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2nd Quarter Report 2022

Here are the highlights:

  • Strong demand growth, estimated more than 250 vessels by 2030, excluding China, far exceeding existing tonnage and order book of totally 49 vessels
  • Increasing rates as Oil & Gas tonnage exit offshore wind
  • Increased focus and accelerated pace for the renewable energy transition
  • Seven vessels under construction, including Edda Breeze which was delivered from yard in Q2 2022 and is awaiting installation of the gangway system
  • Delivery of Edda Breeze and Edda Brint to clients postponed to January 2023 due to delayed delivery of the gangway systems
  • Vessels ordered at low prices with attractive delivery schedule
  • 99.6% utilization in Q2 2022

Further improvements in market outlook

The rate at which coastal nations are developing off shore wind is accelerating. The outbreak of the Ukrainian war has resulted in even greater focus on energy security and alternative sources of energy. In this context, off shore wind will be an even more important part of the energy supply for the future.

Edda Wind supports the requirement to service tomorrow’s offshore wind parks. It is not only about wind and sea. It is about ensuring aff ordable renewable energy to support continued economic growth without destroying the environment. It is about delivering power to people and what we pass on to the next generations.

The two shipbuilding contracts at Colombo Dockyards PLC were cancelled in July, without any cost to Edda Wind, following the adverse development in Sri Lanka. Edda Wind’s ongoing newbuilding program will bring the fleet to a total of nine purpose built off shore wind vessels by 2024. This puts the company in a favorable position to meet the increased demand with attractive building prices and delivery dates.

Edda Wind is unfortunately experiencing delays in delivery of gangway systems for the first four vessels to be delivered.

The world-wide off shore wind fleet is projected to require more than 250 vessels by 2030. This presents a tremendous growth opportunity for Edda Wind. The company is a leading operator with a portfolio of both long- and short/medium term contracts, balancing stable cash flows with flexibility to capitalize on favorable market dynamics. Edda Wind is targeting both the operation & maintenance segment as well as the commissioning segment. We expect that the strong demand for vessels, combined with limited supply, will result in favorable day rates, particularly in the shorter commissioning segment. The fact that robust commodity prices is pulling subsea tonnage back to oil & gas is expected to increase the positive development on the day
rates in off shore wind.

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

Read the entire report by using the download below.

Kenneth Walland