Fred. Olsen Ocean expands its footprint within the offshore wind service industry by investing in United Wind Logistics

Categories2019

Fred. Olsen Ocean Ltd. (FOO), a company wholly owned by Bonheur ASA, has today entered into an agreement to acquire a 50% ownership in United Wind Logistics GmbH (UWL) through the contribution of new equity in the amount of EUR 12 million.

UWL is a Hamburg (Germany) based company offering innovative transport solutions within marine transportation of various offshore wind turbine components such as blades, nacelles, towers and foundations from manufacturing sites to pre-assembly ports closer to offshore wind farm sites on a world-wide basis.

The operations of UWL are presently performed with chartered tonnage. UWL has a new building program for up to four vessels at the Jiangsu Zhenjiang Shipyard in China, of which the first two vessels have been ordered and are expected to be delivered in 2020. The company offers turn-key logistic solutions for its clients, including but not limited to, complete project management, securing suitable tonnage, design and procurement of grillage/stacking frames, lashing and securing concepts and lifting appliances as a part of the complete marine logistics scope.

“The investment in UWL marks an expansion of FOO’s footprint within the offshore wind service industry and will further strengthen our presence in the logistics and installation value chain for offshore wind”, says Even Larsen, CEO, Fred. Olsen Ocean.

“We are very pleased to team up with FOO and are looking forward to working together. Combining our strengths and our expertise within the offshore wind business, we already have identified a number of synergies” says Lars Rolner, founder of United Wind Logistics.

Subsequent to the transaction, FOO’s activities within the offshore wind service industry consist of a 100% ownership in Fred. Olsen Windcarrier (FOWIC), a 100% ownership in Universal Foundation (UF) and a 50% ownership in UWL. UF is a company providing the innovative Mono Bucket Foundation. FOWIC is the owner and operator of a fleet of three modern offshore wind transport & installation vessels, owner of seven crew transport vessels and a significant majority owner in Global Wind Service, a leading supplier of turbine technicians, expertise and services to wind farm projects around the world.

FOO’s ownership in UWL will be consolidated by Bonheur ASA under the Shipping/Offshore Wind business segment.