Fred. Olsen Ocean Buys Stake in UWL

Fred. Olsen Ocean (FOO) has 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.

The ownership split in UWL will be FOO 50.0 %, United Shipping Group GmbH 37.5 % and CPLP Holding GmbH 12.5 %, said a press note from the wholly owned by Bonheur ASA.

UWL is a Hamburg (Germany) based company offering services within marine transportation of various offshore wind turbine components, such as blades, nacelles and towers from nearby manufacturing sites to pre-assembly ports closer to offshore wind farm sites.

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 investment in UWL marks an expansion of FOO’s footprint within the offshore wind service industry and will further strengthen FOO’s presence in the logistics and installation value chain for offshore wind.

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