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Annual Report 2024

Here are the highlights:

  • Revenue of EUR 70.4 million (+79% growth vs 2023)
  • EBITDA of EUR 19.4m (+161% growth vs 2023)
  • Three vessels delivered from yard and commenced operation during the year bringing the total operating fleet to eight vessels at year end
  • Vessel management takeover completed
  • Utilisation significantly improved during the year
  • Fleet fully financed

Edda Wind – 2024

The year 2024 represented significant milestones for Edda Wind, as the company grew its fleet from five to eight vessels and established a fully integrated maritime organization. This enhancement allowed for the successful assumption of vessel management in the fourth quarter of 2024, giving Edda Wind comprehensive control over its fleet operations. This increased oversight has already led to significant operational improvements, with further advantages expected in the future.

At the start of the year, we encountered substantial challenges. Nevertheless, I take great pride in how our expanding team has managed these obstacles. The knowledge gained throughout 2024 has enabled us to refine our operations and enhance our client services continuously. The initiatives undertaken and lessons learned have greatly improved our utilization and operational capabilities, and we plan to build on these insights as we move forward.

In 2025, we will continue to expand our fleet, introducing four additional newbuilds. Presently, two of these newbuilds have secured contracts upon delivery, including NB 967. This will extend our geographical reach by commencing operations in Taiwan after delivery from Vard’s Vung Tau yard in Vietnam, while two vessels are still pending charter agreements.

Edda Wind has observed a consistent rise in activity levels and day rates. Approximately 83% of vessel capacity for the year 2025 is already booked, with recent contracts indicating stable market conditions. Additionally, prices for newbuilding yards for CSOVs increased in 2024, which is anticipated to help maintain market equilibrium and forecasted rates within the industry.

Read the entire report by using the download below.

Hermann H. Øverlie
Interim Chief Executive Officer