Fred. Olsen Windcarrier Prepares IPO, Proceeds to Fund Newbuilding Installation Vessel

Norway-based offshore wind turbine installation company, Fred. Olsen Windcarrier ASA, plans to launch an initial public offering (IPO) of new shares and apply for a listing on the Oslo Stock Exchange.

Fred. Olsen Windcarrier owns and operates three transport and installation jack-up vessels – Bold Tern, Brave Tern, and Blue Tern.

Due to increased demand for its services, the company aims to place an order for a fourth installation vessel to supplement its existing fleet and increase its market share in an expanding market.

The IPO is expected to comprise a primary offering of new shares in Fred. Olsen Windcarrier, raising gross proceeds of approximately EUR 150 million which will be used to fully finance the equity portion for the newbuilding the company aims to order, and for general corporate purposes.

”Offshore wind energy is key to the ongoing energy transition,” Alexandra Koefoed, Chief Executive Officer of Fred. Olsen Windcarrier, said.

”We are proud of how Fred. Olsen Windcarrier over the last decade has been part of shaping what today is a truly global industry through establishing its position as one of the leading wind turbine installation contractors in the world. As the activity within this industry is set to further increase in the years to come, we are confident that Fred. Olsen Windcarrier will leverage on its extensive experience and trusted client relationships to further develop our already strong project pipeline.”

To prepare the existing fleet for the next-generation wind turbines, the company is also investing in upgrades to the vessels.

The upgrade of Bold Tern is ongoing with expected completion in the second quarter of 2022. A slight delay is due to covid challenges, but associated costs are covered by conversion yard, the company said.

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The two remaining vessels will be upgraded in 2024 and 2025 after the completion of several planned transport and installation projects.

Fred. Olsen Windcarrier is wholly owned by Fred. Olsen Ocean Ltd., which is a subsidiary of Bonheur ASA.

Bonheur is committed to remain a long-term majority shareholder and has pre -committed to subscribe for EUR 25 million in the IPO, the company said.

In addition, Fred. Olsen Windcarrier said it 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 is expecting to have its first day of trading on the Oslo Stock Exchange in the first quarter of 2022.

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