Bonheur, the Fred Olsen group’s holding company, is warning of clouds on the horizon for the offshore wind vessel sector.

The Oslo-listed company said the market outlook for wind turbine installation vessels remains positive, and its ships are close to being sold out up to 2026, with a contract backlog of €512m ($540m).

“There is, however, an increasing uncertainty related to the rising cost levels in the offshore wind industry, and the subsidy levels from the local governments,” Bonheur added.