Turbine installation vessel owner Cadeler has confirmed its intention to apply for a listing on the Oslo Stock Exchange.
Cadeler, until recently known as Swire Blue Ocean, is based in Copenhagen, Denmark and owns and operates two jack-up installation vessels, Pacific Orca and Pacific Osprey.
In a statement, Cadeler’s board of directors said the IPO is an important step in the development of the company. It will enable Cadeler to strengthen its capital base to pursue investment opportunities currently under review by the company, further solidify overall market awareness, improve the company’s ability to attract management and personnel, and allow for a liquid market for the company’s shares.
Cadeler chairman and Swire Pacific Offshore commercial director Richard Sell said: “Cadeler has a decade of experience executing complex offshore wind installation projects.
“The company has built excellent relationships with blue-chip customers and has a strong orderbook, reflecting several notable contract wins over the last year. A listing on the Oslo Stock Exchange represents an important milestone in the continued development of Cadeler, positioning the company for the next phase of growth.”
Cadeler chief executive Mikkel Gleerup said: “Cadeler is well placed to consolidate its position. The company plans to expand and adapt to keep pace with the largest turbines in the market, with further capacity for the mega turbines to come in the future. This growth will require significant capital investment and is expected to further strengthen the company’s orderbook and operational flexibility.
“In addition to supporting our existing partners and clients in Europe, the growth is intended to enable us to capture opportunities in emerging offshore wind markets. With a strong foundation in place for further growth, the time is right for Cadeler to access the capital markets to support this planned expansion.”