Announcements

Edda Wind orders four new CSOVs, enhancing position as world’s leading C/SOV provider

3. March, 2023

Edda Wind has ordered four commissioning service operation vessels (CSOV) newbuilds. The first two vessels, delivered from Vards Norwegian yards, are expected to be delivered in Q1’2025, the third in Q2’2025, and the fourth in Q1’2026, both delivered from Vards Vung Tau yard in Vietnam.The Company has also secured options for additional 2 + 2 CSOVs.

With delivery of these additional four newbuilds, Edda Wind will enhance its position as the leading offshore wind service vessel provider, boasting a fleet of 14 vessels (of which two vessels are currently in operation, with five more expected to commence operation in 2023).

The vessels of Vard 4 25 design have been designed exclusively for Edda Wind in collaboration between the companies. The vessels will be prepared for zero-emission operations based on a Liquid Organic Hydrogen Carrier (LOHC) concept in addition to being methanol ready. Enova contribution will be material in achieving zero emission operations.

The vessels will function as mother vessels for wind turbine technicians as they perform commissioning and maintenance work on the wind turbines. 101 comfortable cabins and high standard common areas can accommodate up to 95 technicians and 25 marine crew onboard. Anti-heeling and roll reduction systems will provide good working conditions onboard. The motion compensated gangway system with an adjustable pedestal will ensure safe and optimal connections to the turbines, even in harsh weather conditions. The design is optimised for fuel efficiency and efficient logistical operation for the turbine technicians.

Edda Wind intends to finance the vessels through a combination of debt and equity. A private placement of NOK 1.200 million will cover the equity part of the financing. The four largest shareholders of Edda Wind, Østensjø Wind AS NOK 120 million, Wilhelmsen New Energy AS NOK 300 million, Geveran Trading Co Ltd NOK 275 million and EPS Ventures Ltd NOK 275 million, have already committed to about NOK 1 billion of the placement. The company has good relations with its banks and expects the vessels to be fully financed well in advance of delivery.

“I am very proud of the transaction Edda Wind has concluded and of the new vessel orders. This manifests the company’s position as the leading C/SOV owner and operator in the market. A larger fleet benefits Edda Wind’s ability to offer clients flexibility and contingency and enables a meaningful presence in the promisingshort-/medium term market. Further, Edda Wind expects to benefit from scale in achieving attractive financing as well as lower operating expenses and redundancy in our operations”, says Kenneth Walland, CEO of Edda Wind.

For further information, please contact:
Kenneth Walland, CEO Edda Wind
Phone: +47 916 93 418
E-mail: kenneth.walland@eddawind.com

Tom Johan Austrheim, CFO Edda Wind
Phone: +47 982 09 873
E-mail: tom.johan.austrheim@eddawind.com

About Edda Wind

Edda Wind is a leading pure play offshore wind service company headquartered in Haugesund, Norway. The Company develops, builds, owns and operates purpose-built Service Operation Vessels (“SOV”) and Commissioning Service Operation Vessels (“CSOV”) for offshore wind farms worldwide.

Edda Wind is creating the next generation of offshore wind service vessels and works closely with partners to develop new technologies to reduce emissions without compromising operational capabilities or cost competitiveness.

With these last orders, the Company owns and operates two purpose-built offshore wind SOVs, operates one chartered frontrunner, and has twelve dedicated offshore wind vessels under construction – two offshore wind SOVs and ten offshore wind CSOVs. All newbuild vessels are prepared for zero-emission utilising liquid organic hydrogen carrier as an energy source and methanol optionality for the Vard designed vessels.