OSLO, NORWAY: Fred. Olsen Windcarrier ASA announced its intention to launch an initial public offering (IPO) of new shares and apply for a listing on the Oslo Stock Exchange.
The Fred. Olsen Windcarrier IPO is expected to comprise a primary offering of new shares raising gross proceeds of approximately EUR 150 million, which will be used to fully finance the equity portion for the newbuilding the company aims to order, and for general corporate purposes.
Fred. Olsen Windcarrier is a leading offshore wind turbine installation company with ownership in three high-end and purpose-built transportation and installation (T&I) jack-up vessels, headquartered in Oslo, Norway.
Fred. Olsen Windcarrier (FOWIC) installs offshore wind turbines and provides operations and maintenance services on already installed wind turbines. FOWIC is wholly owned by Fred. Olsen Ocean Ltd., which is a subsidiary of Bonheur ASA.
Since delivery of its first vessels, FOWIC has installed approximately 20% of all offshore wind turbines globally (excluding China). With one of the industry’s largest high-end fleet, broad market presence and experienced organization, FOWIC provides its customers with premium services.
The core client base consists of well-established companies such as major wind turbine manufacturers and offshore wind farm operators. FOWIC is a first mover in new markets outside Europe, e.g. in the US and the APAC region.
Offshore wind turbines are increasing in size thus demanding experienced organizations and installation vessels with extended lifting capacity and reach. Consequently, FOWIC is currently implementing an investment program for its three vessels to secure a highly competitive fleet for installation of future generation turbines.
Upgrade of the vessel “Bold Tern” is ongoing with expected completion in Q2 2022. A slight delay is due to covid challenges, but associated cost are covered by conversion yard. The two remaining vessels will be upgraded in 2024 and 2025 after completion of several planned T&I projects.
The Company is experiencing increased demand for its services, and as a result it aims to place an order for a fourth installation vessel to supplement its existing fleet and increase its market share in an expanding market.
Alexandra Koefoed, Chief Executive Officer of Fred. Olsen Windcarrier, commented: “Offshore wind energy is key to the ongoing energy transition. We are proud of how Fred. Olsen Windcarrier over the last decade has been part of shaping what today is a truly global industry through establishing its position as one of the leading wind turbine installation contractors in the world.
As the activity within this industry is set to further increase in the years to come, we are confident that Fred. Olsen Windcarrier will leverage on its extensive experience and trusted client relationships to further develop our already strong project pipeline.”
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