Swire Pacific Offshore has announced its intention to list its subsidiary Swire Blue Ocean on the Oslo Stock Exchange
The proposal to take the turbine transportation and installation specialist public comes on the back of the announcement of significant expansion plans for the Danish operator.
The company recently announced that Pacific Orca and Pacific Osprey are to be fitted with new cranes, enabling them to handle future turbine models currently under design by major manufacturers. Swire Blue Ocean has also issued RfPs to leading international shipyards for the construction of a newbuild windfarm installation vessel, with an option for a second. The design has been under development for some time, in conjunction with GustoMSC.
In connection with the listing, Swire Blue Ocean will be undertaking a rebranding process and will be renamed Cadeler, a name selected to reflect the company’s Scandinavian maritime heritage.
Cadeler chief executive Mikkel Gleerup said, “As an established company in the industry, with a solid pipeline of projects, Cadeler is well positioned to consolidate its position at the top table. We plan to expand and adapt to keep pace with the largest turbines in the market, with further capacity for the mega turbines to come.
“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 in the US and north Asia.
“The time is right for Cadeler to access the capital markets to support this growth, given the significant interest that exists in offshore wind and renewables in general from the investment community.”
2020 has been a busy year for the company, with several notable contract wins, including the 1.5-GW turbine installation scope for Vattenfall’s Hollandse Kust Zuid 1-4 project and MHI Vestas Offshore Wind’s Seagreen project.
Cadeler chairman and Swire Pacific Offshore commercial director Richard Sell said, “Cadeler has a strong orderbook and excellent relationships with blue-chip customers. An IPO would position the company for the next phase of its growth and is intended to ensure that it remains a market leader, offering a unique proposition in what is an exciting and rapidly expanding sector.”
Subject to market conditions, the planned initial public offering (IPO) of Cadeler is targeted for Q4 2020. The company has retained DNB Markets and SpareBank 1 Markets as financial advisors in this respect. Parent company Swire Pacific Offshore intends to remain a significant shareholder in the business following the IPO. The terms of the proposed IPO, including offering size and price range, have not yet been finalised.
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