Offshore wind installation services company Fred. Olsen Windcarrier said Thursday it planned to launch an initial public offering and apply for a listing on the Oslo Stock Exchange.
The company, based in Oslo, owns three purpose-built transportation and installation (“T&I”) jack-up vessels, and also provides operations and maintenance services on already installed wind turbines. Due to increased demand, the company is looking to order a fourth vessel, too.
The IPO is expected to comprise a primary offering of new shares in Fred. Olsen Windcarrier raising gross proceeds of approximately EUR 150 million. The cash will be used to fully finance the equity portion of the new offshore installation vessel the company plans to order, and for general corporate purposes.
According to the company since the delivery of its first vessels, Fred. Olsen Windcarrier has installed approximately 20% of all offshore wind turbines globally (excluding China).
"Offshore wind turbines are increasing in size thus demanding experienced organizations and installation vessels with extended lifting capacity and reach. Consequently, [Fred. Olsen Windcarrier] is currently implementing an investment program for its three vessels to secure a highly competitive fleet for the 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 costs are covered by the conversion yard. The two remaining vessels will be upgraded in 2024 and 2025 after the completion of several planned T&I projects," the company said.
Fred. Olsen Windcarrier said that it was experiencing increased demand for its services, which resulted in its plan to order 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, said: "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."
According to the company, Bonheur is committed to remaining a long-term majority shareholder and has pre-committed to subscribe for EUR 25 million in the IPO. In addition, the company said it has received significant anchor interest from Nordic institutions, international sector specialists as well as other local and international generalist investors.
Subject to receiving the relevant approvals from the Oslo Stock Exchange and the Norwegian Financial Supervisory Authority, as well as prevailing equity capital market conditions, FOWIC is expecting to have its first day of trading on the Oslo Stock Exchange in Q1 2022.