Fred Olsen Seawind assumes 100% ownership of Muir Mhòr floating windfarm

The change of ownership will take the form of a share sale, under which Fred Olsen Seawind will acquire Vattenfall’s 50% share in the project.

For accounting purposes, Fred Olsen Seawind will continue its investment book value as of 31 December 2025, when it will assume 100% economic ownership of the project.

Muir Mhòr was awarded seabed rights in 2022 as part of the ScotWind leasing round and is one of the world’s first commercial-scale floating offshore wind projects. It is located off the Aberdeenshire coast, approximately 63 km from Peterhead.

The project is targeting an early allocation round and is on track to start generating clean, renewable power in the early 2030s.

The transaction is subject to receiving regulatory approvals.