Here are the highlights:
- Revenue of EUR 18.4 million (EUR 6.6 million above Q3 2023).
- EBITDA of EUR 6.1 million (EUR 1.1 million above Q3 2023).
- Commencement of operation for Goelo Enabler and Sudri Enabler gives a total of seven vessels in full operation.
- Gangway performance and vessel utilisation significantly improved.
- Vessel management takeover initiated.
- Employment secured for two of our newbuilds directly from yard (Vestri Enabler secured four months + options from delivery in November 2024 & NB967 secured 6 months in Taiwan + options from delivery in Q2 2025).
- In the signing process for C504 for a 12 months + 12 months options contract from delivery in Q2 2025.
- Debt financing secured for C504, ensuring a fully financed fleet.
Exiting quarter with several milestones
Q3 has been a good quarter for Edda Wind. Our vessel utilisation has continued to improve following gangway upgrades earlier this year and two our newbuilds commenced operations in 2024. We have initiated takeover of vessel management from the previous ship manager. Furthermore, post reporting date, we also announced new charter contracts for two of our newbuilds, with commencement directly from yard.
The three vessels that were taken out of operation earlier this year have performed well during Q3 and have had close to 100% utilisation. We are pleased with the collaboration we have had with our clients and we will continue to build on the learnings gained during the year.
In July, both Goelo Enabler and Sudri Enabler commenced its operation, for Siemens Gamesa and DEME respectively. Goelo Enabler will be operating at the St. Brieuc wind farm until Q4 2028 while Sudri Enabler is located at the Dogger Bank Wind farm at least until end of Q1 2025. Both vessels are performing well, and we are glad to see our fleet of operating vessels increase. During Q3 we had for the first time more vessels in operation (7) versus vessels under contraction (6). Further, our latest delivery, Vestri Enabler, was delivered from yard on the 14 November increasing the number of operating vessels to eight vessels as of today.
Post reporting date, Edda Wind announced contract updates for our newbuilds. Vestri Enabler will commence operation in the UK following the delivery from Gondan on the 14 November. The contracts announcement for our newbuild NB 967, which is to be delivered from Vard Vietnam in Q2 2025, is related to operation in Taiwan. This marks our first contract in Taiwan, as well as in Asia. Taiwan is an attractive market with strong projected growth and Edda Wind is planning to take part of such growth.
On the organisational side, the take-over of operational management has commenced. As of today, we have taken over management of all but one of our vessels which is expected to be taken over by end of November. We already see benefits of having full inhouse management of our fleet and expect to see further improvements going forward.
Edda Wind is experiencing increased tendering activity and are currently fully booked until end of Q1 2025. During 2025 we will have four more newbuilds being delivered.
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Kenneth Walland
CEO