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2nd Quarter Report 2023

Here are the highlights:

  • Favourable demand outlook for C/SOV despite announced delays and setbacks within the supply chain.
  • Oil & gas sector continues to extract tonnage, including purpose-built CSOVs.
  • High seasonal dayrates observed for CSOV market.
  • First quarter with Edda Brint and Edda Breeze on long-term contracts.
  • Edda Boreas commenced a 2+1 year contract beginning of July.
  • 33% growth in fleet days versus Q2-22.
  • 34% growth in revenues versus Q2-22.
  • 100% fleet on-hire.

Edda Wind – Newbuildings
commencing operation

Edda Breeze and Edda Brint were delivered to Charterers end of Q1-23, resulting in Edda Wind doubling the number of own vessels in operation during Q2. Further, Edda Boreas was delivered to Charterers in the beginning of July, resulting in five vessels in operation through Q3. The performance of our newbuildings makes me confident they will be very attractive vessels for our Charterers, both in the Operation & Maintenance segment as well as in Commissioning & Installation projects. I am also pleased to observe that the Edda Wind fleet is performing well on safety, operations and utilisation.

Edda Wind’s next vessel, C491, is scheduled to be delivered by Gondan at the end of Q3-23 and to be fully operational in Q4-23. The vessel will start a short-term contract for Vestas from Q1-24 and we are working on engagement for her for Q4-23 and Q1-24.

C416 being built at Balenciaga, Spain, is unfortunately further delayed due to the earlier reported financial difficulties at the yard. To secure the delivery, Edda Wind will take a more active role in the completion of the vessel, including participation in the financing of remaining work, taking legal title as well as planning and project management related to the progress of work onboard. We aim to take delivery of the vessel in Q1-24.

With a total fleet of 14 vessels, Edda Wind has taken a position as the leading C/SOV-operator in the market in line with what we have communicated since the Company was established.

I am proud to observe the good reputation and relations Edda Wind has developed towards the key operators in the market and that we are always invited to participate in the actual tenders and vessel requirements being issued. The backlog of orders is EUR 410 million, combined with several newbuilds uncommitted and able to secure work in a market with great demand for this type of vessel. Despite some delays and challenges in the offshore wind market generally, we are observing positive trends for vessel day rates, indicating good revenue potential for the uncommitted Edda Wind fleet.

Edda Wind has decided to build a stand-alone fully integrated land-based organisation by 2025. In order to be prepared to gradually take over management of the Edda Wind fleet as well as corporate services, we have started the recruitment process and have employed seven new key personnel during the quarter, i.e. the staff will be more than doubled when our new colleagues start in Edda Wind’s new office location in September/October. We are grateful to all stakeholders who have, and continue to, show confidence in Edda Wind and our business model.

Read the entire report by using the download below.

Kenneth Walland