Expanding Ostensjo Rederi and Wilhelmsen joint venture Edda Wind revealed an initial public offering plan in Oslo, as it ordered two more wind farm vessels.
Due to the company's recent and anticipated growth, a listing is being prepared on Oslo's Euronext Growth board, the former Merkur Market.
The two owners want other investors to take part in Edda Wind's expansion, they said.
Ostensjo and Wilhelmsen added that the company has "enormous potential".
Edda Wind and Ostensjo chief executive Kenneth Walland told TradeWinds he could not comment on the company's market value or a likely fundraising figure until the process is further along.
But he confirmed any proceeds would go towards current and future expansion.
"We believe this is the right timing to commence a process of listing Edda Wind," said Edda Wind chair Havard Framnes.
Exponential growth ahead
"Within the next decade, the world’s need for renewable energy will see exponential growth. With our ambitions, this journey will require significant investments to capitalise on the market opportunities ahead of us."
The deal would be the latest in a series of IPOs in the wind sector, following Oslo listings for BW Group and Swire-backed vessel owner Cadeler, as well as BW's own floating wind farm company Ideol.
In addition, Danish owner Ziton said last year it was working with "potential industrial and financial investors" to investigate the possibility of an IPO worth up to €100m ($119m) in the Norwegian capital.
Earlier in March, Norway's Wilhelmsen group pumped more money into the renewables sector by exercising an option to buy another 25% of Edda Wind, adding to the 25% it acquired in September.
Edda Wind also said on Monday that it had ordered another two commissioning service operation vessels (CSOVs) at Astilleros Gondan in Spain.
These are in addition to two CSOVs and two service operation vessels it already has under construction.
Ready for hydrogen
The vessels are specially designed for service operations during the commissioning and operation of offshore wind farms.
All six ships are being prepared for instalment of zero-emission technology, such as hydrogen power.
The company has options at Gondan to build more CSOVs.
Walland told TradeWinds the latest duo are new orders, not options, but based on repeated designs.
He would not be drawn on how many options are attached.
Walland also said there are no charters lined up now, but he sees a strong demand for vessels at the time the newbuildings are handed over in 2023 and 2024.
"Ordering two more purpose built CSOVs will further strengthen Edda Wind’s leading position within offshore wind. Tremendous growth is expected in the offshore wind market over the next decades, and Edda Wind intends to be a world-leading provider in this segment," Walland added.
The 89.3-metre vessels will function as motherships for wind turbine technicians as they perform commissioning and maintenance work on the wind turbines.
They will be readied for the use liquid organic hydrogen carrier technology.
"We are, however, dependent on support to green shipping projects by the Norwegian government to be able to develop, build and optimise these solutions," Walland said.
