Fred. Olsen Ocean Buys Into United Wind Logistics

Fred. Olsen Ocean 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.

UWL is a Hamburg-based company offering transport solutions for offshore wind turbine components from manufacturing sites to pre-assembly ports.

The company 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 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.

“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.