Fred. Olsen Windcarrier acquires majority ownership of the Transport & Installation vessel Seafox 5

Fred. Olsen Windcarrier ("FOWIC", or “the Company”), a company indirectly wholly owned by Bonheur ASA, has today entered into an agreement with the Seafox International Group for the acquisition of an indirect 51% ownership in Seafox 5 Ltd. (“SF5”), which is a company with its main asset being the offshore wind transport & installation vessel Seafox 5.

Under the agreement, FOWIC will acquire the shares and a pro rata part of shareholder loans for USD 73.6 million, with share settlement on or about signing. Per 30 September 2018, SF5’s total assets had a book value of EUR 188.3 million.

Through the transaction, FOWIC enters into a partnership for the vessel Seafox 5 with the owner of the remaining 49% of SF5, a wholly owned subsidiary of Keppel Offshore and Marine Ltd., under which FOWIC will have the vessel under commercial, technical and administrative management, as part of the FOWIC fleet.

Seafox 5 is a multi purpose jack up construction vessel with track record from both the offshore wind transport & installation market and the oil and gas decommissioning market. With larger crane and longer legs, the Seafox 5 is complementary to Brave Tern and Bold Tern, the existing two jack up wind turbine transport & installation vessels of the Company. The acquisition further strengthens the position of Fred. Olsen Windcarrier in the growing global offshore wind markets, hereunder i.a. the US and Asia, and will also be an enabler for activities related to oil & gas decommissioning works.

Subsequent to the transaction, FOWIC will own and operate a fleet of three modern offshore wind transport & installation vessels consisting of Seafox 5, Brave Tern and Bold Tern. In addition, the Company is the owner of seven crew transport vessels and a significant majority owner in Global Wind Service, a leading supplier of turbine technicians, expertise and services to wind farm projects around the world.