Fred. Olsen Ocean (FOO) has entered into an agreement to pay €12m ($13.5m) to acquire 50% ownership in Germany’s United Wind Logistics (UWL).
Following the acquisition, the other 50% ownership will be split between United Shipping Group (37.5%) and CPLP Holding (12.5%).
UWL offers marine transportation of offshore wind turbine component from nearby manufacturing sites to pre-assembly ports closer to offshore wind farm sites. The company currently uses chartered in vessels, however has four vessels on order at China’s Jiangsu Zhenjiang Shipyard .
“The investment in UWL marks an expansion of FOO’s footprint within the offshore wind service industry and will further strengthen FOO’s presence in the logistics and installation value chain for offshore wind. FOO’s ownership in UWL will be consolidated by Bonheur ASA under the Shipping / Offshore Wind business segment,” the company said in a statement.