Wärtsilä

Wärtsilä Oyj Abp
Public
Traded as Nasdaq Helsinki: WRT1V
Industry Manufacturing and service
Founded 12 April 1834 (1834-04-12)
Headquarters Helsinki, Finland
Key people
Products Power plants, marine propulsion systems, maintenance services
Revenue Increase €4.801 billion (2016)[1]
Increase €532 million (2016)[1]
Profit Increase €357 million (2016)[1]
Total assets Increase €5.391 billion (2016)[1]
Total equity Increase €2.288 billion (2016)[1]
Number of employees
 Increase 18 332 (2016 average)[1]
Website www.wartsila.com

Wärtsilä /ˈværtsilæ/ is a Finnish corporation which manufactures and services power sources and other equipment in the marine and energy markets. The core products of Wärtsilä include large combustion engines used in cruise ships and ferries. As of 2016 the company employed more than 18,000 workers in over 70 countries.

Wärtsilä has three main businesses; Energy Solutions focusing on the energy market, Marine Solutions focusing on the marine market and Services, responsible for supporting both markets. Wärtsilä operates globally[2] but its Marine Solutions division is heavily focused on Asia.

The company is headquartered in Helsinki.

Marine market

The company services the merchant, offshore, cruise and ferry, naval, and special vessel markets, and the offering includes ship design, main and auxiliary engines, auxiliary power systems, electrical and automation packages, propulsors (such as water jets, thrusters, propellers, and nozzles), seals, bearings, gears, rudders, scrubbers, boilers, and all related services, such as repair, configuration, upgrading, training, maintenance, and environmental services.

Customers comprise both shipyards and ship owners. Wärtsilä Ship Power delivers everything from a single product to entire life cycle support, from initial building to operational use, of complex systems powering ships.

The environmental services range from reduction of air emissions, such as NOx, SOx, CO, and volatile organic compounds (VOCs), to oily waste water treatment and other water solutions.

Wärtsilä Marine was an important Finnish shipbuilder 1935–1989, building e.g. cruiseferries and a large share of the icebreakers of the world. The shipyards are now owned by Meyer Werft.

Energy market

Wärtsilä is a provider of power plants in distributed and flexible power generation.[3]

The product portfolio consists of installations up to 600 MW, running on any gaseous or liquid fuels, such as Heavy fuel oil, natural gas, liquefied natural gas (LNG), different types and qualities of fuel oils, and renewable fuels like biogas and biofuel. In addition for the reliability of traditional base power generation, the engines have the capability to start and stop quickly and they maintain their efficiency in part load, which makes them well suited for peaking power production, smart grids, and emergency power systems. They can also utilize the combined cycle and cogeneration to produce steam or hot water for heating, and trigeneration for chilled water, which can be used for air conditioning.

Wärtsilä also provides products and services for grid stability management, utilization of gas flares, pumping applications (such as pump and compression drives), financial services, and project management services for projects concerning power generation.

In 2006, Wärtsilä delivered the Dr. Bird II, a 49.5 MW power barge, to accompany Dr. Bird I (delivered in 1995) in Jamaica. These barges produce in total 123.6 MW and are now owned by Jamaica Energy Partners.[4]

Services market

The wholly owned service network consist of over 5,000 field services professionals in more than 160 locations in over 70 countries globally, with the installed base of over 180 000 MW. The focus lies on optimising operations and lifecycle performance of land based power plants and ship installations.[5]

Wärtsilä provides services, spare parts, maintenance, upgrades, and fuel conversions solutions for medium and low-speed gas and diesel engines and other related systems, propulsion systems, electrical & automation systems boilers including environmental solutions regarding particulates and NOx, covering scrubber, selective catalytic reduction (SCRs), oxidation catalysts,[6] ballast water treatment systems and oily-water systems, long-term service agreements, training, condition monitoring, and condition-based maintenance and advisory services.

Market share and competitors

At the end of 2016, Wärtsilä’s market share in marine medium-speed main engines was 51% and in auxiliary engines 18%. Wärtsilä’s market share for gas and liquid fuel power plants was 13%.[7]

Wärtsilä’s biggest competitors in the marine market are MAN Diesel & Turbo, Caterpillar Inc. and Rolls-Royce plc. and in the energy market the biggest competitors are mainly gas turbine manufacturers like General Electric and Siemens.

Engines

Emma Mærsk is powered by a single low-speed Wärtsilä-Sulzer RT-flex96C engine.

Wärtsilä produces a wide range of low- and medium-speed diesel, gas and dual- and multi-fuel engines for marine propulsion, electricity generation on board ships and for land-based power stations. The engine models are generally identified by the cylinder bore diameter in centimeters, which as of 2012 range from 20 to 64 centimetres (7.9 to 25.2 inches) for medium-speed and 35 to 96 centimetres (14 to 38 inches) for low-speed engines. The smallest engine series, four-stroke medium-speed Wärtsilä 20, produces a modest 200 kW (270 hp) per cylinder while the largest, two-stroke low-speed Wärtsilä RT-flex96C, has a maximum output of 5,720 kW (7,670 hp) per cylinder. In addition, Wärtsilä also produces the most powerful medium-speed engine series in the world, Wärtsilä 64, with an output of 2,150 kW (2,880 hp) per cylinder. Depending on the engine model, Wärtsilä offers medium-speed engines in both straight and V configurations with the number of cylinders ranging from four (4L20) to twenty (20V46F), and low-speed engines in inline configuration with five (5RT-flex35) to fourteen cylinders (14RT-flex96C). The most powerful low-speed engine produced by Wärtsilä, a 14-cylinder version of the RT-flex96C, produces 80,080 kW (107,390 hp) and is used to propel the Mærsk E-class container ships.

Wärtsilä admitted manipulation of fuel consumption tests after an internal audit in 2016, with a few hundred engines affected.[8][9]

Management

Board of Directors

Mikael Lilius, Chairman of the Board; Tom Johnstone, Deputy Chairman of the Board; Kaj-Gustaf Bergh; Maarit Aarni-Sirviö; Karin Falk; Johan Forssell; Risto Murto; Markus Rauramo.

Board of Management

Jaakko Eskola, President and CEO; Pierpaolo Barbone, Deputy to the CEO and President, Services & Executive Vice President; Päivi Castrén, Executive Vice President, Human Resources; Kari Hietanen, Executive Vice President, Corporate Relations and Legal Affairs; Roger Holm, President, Marine Solutions & Executive Vice President; Atte Palomäki, Executive Vice President, Communications & Branding; Javier Cavada Camino, President, Energy Solutions & Executive Vice President; Marco Ryan, Executive Vice President and CDO; Marco Wirén, Executive Vice President and CFO;

Key figures

Key figures of Jan-Dec 2016:[10]

All numbers are shown excluding non-recurring items and selling profits.

History

Corporate Social Responsibility

Wärtsilä states in its annual report that its strategy is based on three key growth areas - energy efficient solutions, gas based technology, and innovative solutions - all of which contribute to a more sustainable future in both the energy and the marine industry. [14]

Products

Wärtsilä has a range of products that have been awarded or classified for their environmentally sound technology. Some of them include the Aquarius Ballast Water Management Systems[15][16][17], seals [18] and engines[19].

Indices

Wärtsilä is included in the Dow Jones Sustainability Indices (both World and Europe) [20], FTSE4Good Index, Ethibel Sustainability Index (ESI) Excellence Europe[21], ECPI Indices, MSCI Global Sustainability Index Series, Euronext Vigeo index: Eurozone 120[22], STOXX Global ESG Leaders index[23], OMX GES Sustainability Nordic Index[24] and OMX GES Sustainability Finland Index[25]. Wärtsilä is also included in the Ethibel PIONEER and EXCELLENCE Investment Registers, as well as RobecoSAM Sustainability Yearbook. Wärtsilä has also been rated a Prime company by oekom research.

Charity

Wärtsilä has had charity initiatives both globally and locally. Some of the charity projects include funding primary schools in Africa[26], supporting an orphanage in Kenya [27] as well as sponsoring a sports philanthropy award[28]. In addition to this Wärtsilä is also involved in the Seabin Project supporting the battle against ocean plastics[29].

See also

References

  1. 1 2 3 4 5 6 "Financial information". Wärtsilä. Retrieved 29 December 2016.
  2. ↑ "Wärtsilä Global Address Book". 2017-06-21.
  3. ↑ http://www.power-technology.com/contractors/powerplantequip/wartsila/press28.html, Wärtsilä to Deliver 200MWe Power Plant to Pakistan. Retrieved 23 February 2011.
  4. ↑ http://www.jamenergy.com/projects.html, Jamaica Energy Partners / Projects. Retrieved 28 March 2011.
  5. ↑ http://www.wartsila.com/file/Wartsila/en/1278526270975a1267106724867-Corporate-Presentation_2012.pdf, Corporate presentation 2012. Retrieved 12 March 2013.
  6. ↑ Wärtsilä Low NOx Solutions Archived September 29, 2015, at the Wayback Machine. Wärtsilä, 2008
  7. ↑ "Market shares". wartsila.com.
  8. ↑ http://www.nyteknik.se/nyheter/fordon_motor/fartyg/article3965760.ece
  9. ↑ "UPDATE 1-Finland's Wartsila admits manipulation of ship engine fuel tests". Reuters. 2017-03-07. Retrieved 2016-10-26.
  10. ↑ "Financial Statement bulletin January-December 2016". Wärtsilä. Retrieved 8 May 2017.
  11. ↑ http://gastopowerjournal.com/projectsafinance/item/1251-w%C3%A4rtsil%C3%A4-to-service-worlds-largest-tri-fuel-power-plant-in-jordan, Wärtsilä to service world's largest tri-fuel power plant in Jordan. Retrieved 12 March 2013.
  12. ↑ 2011 "Corporate presentation" Check |url= value (help) (PDF). Retrieved 2012-02-01.
  13. ↑ "History of Wärtsilä". Retrieved 2012-02-01.
  14. ↑ "Wärtsilä's sustainability approach". wartsila.com.
  15. ↑ "Wärtsilä ballast system gets IMO approval". greenport.com. 2012-10-15.
  16. ↑ "Wärtsilä ballast system gets IMO approval". greenport.com. 2013-05-17.
  17. ↑ "Wärtsilä AQUARIUS UV BWMS to Obtain Full USCG Type Approval". worldmaritimenews.com. 2013-11-18.
  18. ↑ "Wärtsilä seal systems gain recognition from Lloyd’s Register". ship-technology.com. 2014-06-25.
  19. ↑ "Wärtsilä’s dual-fuel engine gets EPA Tier III certificate". lngworldnews.com. 2017-05-03.
  20. ↑ "Four Finnish cleantech companies make Dow Jones Sustainability Index 2016". cleantechfinland.com. 2016-09-13.
  21. ↑ "Wärtsilä Selected to Ethibel Sustainability Index Excellence Europe". finance.yahoo.com. 2015-03-24.
  22. ↑ "Wärtsilä included in the Euronext Vigeo index: Eurozone 120". ssi2040.org. 2016-10-12.
  23. ↑ "Wärtsilä included in the STOXX Global ESG Leaders index". ssi2040.org. 2016-11-14.
  24. ↑ "OMXSUSTAINNCPI, OMX GES SUSTAINABILITY NORDIC PI". nasdaqomxnordic.com.
  25. ↑ "OMXSUSTAINFIGI, OMX GES SUSTAINABILITY FINLAND GI". nasdaqomxnordic.com.
  26. ↑ "Wärtsilä Corporate Charity Funds African Primary School". marinelink.com. 2013-10-21.
  27. ↑ "Wärtsilä’s donation helps children at Tegla Loroupe Peace Academy in Kenya". pressreleasepoint.com. 2014-11-28.
  28. ↑ "Sprinter legend Frankie Fredericks awarded at the Finnish Sports Gala". cmi.fi. 2015-01-13.
  29. ↑ "Seabin project". seabinproject.com.
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