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3rd Quarter Report 2023

Here are the highlights:

  • Revenue of 11.8m (+59% growth vs. Q3 2022).
  • EBITDA of EUR 4.8m (+241% growth vs. Q3 2022).
  • Edda Boreas commenced 2+1 years contract with SSE.
  • Edda Nordri delivered from yard in September and is expected to commence operation in Q4 2023.
  • Favourable demand outlook for C/SOVs despite announced delays and setbacks within the supply chain.
  • 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 – another quarter with growth

Edda Wind’s activities are gradually increasing with four vessels in operation during Q2 and Edda Boreas starting her operations at Dogger Wind farm from July. In addition, Edda Nordri was delivered from the yard in September and will be ready for operations in Q4.
Three of our newbuilds are now in operation and the experiences gained during the initial phase are of great value to the Group. We also see the benefits of operating more vessels of similar design.

As previously reported, the completion of C-416, being built at Astilleros Balenciaga, is delayed until Q1 2024. However, in October, Edda Wind signed an addendum to the shipbuilding contract to ensure completion of the vessel. This includes taking legal title to the vessel and a more active role in the financing of remaining works as well as planning and project management related to the progress of work on board.

With a fleet of 14 vessels (including vessels under construction), Edda Wind is the leading C/SOVoperator in the market. The Company provides vessels to both the Operation & Maintenance and the Installation & Commissioning segments. Despite some delays and challenges in the offshore wind market generally, we are observing tender activity and positive trends for vessel day rates indicating good revenue potential for the uncommitted Edda Wind fleet.

The Company has built strong relations with the key operators in the market and is always invited to participate in the actual tenders and vessel requirements being issued. The backlog of orders is EUR 415 million, combined with several newbuilds uncommitted and able to secure work in a market with great demand for this type of vessel.

Edda Wind is well underway with the recruitment process for the future onshore organisation and the preparation to take over management of the Edda Wind fleet. The Company moved into new headquarters in September and the staff has increased to 12 people, with more colleagues to come during the next year. Existing ship management agreements with Østensjø Rederi will be in force until the end of 2024. However, parts of the fleet will be taken under Edda Wind management during 2H 2024. Nine vessels will be in operation by the end of 2024, with five more to come in 2026.

We are grateful to all stakeholders for their support of Edda Wind.

Read the entire report by using the download below.

Kenneth Walland