EuropeFinance and InsuranceOffshoreRenewables

Fred Olsen Windcarrier set for $170m Oslo IPO as it targets fleet expansion 

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

The IPO is expected to raise gross proceeds of approximately €150m ($169.5m), which will be used to fully finance the equity portion of the newbuilding the company aims to order and for general corporate purposes. The company is currently implementing an investment programme to upgrade its three jackup vessels for the installation of next-generation wind turbines, which is expected to complete in Q2 2022, 2024 and 2025, respectively.

Alexandra Koefoed, CEO of Fred Olsen Windcarrier, commented: “As the activity within the offshore wind 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.”

FOWIC is wholly owned by Fred Olsen Ocean, a subsidiary of Bonheur. The Olsen family’s investment firm has pre-committed to subscribe for €25m in the IPO. In addition, FOWIC has received significant anchor interest from Nordic institutions, international sector specialists, as well as other local and international generalist investors. The first day of trading is expected in the first quarter of 2022.

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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