Here are the highlights:
- Revenue of EUR 19.5 million (EUR 2.5 million above Q1 2024).
- EBITDA of EUR 6.9 million (EUR 6.4 million above Q1 2024 excl. gain on sale of assets).
- Solid operational utilisation.
- Commencement of new charter contracts for Nordri Enabler, Sudri Enabler and Vestri Enabler.
- Sale of Mistral Enabler completed.
- Launch of unconditional mandatory cash offer to acquire all outstanding shares in Edda Wind ASA.
In Q1 2025 Edda Wind has continued to capitalize on the lessons learned during 2024
In Q1 2025 Edda Wind has continued to capitalize on the lessons learned during 2024 and sees operational benefits of having vessel management inhouse. For Q1 2025 Edda Wind achieved a technical utilization rate of 99%.
During the quarter, Edda Wind completed the reinstatement of the original gangway for Goelo Enabler, allowing the vessel to successfully recommence the contract with Simens Gamesa, replacing the inhouse substitute vessel Nordri Enabler which then subsequently commenced operations for Vestas in April.
Edda Wind continues to observe a consistent rise in tendering activity and day rates. For the remaining available days in 2025, approx. 85% is already booked, with recent contracts indicating stable and strong market conditions. Year to date, Edda Wind has also broadened its client universe represented by the last three charter contracts which have been entered into with three new clients.
The sale of Mistral Enabler was announced in Q1 2025. This aligns and homogenizes the Company’s fleet of modern and flexible CSOVs/SOVs, all prepared for zero-emission using liquid organic hydrogen carrier and/or methanol as energy sources. The sale of Mistral Enabler follows the earlier sale of its sister vessel, Edda Passat, in March 2024. The sale of Edda Mistral was completed in mid-April.
On April 29, 2025, the three largest shareholders of Edda Wind, Geveran Trading Co Ltd, Wilhelmsen New Energy AS, and EPS Ventures, announced their intention to make an unconditional mandatory cash offer to acquire all outstanding shares in Edda Wind ASA that they do not already own. As part of this offer, the three largest shareholders intend to pursue a de-listing of the shares from the Oslo Stock Exchange.
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Hermann H. Øverlie
Interim Chief Executive Officer
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Q1 Report 2025
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