Norway’s Fred Olsen Windcarrier (FOWIC) has been unable to resurrect a planned initial public offering (IPO) in Oslo.

The wind farm vessel company had put the €150m ($169m) deal on hold in February due to simmering geopolitical tensions, two days before Russia invaded Ukraine.

The decision to admit its shares for trading was valid from 15 February until 24 May.

The process has now been “terminated”, the company said on Wednesday.

FOWIC has been contacted for further comment.

The owner of three wind turbine installation vessels (WTIVs) said in February that during book building, market conditions for IPOs had been “severely impacted, not at least by geopolitical tensions”.

It said it would consider resuming the process if the financial outlook improved.

FOWIC also emphasised it remains fully financed for its fleet upgrading programme, enabling its three vessels to efficiently install next-generation wind turbines with bigger cranes.

The owner said it also has a strong revenue backlog of €355m and will continue to pursue its long-term strategies to reinforce its position in a growing market.

The company had intended to use the IPO cash to fund fleet expansion, as it foresees offshore wind activity ramping up in future years.

FOWIC has been looking to order a fourth WTIV.

The company is owned by Fred Olsen Ocean, a subsidiary of Bonheur, the Oslo-listed holding company of the Fred Olsen Group. Bonheur is the largest shareholder in NHST Media Group, which owns TradeWinds.

Since the delivery of its first vessels, FOWIC has installed about 20% of all offshore wind turbines globally, excluding those in China.

On 14 February, it said the sale of 26m shares would value the company at up to $311m.

Bonheur was to retain ownership of about 69% through buying $25m-worth of shares.

FOWIC reported significant anchor interest from Nordic institutions, international sector specialists and other investors for the listing at that stage.