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Fred Olsen Windcarrier to launch IPO
Bonheur-owned turbine installation company Fred Olsen Windcarrier has announced its intention to launch an initial public offering (IPO) of new shares and apply for a listing on the Oslo Stock Exchange
The company currently operates three wind turbine installation vessels, installs offshore wind turbines and provides operations and maintenance services. It is wholly owned by Fred Olsen Ocean Ltd, a subsidiary of Bonheur ASA. It 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.
Fred Olsen Windcarrier chief executive Alexandra Koefoed said, “Offshore wind is key to the energy transition. Activity is set to further increase in the years to come, and we are confident we will leverage our experience and trusted client relationships to further develop our already strong project pipeline.”
The IPO is expected to comprise a primary offering of new shares, raising gross proceeds of approximately €150M (US$169M), which will be used to fully finance the equity portion for the newbuilding the company aims to order, and for general corporate purposes.
Bonheur is committed to remain as a long-term majority shareholder and has precommitted to subscribe for €25M in the IPO. In addition, Fred Olsen Windcarrier 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, the company expects to have its first day of trading on the Oslo Stock Exchange in Q1 2022.
Fred Olsen Windcarrier is implementing an investment programme for its existing vessels to secure a competitive fleet for the installation of next-generation turbines. The upgrade of vessel Bold Tern is ongoing with expected completion in Q2 2022. A slight delay has occurred due to Covid-19, but associated cost are covered by the conversion yard. The two remaining vessels will be upgraded in 2024 and 2025 after completion of several planned projects.
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