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1st Quarter Report 2024

Here are the highlights:

  • Operating income of EUR 17 million (+ EUR 10.0 million versus Q1 2023).
  • EBITDA of EUR 7 million (+EUR 6.3 million versus Q1 2023).
  • Edda Nordri commenced operation for Vestas in March.
  • Sale of Edda Passat in March.
  • Gangway systems upgraded, enhancing reliability and performance.
  • Favourable demand outlook for C/SOVs and increasing tendering activity.
  • Delays and unscheduled work at the wind farms result in additional work for CSOVs.
  • Oil & gas sector continues to extract tonnage, including purpose-built CSOVs.
  • High seasonal day rates observed for the CSOV market.

Edda Wind overcomes technical challenges, expands fleet, and secures new contracts in Q1 2024

During the first quarter of 2024, Edda Wind experienced significant technical challenges related to several of our gangway systems, resulting in unscheduled off-hire and revenue loss. To address these issues and ensure reliable performance, Edda Wind temporarily took three vessels out of operation. Today, I’m pleased to report that all three vessels are now back in service and on hire. The gangway systems, which represents new technology, are expected to enhance operability and flexibility once fully functional. However, there may be some financial fluctuations during the ramp-up phase as a result of the commencement of operation for new vessels with calibration of the gangways system. Needless to say, the experience gained is invaluable, and we are now achieving enhanced operability.

During Q1, Edda Wind completed the sale of Edda Passat. As of today, Edda Wind’s current fleet in operation counts five vessels with a further eight vessels under construction. Three of the vessels are expected to be delivered and in operation in 2024, with the remaining in 2025 and 2026. We remain highly optimistic about the market outlook and eagerly await these deliveries.

Goelo Enabler was delivered from yard in March 2024, but as announced on 7 May, Edda Wind unfortunately experienced an incident which will delay commencement of operation, which was set to start in May 2024. Edda Wind is investigating the incident, including an updated timeline regarding commencement of operation for Goelo Enabler on the remaining period of the five-year contract to SiemensGamesa.

On the positive side, Edda Nordri successfully commenced operations for Vestas in March 2024. This marks to some extent a new era as our newbuildings are entering the more profitable short-term commissioning segment. Unlike our previous long-term contracts, these shorter-term arrangements allow for greater flexibility. As the Company strive for a balanced portfolio, most of our newbuilds are expected to follow suit by entering the short-term commissioning segment upon delivery.

Edda Wind has established strong relationships with key operators in the market. We consistently receive invitations to participate in tenders and vessel requirements and tendering activity is increasing. Our order backlog currently stands at EUR 416 million, and with several uncommitted newbuilds we are ideally positioned to secure work in an increasingly attractive market for specialised offshore wind service vessels.

We express our gratitude to all stakeholders for their continued support of Edda Wind.

Read the entire report by using the download below.

Kenneth Walland