Fred Olsen Windcarrier (FOWIC) is to launch an initial public offering (IPO) of new shares and apply for a listing on the Oslo Stock Exchange.
The company is experiencing increased demand for its services, and as a result it aims to place an order for a fourth installation vessel to supplement its existing fleet and increase its market share in an expanding market.
Offshore wind turbines are increasing in size and consequently, FOWIC is implementing an investment programme for its three vessels to secure a highly competitive fleet for installation of future generation turbines.
Upgrade of the vessel Bold Tern is ongoing with expected completion in the second quarter of 2022.
The two remaining vessels will be upgraded in 2024 and 2025.
FOWIC chief executive Alexandra Koefoed said: “Offshore wind energy is key to the ongoing energy transition.
“We are proud of how Fred Olsen Windcarrier over the last decade has been part of shaping what today is a truly global industry through establishing its position as one of the leading wind turbine installation contractors in the world.
“As the activity within this 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 an offshore wind turbine installation with ownership in three high-end and purpose-built transportation and installation (T&I) jack-up vessels, headquartered in Oslo, Norway.
FOWIC installs offshore wind turbines and provides operations and maintenance services on already installed wind turbines.
FOWIC is wholly owned by Fred Olsen Ocean Ltd, a subsidiary of Bonheur.
Since delivery of its first vessels, FOWIC has installed approximately 20% of all offshore wind turbines globally (excluding China).