Hong Kong’s shipowner Swire Group has pledged to keep backing wind farm vessel spin-off Cadeler after selling its stake down in recent months.
Oslo-listed Cadeler said that as part of an intra-group transaction, Swire Pacific Offshore Operations (SPO) has transferred all its shares in Cadeler to parent Swire Pacific.
Swire Pacific's indirect holding of 21.55% now becomes direct.
The 29.86m shares are worth NOK 4.83bn ($116m).
“In connection with the share transfer, Swire Pacific has expressed its continued support to Cadeler and Swire Pacific’s current intention not to sell its shares in Cadeler for a period of 12 months,” Cadeler said.
Cadeler is the former Swire Blue Ocean, which carried out a $100m initial public offering in November 2020 that saw Singapore’s BW Group buy in.
BW is now the biggest shareholder on 32%.
In February, SPO cut its stake from 28.23% to 21.55% through share sales.
The chunk of the company Swire sold was worth NOK 300m ($34m) at that time.
SPO had 42% at the time of the listing, but this had dropped to 34% by last April.
It is not yet clear if BW Group has expanded its ownership by taking the Swire shares.
Cadeler has two WTIVs in operation — the 24,586-gt Wind Osprey and Wind Orca (both built 2012).
BW also controls floating offshore wind farm company BW Ideol.
