Swire Blue Ocean, a subsidiary of Swire Pacific Offshore, will be listed on the Oslo Stock Exchange soon. The company will be rebranded as Cadeler.

The proposal to take the offshore wind turbine transportation and installation specialist public follows the news that the company plans to expand its operations with the construction of up to two newbuild wind farm installation vessels, as HLPFI reported here. Currently, its fleet includes Pacific Orca and Pacific Osprey, both of which will be fitted with new cranes that will enable them to handle the next generation of wind turbines.

Mikkel Gleerup, ceo of Cadeler, said: “Cadeler plans to expand and adapt to keep pace with the largest turbines in the market, with further capacity for the mega turbines to come.

“This growth will require significant capital investment and is expected to further strengthen the company’s orderbook and operational flexibility. In addition to supporting our existing partners and clients in Europe, the growth is intended to enable us to capture opportunities in emerging offshore wind markets in the USA and North Asia.

“The time is right for Cadeler to access the capital markets to support this growth, given the significant interest that exists in offshore wind and renewables in general from the investment community.”

Subject to market conditions, the planned initial public offering (IPO) of Cadeler is targeted for the fourth quarter of 2020, and the company has retained DNB Markets and SpareBank 1 Markets as financial advisors in this respect. Swire Pacific Offshore intends to remain a significant shareholder in the business following the IPO.