Wartsila to sell gas solutions unit

Finnish tech firm Wartsila aims to sell its gas solutions business as part of the company’s plans to further streamline its marine business portfolio.

Warstila said its gas solutions is a “leading” provider of gas processing systems, including for LNG-powered vessels.

However, the business unit has “limited synergies” with the rest of Wärtsilä’s marine product portfolio, it said.

Therefore, Wartsila plans to move the gas solutions unit to the portfolio business in preparation for a divestment.

The net sales of Wartsila’s gas solutions was 293 million euros ($313.6 million) in the 12-month period Q4/2022-Q3/2023.

In connection with this, Wartsila plans to move its exhaust treatment and shaft line solutions business units from Wartsila Marine Systems to Wartsila Marine Power as of January 1, 2024 to simplify the organizational structure.

Consequently, Wartsila Marine Systems will no longer constitute an organizational unit or a reporting segment, the firm said.

According to the plans, Wartsila Marine Power will change its name to Wartsila Marine as of January 1, 2024.

It will be led by Roger Holm, currently president, Marine Power and executive VP.

Tamara de Gruyter will continue as executive VP and member of the Wartsila board of management, focusing on the divestments of the portfolio businesses, Wartsila said.

Following these planned changes, Wartsila will have two reporting segments as of January 1, 2024: marine and energy.

Most Popular

Venture Global to start CP2 LNG construction after FERC approval

US LNG exporter Venture Global LNG plans to start construction of its CP2 LNG project in Louisiana "immediately" following approval from the US FERC.

Iberica Knutsen delivers LNG cargo to Mukran FSRU after grounding

The 138,000-cbm LNG carrier Iberica Knutsen has delivered its LNG cargo to the Deutsche ReGas-operated Mukran FSRU-based LNG import facility in Germany following a grounding incident.

South Korean owners sell four LNG carriers for scrap

Several brokers reported that Hyundai LNG Shipping sold the 2000-built 137,141-cbm, Hyundai Aquapia, and the 1999-built 137,219-cbm, Hyundai Technopia. The...

More News Like This

Hoegh Evi, Wartsila develop floating ammonia-to-hydrogen cracker

Norwegian FSRU player Hoegh Evi and a unit of Finnish tech firm Wartsila have developed what they say is the world’s first floating ammonia-to-hydrogen cracker.

Wartsila bags bio-LNG gigs

Wartsila Gas Solutions, a unit of Finland’s tech firm Wartsila, has secured a contract from Suomen Lantakaasu to supply production solutions for two bio-LNG plants in Finland.

CIMC SOE completes Croatian regas module

Chinese shipbuilder Nantong CIMC Sinopacific Offshore & Engineering has completed Wartsila's regasification module that will be installed onboard the 140,000-cbm FSRU, LNG Croatia.

Japan’s Tokyo Gas completes Sodegaura LNG power plant

Japan’s city gas supplier and LNG importer, Tokyo Gas, has completed its power plant located at the LNG import terminal in Sodegaura, Chiba prefecture.