Fred. Olsen Windcarrier cancels IPO plans

4C Offshore | Tom Russell
By: 26/05/2022 FOWIC

Following its previously announced decision to put its Initial Public Offering (IPO) on hold, Fred. Olsen Windcarrier ASA (FOWIC) has terminated the process.

FOWIC is wholly owned by Fred. Olsen Ocean Ltd., which is a subsidiary of Bonheur ASA. Headquartered in Oslo, FOWIC initially announced the IPO 3 February 2022 with the offering expected to amount to NOK 1,495 million (equivalent to approx. EUR 150 million). Bonheur had pre-committed to subscribe for Offer Shares for an amount of EUR 25 million.

Toward the end of February the company revealed that would put the process on hold. It noted that during the book building the market conditions for IPOs have been severely impacted, not at least by geopolitical tensions.

4C Offshore has contacted FOWIC for a statement regarding its decision to terminate the process.

FOWIC is an offshore wind turbine installation company with ownership in three purpose-built transportation and installation jack-up vessels, It is currently executing a new crane upgrade program for its existing three vessels,
Brave Tern, Bold Tern and Blue Tern and will, when completed in 2024/25 will enable them to install 13-15 MW turbines coming to the market in 2024/25.

In addition, FOWIC aims to construct a fourth vessel to supplement the existing fleet. The company has offices in Oslo (Norway), Fredericia (Denmark), Hamburg (Germany), and Taipei (Taiwan).

For more information on vessels used in the installation and maintenance of major offshore wind farm components, click here.