Swire Blue Ocean (SBO) is eyeing a potential initial public offering (IPO) on the Oslo Stock Exchange as it looks to take advantage in the surge of interest in the wind turbine transportation and installation market.
The planned IPO is targeted for the fourth quarter of 2020, and the company has retained DNB Markets and SpareBank 1 Markets as financial advisors.
However, the terms of the proposed offering IPO, including offering size and price range, have not yet been finalized, the company said.
Parent company Swire Pacific Offshore said it intends to “remain a significant shareholder” in the business following the IPO.
As part of the IPO process, SBO said it will be undertaking a “thorough rebranding process” and will be renamed Cadeler.
“The time is right for Cadeler to access the capital markets to support this growth, given the significant interest that exists in offshore wind and renewables in general from the investment community,” said chief executive Mikkel Gleerup.
“As an established company in the industry, with a solid pipeline of projects, Cadeler is well positioned to consolidate its position at the top table.”
Cadeler said it plans to expand and adapt to “keep pace with the largest turbines in the market”, with “further capacity for the mega turbines to come”.
Newbuilding orders
The company recently announced that it plans to order a newbuild windfarm installation vessel, with an option for a second.
Meanwhile, its existing vessels - the 24,586-gt Pacific Osprey and Pacific Orca (both built 2012) - will be fitted with new cranes, enabling them to handle future turbine models currently under design by major manufacturers.
“This growth will require significant capital investment and is expected to further strengthen the company’s orderbook and operational flexibility,” said Gleerup.
“In addition to supporting our existing partners and clients in Europe, the growth is intended to enable us to capture opportunities in emerging offshore wind markets in the US and North Asia.”
Richard Sell, chairman of Cadeler and commercial director of Swire Pacific Offshore commented: “Cadeler has a strong orderbook and excellent relationships with blue-chip customers.
“An IPO would position the company for the next phase of its growth and is intended to ensure that it remains a market leader, offering a unique proposition in what is an exciting and rapidly expanding sector.”
