Norway's Wilhelmsen group is pumping more money into the renewables sector in a deal with Ostensjo Group's Edda Wind.
Wilhelmsen said it has exercised an option to buy another 25% of the company, adding to the 25% it acquired in September last year.
The maritime conglomerate, whose main company Wilh Wilhelmsen Holding is listed in Oslo, said its ambition is to be "a player in renewable energy and decarbonisation".
The option to increase the stake was due to expire in June, but Wilhelmsen has moved early to bolster its holding in the offshore wind-farm vessel operation.
"Edda Wind is a growing company, rapidly expanding its fleet with future-focused emission-free vessel technologies," Wilhelmsen group chief executive Thomas Wilhelmsen said.
"Combined with expected growth in the offshore wind market, and complementing competencies and cultures, this makes up the reasoning for us increasing our shareholding in the company."
The sums of money involved remain confidential.
Growth targeted
The ship-management and vessel-supply giant wants to fast-track the growth of the joint venture, which owns two purpose-built service operation vessels (SOVs) that maintain turbines.
Edda has two more SOVs on order, as well as two commissioning service operation vessels (CSOVs) for delivery in 2022.
Wilhelmsen believes its own global network will lead to cost-savings for Edda Wind.
The group already owns offshore energy logistics company NorSea, which in turns owns offshore wind logistics company Elevon with joint-venture partner Abnormal Load Services (ALS).
Last September, Thomas Wilhelmsen said: "We also know a thing or two about hydrogen as a marine fuel, which might come in handy for the future vessels."
US and Asia seen as key areas
Ostensjo Rederi will continue to manage the Edda Wind fleet. The shipowner is targeting growth regions such as the US east coast and Asia.
Edda Wind's newbuildings will be delivered from two Spanish shipyards with low-emission technology and will also be prepared for zero-emissions operations in the future. Two of them already have long-term charters agreed.
Ostensjo has been operating in the offshore wind market for four years, as well as in the conventional oil and gas support vessel markets.
