Fred. Olsen Ocean buys 50% in German offshore wind services provider

Image Source: Fred. Olsen Windcarrier (http://windcarrier.com/)

March 28 (Renewables Now) - Fred. Olsen Ocean Ltd (FOO) has bought a 50% stake in Hamburg-based United Wind Logistics GmbH (UWL), which offers services within marine transportation of various offshore wind turbine components.

FOO, a subsidiary of Norwegian group Bonheur ASA (OSL:BON), said in a statement on Wednesday that it is contributing EUR 12 million (USD 13.5m) in new equity in exchange for the UWL interest. Following this transaction, the German firm will still count United Shipping Group GmbH and CPLP Holding GmbH as shareholders, with respective stakes of 37.5% and 12.5%.

UWL is engaged in the transportation of wind turbine blades, nacelles and towers from nearby manufacturing sites to pre-assembly ports. It currently performs these operations with chartered tonnage and has a new building programme for up to four vessels at the Jiangsu Zhenjiang Shipyard in China. The first two of the vessels are expected to be delivered in 2020.

FOO noted that this purchase will further beef up its presence in the logistics and installation value chain for offshore wind.

(EUR 1.0 = USD 1.125)

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