EuropeOffshore Wind

Ziton raising cash to buy Vroon wind turbine installation vessel

Danish owner Ziton is raising €35m ($42.5m) via a bond issue so that it can acquire Vroon’s 2011-built wind turbine installation vessel Wind Enterprise.

Ziton took the vessel on bareboat charter in May 2019 in a deal that runs through to March 2021, and includes an option to purchase the vessel which Ziton plans to exercise.

The acquisition will be funded by the bond issue as well as equity financing. Pareto Securities is the sole bookrunner for the fundraiser and Ziton already has secured very strong demand from anchor investors.

“The vessel will be used to service customers under existing framework agreements, as well as turn key solutions for major component replacements and blade campaigns,” Ziton said last May when it took the vessel on charter.

Ziton currently operates a fleet of four wind turbine installation vessels.

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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