Fred Olsen Windcarrier puts $311m price tag on company ahead of Oslo flotation

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.