Sheffield Green, a Singapore-based firm specialising in offshore wind industry recruitment, plans to list in the city-state later this month via an IPO.
The company is seeking to raise more than SGD 6m ($4.4m) by offering 24m new shares at SGD 0.25 per share, according to a prospectus filed with the Singapore Exchange.
It plans to list on Singapore’s sponsor-supervised listing board Catalist which is modelled on the London Stock Exchange’s Alternative Investment Market.
The SGX has 50 maritime-related companies listed on its exchange with a total market valuation of about $22bn.
Sheffield Green is headquartered in Singapore, with subsidiaries incorporated in Singapore and Japan, and a branch office registered in Taiwan.
It supplies a wide range of personnel ranging from management personnel, technical personnel to offshore crew personnel across industry sub-segments and across various levels of seniority.
The company said staffing supply capabilities can range from, but are not limited to, survey engineer, surveyor, steward, rigger, rigger, leaderman, rigger foreman, ordinary seaman, fitter, welder, welding inspector, medic, and cook, among others.
Global employment in onshore and offshore wind energy grew to 1.4m jobs in 2021, according to the company.
“As the emphasis on sustainability grows and in view of the lingering supply chain disruptions from Covid-19 and volatile energy prices stemming from trade disputes and geopolitical rivalries, countries are looking to pursue policies to boost their domestic capabilities and are building the industrial base and infrastructure needed to support growing offshore wind power installations,” the company said.
“Increased investment and policy ambition for onshore and offshore wind energy creates great potential for employment growth where 3.3m new jobs are projected to be created by 2025,” it added.
Looking ahead, Sheffield Green said it expects its revenue to increase due to the growing wind energy industry over the next five years.
The company said it is seeking to enter and expand into the market in the US and has teamed up with a potential partner to explore its options in expanding into the US east coast market, where the unnamed partner has an operating track record.
In addition, the group is planning to incorporate a subsidiary in Poland and Denmark to manage offshore wind projects in the Baltic region.
Sheffield Green said it is also in negotiations to conclude a framework agreement with a Dutch global entity, which is a leading global dredging contractor and marine services provider, to provide personnel to their offshore wind projects on a global basis by the end of the year.
