Fred Olsen Windcarrier (FOWIC) failed its initial public offering (IPO) of new shares and its application for listing on the Oslo Stock Exchange.

The first day of trading was expected in the first quarter of 2022, but the Oslo-based offshore wind installation company suspend the IPO in February, citing current geopolitical tensions. The shares of the company were admitted to trading on February 15 and this decision was valid until May 24 inclusive.

IPO had to increase gross proceeds of approximately €150 million ($169.5 million), which would have been used to fully fund the equity portion of the company’s building plans and for general corporate purposes.

“The listing process is now complete and the company no longer has an obligation to provide information under the Market Abuse Regulation,” FOWIC said in a filing at the Oslo Stock Exchange.

FOWIC is 100% owned by Fred Olsen Ocean, a subsidiary of Bonheur. The company has three jack-up installation vessels and an order book of approximately $577 million, including options. The Olsen family’s investment company initially pre-committed to subscribe for €25m to the IPO.