Cadeler (formerly Swire Blue Ocean) has confirmed its intention to apply for a listing on the Oslo Stock Exchange.
Cadeler said it will use the capital markets to support its next planned expansion phase.
The IPO is expected to comprise a primary offering of new ordinary shares in the company raising gross proceeds of approximately $100m.
As part of the IPO, Cadeler’s sole shareholder, Swire Pacific Offshore Operations, is expected to sell a portion of its existing shares in the company.
Cadeler has received an undertaking from BW Wind Services, to become a “significant shareholder” through the subscription of $33m in the IPO for a pre-money equity value of up to $230m.
The Danish offshore wind farm installation vessel contractor owns and operates two offshore jack-up wind farm installation vessels, Pacific Orca and Pacific Osprey.
Cadeler has obtained a senior secured credit facility of €95m from DNB Bank and SpareBank 1 SR-Bank (debt facility), comprising a €75m three-year amortising term loan and a €20m overdraft facility.
Cadeler said it can show a list of 20+ wind farm installation projects since 2012, and its track record includes the installation of 287 WTGs and 414 foundations.
Cadeler chairman and commercial director of Swire Pacific Offshore Richard Sell said: “Cadeler has a decade of experience executing complex offshore wind farm installation projects.
“The company has built excellent relationships with blue-chip customers and has a strong orderbook, reflecting several notable contract wins over the last year.
“A listing on the Oslo Stock Exchange represents an important milestone in the continued development of Cadeler, positioning the company for a next phase of growth.
“The listing is intended to ensure that the company remains a market leader, offering a unique proposition in what is an exciting and rapidly expanding sector.”
The completion of the installation of a new and extended crane boom on Pacific Osprey in the second quarter of 2020 marked the end of a transition period for the company in 2019-20.
Recent contract wins include the turbine installation scope for Vattenfall’s 1.5GW Hollandse Kust Zuid 1-4 project, the turbine installation contract for the 1.1GW Seagreen project and a foundation installation contract for the 1.4GW Hornsea 2 project with DEME Offshore.
Cadeler said it has secured a contract backlog providing clear visibility of attractive revenue growth in 2021 and 2022.
The company said it is also preparing itself for the installation of next-generation turbines in the coming decade and beyond, with an investment plan intended to keep it at the “forefront of this fast-moving industry”.
In addition to the plans to equip Pacific Orca and Pacific Osprey with new cranes, Cadeler is also preparing to order a new-build vessel with capacities “unseen in the industry up to now”.
The design of the new-build “Cadeler X-Class” vessel, created in partnership with GustoMSC, is a bespoke version of the NG-20000X-G design, with multiple customisations and able to work on the most difficult sites with the largest equipment in the industry.