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3rd Quarter Report 2022

Here are the highlights:

  • Strong demand growth, estimated to be more than 250 vessels by 2030, excluding China, far exceeding existing tonnage and order book of approximately 50 vessels
  • Increasing rates as Oil & Gas tonnage exit offshore wind
  • Increased focus and accelerated pace for the renewable energy transition
  • Seven vessels under construction ordered at low prices with attractive delivery schedule
  • Edda Breeze and Edda Brint expected to be ready for operation in January 2023 and hulls C490 and C416 expected to be ready for operation during Q2 2023
  • Building contracts with Colombo Dockyard PLC, Sri Lanka, were cancelled 28 July
  • Close to 100% utilisation in Q3 2022 with no unscheduled downtime and zero incidents to personnel

Stable operation and robust market outlook for Edda Wind

The offshore wind industry is growing rapidly, and the upward trend is set to continue. The global sanctioned projects have more than doubled in the past 12 months from 91 to 185 GW. Forecasts suggest that 2,000 GW of installed capacity is required to keep the 1.5°C goal within reach, leaving a large investment gap. Governments are focusing on energy independence following the Russian invasion of Ukraine and spike in energy costs, leading to increased offshore wind targets and the extension of public subsidy support. Scale and competitive auctions have moved costs in a favourable direction making offshore wind cost competitive with other energy sources.

Europe is the key player in the offshore wind industry globally and is expected to grow by 25 times it’s current size by 2030. However, we see plans being published in most areas of the world which will result in more windfarms and, with more turbines to operate and maintain, a demand for more vessels being employed in the industry. Edda Wind’s fleet represents an important piece of the puzzle of supporting tomorrow’s offshore wind parks.

Edda Wind’s ongoing newbuilding programme will bring the fleet to a total of nine purpose built offshore wind vessels by 2025. The first of the new series of vessels, CSOV “Edda Breeze”, was delivered from the yard in May followed by the SOV “Edda Brint” in October. The Company has suffered from delays on the gangway systems for the first newbuilds, however, I am happy to report that the installation and commissioning of the systems onboard Edda Breeze and Edda Brint has commenced and that the vessels are expected to commence their long-term contracts in January 2023.

The three vessels in operation have performed very well with a utilisation rate of close to 100% and no injuries to personnel during the quarter. While our chartered-in frontrunner vessel has provided very good service to Ocean Breeze since April 2021, they are really looking forward to Edda Wind starting its operations with the Edda Breeze, both due to expectation of increased operability and efficiency in operations, and expectation of a large reduction in fuel consumption and emissions. Edda Wind’s ability to deliver innovative and efficient operational solutions makes our fleet very attractive in the market.

It is approaching one year since Edda Wind’s successful IPO. It has been a challenging year with supply chain constraints, but also a year with further improved market opportunities. I am happy to have received feedback that the Company is a recognised and trusted service provider to the offshore wind industry. We have much excitement ahead of us, including five newbuilds that will commence operations during the next year – in a robust market environment. The Company is gradually strengthening to match the activities.

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

Read the entire report by using the download below.

Kenneth Walland