EuropeFinance and InsuranceOffshore Wind

Swire Blue Ocean to list in Oslo with new name

Singapore’s Swire Pacific Offshore is listing its Danish offshore wind subsidiary Swire Blue Ocean on the Oslo Stock Exchange.

Swire Blue Ocean, which owns two offshore wind turbine transportation and installation vessels Pacific Orca and Pacific Osprey, will be renamed Cadeler.

The company has plans to fit new cranes to its fleet, enabling them to handle future turbine models currently under design, and is also working on ordering a newbuild windfarm installation vessel, with an option for a second.

Mikkel Gleerup, CEO of Cadeler, commented: “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. Cadeler plans 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 USA 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.”

Richard Sell, chairman of Cadeler and commercial director of Swire Pacific Offshore, adds: “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.”

The exact terms of the proposed IPO have yet to be finalised.

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Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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