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4th 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 60 vessels
  • Increasing rates as Oil & Gas tonnage exit offshore wind
  • Increased focus and accelerated pace for the renewable energy transition
  • Eight vessels under construction, ordered at low prices with attractive delivery schedule
  • Edda Breeze and Edda Brint expected to be ready for operation in March 2023. Edda Boreas and C-416 expected to be ready for operation during Q2 2023 and Q4 2023
  • Close to 100% utilisation in Q4 2022 with no unscheduled downtime and zero incidents to personnel

Edda Wind gearing up for more activity,
more vessels and more contracts

The offshore wind industry is continuing its growth and the upward trend is set to continue. This is backed up by huge optimism from the industry itself, markets analysts and investors. This optimism is welcomed and shared by Edda Wind.

Market reports indicate a demand for more than 250 service vessels in the offshore wind industry by the end of this decade. The supply of existing C/SOVs plus newbuilds amounts to around 60 vessels, of which 50% are engaged on firm contracts.

It is expected that the demand/supply gap will result in favourable day rates, particularly in the shorter commissioning segment. The fact that the subsea tonnage is exiting from offshore wind back to oil & gas, suggests an expected increase in this trend. This demand represents a significant growth opportunity for Edda Wind, being a leading operator with a portfolio of both long-and short-/medium-term contracts, able to balance stable cash flows with flexibility to capitalise on favourable market dynamics.

Edda Wind is increasing its capacity and another CSOV was ordered in October. The ongoing newbuilding programme will bring the fleet to a total of ten purpose-built offshore wind vessels by mid 2025. Four of the newbuilds are presently uncommitted, which is considered to be a great opportunity based on market outlook. The company has previously reported delays on the gangway systems for the first newbuilds. Therefore, I am happy to report that the installation and commissioning of the systems onboard Edda Breeze and Edda Brint is about to be completed allowing the vessels to start generating cash. Both vessels are expected to commence operations in March.

The three vessels in operation have performed very well, with a utilisation of 99.7% and no injuries to personnel during the quarter. The chartered-in frontrunner vessel, Edda Fjord, has provided very good service to Ocean Breeze since April 2021. The vessel will be redelivered to Østensjø once it is replaced by Edda Breeze. I am delighted to see that Ørsted has declared an optional period for Edda Passat and Edda Mistral, which is firm proof of the quality of service Edda Wind has provided during a five-year period.

It is already a year since Edda Wind’s successful IPO, and the first full year of operation is over. It has been a very exciting and hectic period with its challenges and I am happy to have received such positive feedback on the company, as a trusted and recognised service provider to the offshore wind industry. We have much excitement ahead of us, including five newbuilds that will commence operations during 2023. The Edda Wind organisation will be geared up in line with these newbuilds coming into operations to ensure that the company has the capacity and scale to deal with an increased workload, and the ability to operate smoothly as we gradually grow larger fleet.

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