Fred Olsen Windcarrier puts IPO on hold due to geopolitical tensions

Source: Oslo Børs

February 22 (Renewables Now) - Offshore wind turbine installation company Fred. Olsen Windcarrier ASA (FOWIC) has decided to put on hold its plan for an initial public offering (IPO) on the Oslo Stock Exchange (OSE).

The company, which is part of Norwegian group Bonheur ASA’s (OSL:BON) subsidiary Fred. Olsen Ocean Ltd, explained in a statement that market conditions for IPOs have been severely impacted during the bookbuilding process, including by geopolitical tensions.

FOWIC will consider resuming the listing process if conditions improve. It stressed that it remains fully financed for its fleet upgrading programme and has a solid revenue backlog of EUR 355 million (USD 404m).

The owner and operator of jack-up installation vessels announced its intention to go public earlier this month, estimating it could raise NOK 1.5 billion (USD 168.5m/EUR 148.2m) through a retail and institutional placement.

(EUR 1.0 = USD 1.137)

(NOK 1.0 = USD 0.112/EUR 0.099)

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