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Annual Report 2021

Here are the highlights:

  • 37 % growth in revenue compared to last year as a third vessel entered the fleet in April 2021.
  • The Offshore Wind market continues to develop favorably, driven by demand for green & renewable energy and supported by economies of scale and established value chains. A rapidly increasing number of coastal nations are establishing firm plans for large scale Offshore Wind farms – expanding the business from predominantly European based to a world-wide industry.
  • Edda Wind ordered further 2 newbuildings during 2021 and further 3 newbuildings in January 2022. By this, Edda Wind is clearly taking the leading role in the growing market for commissioning-/ Service Operating Vessels.
  • Edda Wind was awarded a 2+1 year contract with SSE Renewables at Doggerbank windfarm, as well as a 5-year charter contract with Siemens Gamesa Renewable Energy, adding more industry majors as long-term clients and bringing the firm contract backlog up to EUR 323 million at the end of the year.
  • Completed successful IPO with a capital increase of EUR 90 million, securing equity for further investments.
  • Concluded a Private Placement of EUR 38 million with a fixed term of 10 years, financing the newbuilding vessel Edda Breeze.
  • Entered a 5-year EUR 110 million senior secured ECA-supported green credit facility, securing financing for two existing vessels and two newbuilds.
  • No unscheduled technical downtime for the vessels.

Edda Wind has taken important steps toward becoming the market leader during 2021. 

2021 was the first year of operation for the Edda Wind Group in its current structure, and we have delivered very well on our ambitions. In 2021, we have:

  • established the Group and the management team. 
  • ordered two more CSOVs in addition to the two existing vessels delivered in 2018 and four vessels ordered in 2020 
  • successfully launched the company on Oslo Stock Exchange with a capital increase of about Eur 90 million.
  • secured a two-year contract for one CSOV and a five-year contract for one SOV, i.e six of the vessels have contract commitments, and
  • secured debt financing for all vessels being delivered up to Q3 2023.

In addition to being the market leader in providing C/SOV vessels and services, Edda Wind will also lead the way in providing the most environmentally friendly vessels. All vessels under construction will be ready to implement zero emission technology. Edda Wind has a target to introduce such technology by 2025, where the vessels can operate on Hydrogen (Liquid Organic Hydrogen) for the full operation cycle. It is with great pleasure we see that our charterers are very supportive to these plans, making it possible for Edda Wind to meet our demanding targets. 

2021 has been another year influenced by Covid, but we have managed to avoid serious illness and significant impact, both for vessel operations and vessel construction.  

The Edda Wind fleet fulfills our quality demands and have operated without injuries to personnel, spill to the environment, or unscheduled offhire throughout the year. 

I would like to thank everyone involved in these great achievements: staff onboard the vessels and in the office, our shareholders, creditors and advisors.

I am very happy to say we have delivered on our ambitions and strategies throughout the year and remain confident we will continue to do so for the exiting time ahead of us. Edda Wind already has a strong market position and will take delivery of a unique fleet with technical advantages to meet a rapidly expanding market.

Read the entire report by using the download below.

Kenneth Walland