Fred. Olsen Ocean buys 50% stake in United Wind Logistics

Norwegian shipowner Fred. Olsen Ocean (FOO) has entered into an agreement to acquire a 50 percent ownership in United Wind Logistics for €12 million. In the new shareholder structure will hold 50 percent of the company, while United Shipping Group owns 37.5 percent and CPLP Holding 12.5 percent.

UWL is a Hamburg, Germany-based company offering solutions within marine transportation of various offshore wind turbine components such as blades, nacelles, towers and foundations from manufacturing sites to pre-assembly ports on a worldwide 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.

“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,” said Lars Rolner, founder of United Wind Logistics.

“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,” said Even Larsen, CEO, Fred. Olsen Ocean.

Subsequent to the transaction, Fred. Olsen Ocean’s activities within the offshore wind service industry consist of a 100% ownership in Fred. Olsen Windcarrier, a 100% ownership in Universal Foundation (UF) and a 50% ownership in UWL.

Author: Tobias Pieffers

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