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Annual Report 2022

Here are the highlights:

  • Strong growth in demand, estimated to be more than 250 vessels by 2030, excluding China; far exceeding existing tonnage and order book for approximately 60 vessels.
  • Increasing rates as oil & gas tonnage exit offshore wind.
  • Increased focus and accelerated pace for the renewable energy transition.
  • Edda Breeze and Edda Brint started operation in March 2023. Edda Boreas and C-416 expected to be ready for operation during Q2 2023 and Q4 2023.
  • Eight vessels under construction at year end, ordered at low prices with attractive delivery schedules. Additional four vessels ordered in March 2023.
  • Close to 100% utilisation during 2022

Edda Wind – First full year of operation after IPO

Edda Wind has completed its first full year of operation since listing at Oslo Stock Exchange, and it has truly been an exciting year. The existing contracts has been performed very well, we have secured extensions to contracts as well as new contracts, and ordered more vessels during the year to become the undisputed market leader within C/SOV.

The offshore wind industry is continuing its growth and the upward trend is set to continue. This is backed up by optimism from the industry itself, markets analysts and investors. Market reports indicate a demand for more than 250 service vessels in offshore wind industry by the end of this decade.

The supply of existing C/SOVs plus newbuilds amounts to around 60 vessels whereof about 50% are engaged on firm contracts. It is expected that the demand – supply gap will result in favorable day rates, particularly in the shorter commissioning segment. The fact that the subsea tonnage is exiting from offshore wind back to oil & gas has increased this trend. This demand represents an exiting growth opportunity for Edda Wind, being a leading operator with a portfolio of both long- and short/medium term contracts, balancing stable cash flows with flexibility to capitalise on favorable market dynamics.

As at end of 2022 Edda Wind had 10 vessels in the fleet, including newbuilds and an order back log of about EUR 400 million. Today we have increased the fleet to 14 vessels by 2026 and the back log is increased to about EUR 450 million. Several of the newbuilds are uncommitted and will be able to secure work in a market with great demand for this type of vessel with expectations for attractive dayrates.

A NOK 1.2 billion capital increase was successfully closed in March 2023 to cover the equity portion of the last four newbuilds ordered from the Vard Group.

Read the entire report by using the download below.

Kenneth Walland