Bonheur ASA — M&A Activity 2018

Dec 17, 2018

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

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.