Offshore wind installation specialist Cadeler has nominated Andreas Sohmen-Pao as its chairman for election at its annual general meeting (AGM) on 29 April 2021
Mr Sohmen-Pao is chairman of one of the company’s major shareholders, BW Group and its publicly listed affiliates BW Offshore, BW Energy, BW LPG, BW Epic Kosan and Hafnia. He is also chairman of the Singapore Maritime Foundation and a trustee of the Lloyd’s Register Foundation.
The nomination comes with the expected transfer of shares from Swire Pacific Offshore Operations Pte Ltd (SPO) to BW Wind Services Pte Ltd. Prior to Cadeler’s recent IPO, the company – formerly Swire Blue Ocean – obtained a commitment from BW group company BW Wind Services to become a significant shareholder.
The company’s current chairman of the board, Richard Sell, who is also the commercial director of SPO, the company’s largest shareholder, will step down at the 2021 AGM, at which time he will have served for almost three years.
Cadeler has been informed by its two largest shareholders, SPO and BW Wind Services, that they are in preliminary discussions on the sale of shares in the near-term from SPO to BW Wind Services pursuant to the rights of first refusal and under the exemption from the lock-up undertaking by SPO.
The two shareholders have also informed Cadeler the discussions are subject to final agreement, but any transfer of shares will entail that BW Wind Services will have a total holding of shares and voting rights in the company below one third of the total share capital and voting rights, and SPO will continue to hold more than 25% of the share capital and voting rights. BW Wind Services will therefore not obtain control over the company and the change of control provision in the company’s debt facility will not be triggered from the contemplated transfer of shares.
Chair of the nomination committee Connie Hedegaard said, “I am delighted that Andreas Sohmen-Pao has accepted to be nominated as chairman of the board of Cadeler. He has a strong track record in the shipping and maritime industry and brings the strategic skills, industry knowledge and personal qualities needed to help enhance Cadeler’s position as a premium service provider in the offshore wind industry.
“We look forward to nominating him for election at the Annual General Meeting to be held on 29 April 2021 and would also like to express our gratitude to Richard Sell for his contribution as chairman of Cadeler over the past years and, in particular, in connection with taking the company public in November 2020.”
Mr Sohmen-Pao said, “I am very pleased to be nominated as the chairman of the board of directors of Cadeler, and I look forward to the opportunity to work with the board and the leadership team to support the company’s continued development in the offshore wind industry.”
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