EuropeFinance and InsuranceOffshoreRenewables

Fred Olsen Windcarrier drops Oslo IPO

Fred Olsen Windcarrier (FOWIC) has not been successful in its initial public offering (IPO) of new shares and application for a listing on the Oslo Stock Exchange.

The first day of trading was expected in the first quarter of 2022, but the Oslo-based offshore wind installation company put the IPO on hold in February, citing current geopolitical tensions. The company’s shares were admitted to trading on February 15, and this decision was valid until and including May 24.

The IPO was expected to raise gross proceeds of around €150m ($169.5m), which would have been used to fully finance the equity portion of the company’s newbuilding plans and for general corporate purposes.

“The listing process has now been completed and the company no longer has a duty to provide information in accordance with the Market Abuse Regulation,” FOWIC said in an Oslo Stock Exchange filing.

FOWIC is wholly owned by Fred Olsen Ocean, a subsidiary of Bonheur. The company has three jackup installation vessels and a revenue backlog of approximately $577m including options. The Olsen family’s investment firm initially pre-committed to subscribe for €25m in the IPO.  

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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