Bonheur ASA - Share Issue/Capital Change 2019

Fred. Olsen Ocean expands its footprint within the offshore wind service industry by investing in United Wind Logistics

Fred. Olsen Ocean Ltd. (FOO), a company wholly owned by Bonheur ASA, has today

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. The ownership split in UWL will be FOO 50.0 %, United Shipping Group

GmbH 37.5 % and CPLP Holding GmbH 12.5 %.

UWL is a Hamburg (Germany) based company offering services within marine

transportation of various offshore wind turbine components, such as blades,

nacelles and towers from nearby manufacturing sites to pre-assembly ports closer

to offshore wind farm sites.

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.

The investment in UWL marks an expansion of FOO's footprint within the offshore

wind service industry and will further strengthen FOO's presence in the

logistics and installation value chain for offshore wind. FOO's ownership in UWL

will be consolidated by Bonheur ASA under the Shipping / Offshore Wind business

segment.

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