Wärtsilä hit by low oil price in the first quarter

Finnish Wärtsilä's operating result grew two percent in the first quarter of the year, though the engine manufacturer did note the effect of the low oil price. Customers in shipping and offshore are hesitant, says the CEO.

Photo: Björn Rosengren

Like so many other players in the industry, Finnish industry supplier Wärtsilä is also hit by the sliding oil price. The company achieved a net sale of EUR 988 million in the first three months of 2015, compared to EUR 997 million in the same period last year, according to the company's interim report.

"As anticipated, the year 2015 started with a slow marine market. Low oil prices are causing a wait and see attitude among offshore customers that, combined with subdued vessel contracting, resulted in fewer orders being received within the Ship Power business," says CEO Björn Rosengren (photo) in the report.

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