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1st Quarter Report 2023

Here are the highlights:

  • Strong growth in demand, estimated to be more than 250 vessels by 2030, excluding China; far exceeding existing tonnage and order book for approximately 60 vessels.
  • Increasing rates as oil & gas tonnage exit offshore wind.
  • Increased focus and accelerated pace for the renewable energy transition.
  • Edda Brint and Edda Breeze started operations in March 2023.
  • Edda Boreas delivered from shipyard in Spain in February 2023.
  • Four CSOVs ordered in March 2023.
  • Ten vessels under construction.
  • NOK 1.2 billion raised in private placement.
  • 93% utilisation during the quarter, with offhire mainly due to scheduled 5-yearly docking of Edda Passat.
  • Secured contracts with Vestas for 750 days.

Edda Wind – More vessels on order and in operation

Edda Wind signed a contract for additional four CSOVs with the Vard Group 3rd March. A capital increase of about NOK 1.2 billion was successfully closed at the same date and will cover the equity portion for these vessels. The company is now building up a fleet of 14 vessels and will become the leading company in the segments we operate.

The company has a backlog of EUR 422 million, still with several newbuilds uncommitted and able to secure work in a market with great demand for this type of vessels with expectations for attractive dayrates.

The first CSOV Edda Breeze and the first SOV Edda Brint of the newbuilding series were both delivered on contract at the end of March. We have earlier reported delays in delivery of the gangway systems for the vessels and it is therefore an important milestone to finally see them go on hire. The fixed period of the contracts are until 2032 with Ocean Breeze and until 2037 with Vestas respectively. Three more vessels will be completed and put into operation during 2023.

Edda Passat has successfully carried out scheduled 5-yearly drydocking during the quarter before returning to the Ørsted contract.

The chartered-in frontrunner vessel in the Ocean Breeze contract, Edda Fjord, was redelivered to Østensjø when replaced by Edda Breeze.

Edda Wind has started recruitment for additional personnel to ensure that the onshore organisation is dimensioned for the growing fleet and in line with the increased activity in general.

We are grateful to all stakeholders who have, and continues to, show confidence in Edda Wind and our business model.

Read the entire report by using the download below.

Kenneth Walland