Norway’s Fred Olsen Windcarrier has revealed it will value the company at €250m to €275m ($283m to $311m) when it floats 30% of its shares on the Oslo Stock Exchange next week.
The company will issue 26m shares priced at NOK 50 to NOK 55 ($5.63 to $6.19) per share on or around 24 February, to raise NOK 1.5bn, or €150m, Fred Olsen group holding company Bonheur said.
Bonheur, through Fred Olsen Ocean, will retain ownership of about 69% of Windcarrier after the flotation and is “committed to remaining a long-term majority shareholder in the company”.
It will subscribe for €25m of the shares and has received significant anchor interest from Nordic institutions, international sector specialists and other investors for the listing.
Windcarrier owns three 15,328-gt purpose-built wind turbine transport and installation jack-up vessels, and is looking to order a fourth, as it seeks to take advantage of a global energy transition to offshore wind.
The company describes itself as a “first-mover” in new markets outside Europe, such as the US and Asia Pacific, and says it has installed about 20% of all offshore wind turbines globally, excluding China.
Turbines are increasing in size and its three ships are being fitted with bigger cranes. The first 1,600-tonne crane conversion was due to be done to the Bold Tern (built 2013) in the first quarter of this year.
Installations will be done on the Brave Tern and Blue Tern (both built 2012) in 2024 and 2025 after charters are completed.
The company earned revenues of €93.8m in 2021, with operating profit rising to €43.4m, from €17.5m the previous year. Its revenue backlog stands at €355m, including options.
The shipowner will join wind farm vessel companies such as Wilhelmsen-backed Edda Wind and BW Group-backed Cadeler on the Oslo bourse following recent listings.
Last November, New York-listed wind turbine shipping company Eneti raised $175m in proceeds from a follow-on share offering. The Scorpio Group company has transformed from Scorpio Bulkers, selling off its bulk carriers since 2020 to take advantage of growing wind energy markets.
Arctic Securities and DNB Markets, part of DNB Bank, are acting as joint global coordinators and bookrunners for the Olsen listing. SpareBank 1 Markets is also acting as joint bookrunner.
The Fred Olsen group is a sister company of NHST Media Group, which owns and publishes TradeWinds. The parent of both — Oslo-listed Bonheur — is managed by private Olsen family holding company Fred Olsen & Co.
