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Fred. Olsen Ocean Ltd. (FOO), a company wholly owned by Bonheur ASA, has today entered into an agreement to acquire a 50% ownership in United Wind Logistics GmbH (UWL) through the contribution of new equity in the amount of EUR 12 million.

UWL is a Hamburg (Germany) based company offering innovative transport solutions within marine transportation of various offshore wind turbine components such as blades, nacelles, towers and foundations from manufacturing sites to pre-assembly ports closer to offshore wind farm sites on a world-wide basis.

The operations of UWL are presently performed with chartered tonnage. UWL has a new building program for up to four vessels at the Jiangsu Zhenjiang Shipyard in China, of which the first two vessels have been ordered and are expected to be delivered in 2020. The company offers turn-key logistic solutions for its clients, including but not limited to, complete project management, securing suitable tonnage, design and procurement of grillage/stacking frames, lashing and securing concepts and lifting appliances as a part of the complete marine logistics scope.

“The investment in UWL marks an expansion of FOO’s footprint within the offshore wind service industry and will further strengthen our presence in the logistics and installation value chain for offshore wind”, says Even Larsen, CEO, Fred. Olsen Ocean.

“We are very pleased to team up with FOO and are looking forward to working together. Combining our strengths and our expertise within the offshore wind business, we already have identified a number of synergies” says Lars Rolner, founder of United Wind Logistics.

Subsequent to the transaction, FOO’s activities within the offshore wind service industry consist of a 100% ownership in Fred. Olsen Windcarrier (FOWIC), a 100% ownership in Universal Foundation (UF) and a 50% ownership in UWL. UF is a company providing the innovative Mono Bucket Foundation. FOWIC is the owner and operator of a fleet of three modern offshore wind transport & installation vessels, owner of seven crew transport vessels and a significant majority owner in Global Wind Service, a leading supplier of turbine technicians, expertise and services to wind farm projects around the world.

FOO’s ownership in UWL will be consolidated by Bonheur ASA under the Shipping/Offshore Wind business segment.

 

About Fred. Olsen Ocean:

Fred. Olsen Ocean Ltd. was established in 1993 under the name of First Olsen Tankers Ltd. and then First Olsen Ltd. Since 2014, the company operates as Fred. Olsen Ocean Ltd. The company has its registered office in Hamilton, Bermuda with the operational headquarters in Oslo, Norway. It shares the office with Fred. Olsen Ocean AS, the agent to owner.

Fred. Olsen Ocean Ltd. is wholly owned by the Norwegian stock listed company Bonheur ASA (BON on OSE ticker). Bonheur ASA is managed by Fred. Olsen & Co and controlled by the Fred. Olsen family.

The company’s main activities relate to a variety of operations, services and products in both on- and offshore wind and technical marine services.

Fred. Olsen Ocean is the parent of the below companies:

Currently Fred. Olsen Ocean has offices in Bermuda and Norway, with subsidiary offices across the world employing over 800 people, with around 60 employed at the Oslo office.

About United Wind Logistics:

United Wind Logistics offers one-stop-shop logistic solutions for its clients. Services include, but are not limited to analyses of the transportation and project requirements, sourcing and securing of suitable tonnage, project coordination and management. The company is working with the leading stakeholders in the Offshore Wind sector and is developing tailor made engineering solutions to those clients. United Wind Logistics offers through its management and partners a vast level of experience and boasts a successful track record in engineered transport solutions.