five large, high-spec engineering vessels are gradually deployed from late 2024 through 2028, the proportion of high-margin services will rise, driving steady growth in revenue, profits, and cash flow.