Here are the highlights:
- Revenue of EUR 20.1 million (EUR 8.7 million above Q4 2023).
- EBITDA of EUR 5.9 million (EUR 7.0 million above Q4 2023).
- Delivery of Vestri Enabler and contract commencement.
- Vessel management takeover completed.
- Insights from 2024 establish new standards for 2025.
Q4 marked the end of a year filled with significant milestones
In November, Edda Wind took delivery of its third vessel of the year, Vestri Enabler, from the yard, Astilleros Gondan. This brought our operational fleet to a total of eight vessels, meaning we enter 2025
with a substantially larger asset base compared to the previous year.
Furthermore, in Q4 2024, Edda Wind completed the vessel management takeover, gaining full control over our fleet operations. This transition is expected to drive both operational and organisational improvements moving forward.
The lessons learned in 2024 will be invaluable across the organization, particularly for our operations. Over the past year, we saw a significant improvement in vessel utilization, and we will continue to build on these insights as we welcome four additional vessels to our fleet in 2025.
We are experiencing increased tendering activity and rising day rates. For 2025, we have already booked 81% of our vessel capacity, and we are pleased to see that our most recent contracts, which have been publicly announced, reflect a strong market with improved rates.
New-building yard prices for vessels continued to rise throughout 2024 – a trend we expect will support market balance within the industry and sustain positive rate projections.
Looking ahead: Operationally, we expect Goelo Enabler to have its permanent gangway installed in early March before returning to service at the St.Brieuc Wind farm in France, where she will remain under contract until 2028.
Our new-building program is progressing with four vessels expected to be delivered from the yard in Q2 2025. As a result, 2025 will be financially back-end loaded. Nonetheless, it is set to mark the beginning of a new phase for Edda Wind. Two of our new-builds have already secured contracts upon delivery, while the remaining two are yet to be committed to charterers.
2025 has started well with solid utilisation across the fleet and we look forward to the remaining part of the year we have just entered into.
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Hermann H. Øverlie
Interim Chief Executive Officer