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4th Quarter Report 2023

Here are the highlights:

  • Revenue of EUR 11.4 million (+55% growth vs. Q4 2022).
  • EBITDA of EUR -1.1 million, negatively impacted by frontrunner cost and offhire.
  • SiemensGamesa contract commenced in October 2023.
  • Edda Nordri commenced operation end of December 2023.
  • Attractive EUR 161 million green term loan facility agreement secured in December 2023.
  • Favourable demand outlook for C/SOV 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.

A challenging period, but optimistic outlook

Edda Wind’s operations have been progressively expanding, with six vessels operational by the end of Q4 2023.

During Q4 2023 and Q1 2024 we have experienced substantial technical challenges related to our gangway systems, resulting in unscheduled offhire and loss of revenue. To overcome this situation and ensure that the systems are achieving the expected reliability and performance, Edda Wind decided to take three vessels out of operation in Q1 2024 to implement robust solutions to the various issues. The gangway systems represent new technology and will when fully functioning increase operability and flexibility.

Edda Wind still expects some fluctuations in its financial performance during the ramp-up phase as new vessels are entering operations with associated additional costs, but our long-term view remains firm and highly positive.

As previously disclosed, Edda Wind acquired legal title to C-416 in October 2023 to ensure the vessel’s completion. Progress is being made and the vessel is currently undergoing sea trials. The vessel is expected to be delivered in March/April 2024 and commence operations for SiemensGamesa in early Q2 2024.

In February 2024, Edda Wind announced the sale of the vessel Edda Passat, made to optimise the Company’s fleet strategy, including alignment of vessel design. The transaction is expected to be completed in March.

With a fleet of 13 vessels (excluding Passat, but including those under construction), Edda Wind is the market’s leading C/SOV operator. Despite some delays and challenges in the offshore wind market generally, we are observing high tender activity and positive trends for vessel day rates, indicating good revenue potential for the uncommitted Edda Wind fleet.

The Company has established strong relationships with the key operators in the market and is consistently invited to participate in the actual tenders and vessel requirements being issued. The backlog of orders stands at EUR 416 million, combined with several uncommitted newbuilds capable of securing work in a market with high demand for this type of vessel.

Edda Wind is making progress in the recruitment process for the future onshore organisation and the preparation to assume management of the Edda Wind fleet. Existing ship management agreements with Østensjø Rederi will remain in effect until the end of 2024. However, parts of the fleet will transition to Edda Wind management during 2H 2024. As such, we will incur overlapping and additional costs during 2024 as we are optimising our long-term operational platform. Eight vessels will be operational by the end of 2024, with an additional five expected within 2026.

We express our gratitude to all stakeholders for their support of Edda Wind.

Read the entire report by using the download below.

Kenneth Walland