Edda Wind orders two additional CSOVs and prepares for initial public offering
Edda Wind orders two Commissioning Service Operation Vessels (CSOV) in addition to the four vessels the company has under construction. The vessels are specially designed for service operations during the commissioning and operation of offshore wind farms. All six vessels are being prepared for instalment of zero-emission technology. Following the growth of the company, it has been decided to prepare for an initial public offering of Edda Wind on Euronext Growth.
Edda Wind has a strong track record and has been operating in the wind segment since 2015. Including the two latest newbuildings, the company will have a fleet of eight vessels, of which four are contracted on long term agreements with key clients like Ørsted, Vestas and Ocean Breeze. In addition, the company has options with the yard to build more vessels.
“Ordering two more purpose built CSOVs will further strengthen Edda Wind’s leading position within offshore wind. Tremendous growth is expected in the offshore wind market over the next decades, and Edda Wind intends to be a world-leading provider in this segment,” says Kenneth Walland, CEO of Edda Wind.
Based on the anticipated growth of the company, the board has decided to invite investors to take part in the growth of Edda Wind and will seek listing on Euronext Growth. The two owners, Østensjø and Wilhelmsen, both acknowledge Edda Wind’s enormous potential.
“We believe this is the right timing to commence a process of listing Edda Wind,” says Håvard Framnes, chair in Edda Wind. “Within the next decade, the world’s need for renewable energy will see exponential growth. With our ambitions, this journey will require significant investments to capitalise on the market opportunities ahead of us.”
About the vessels
The newbuilds will be built at Astilleros Gondan in Spain, with a planned delivery in 2023 and 2024. The Østensjø Group has a long and successful relationship with Gondan. These two latest CSOVs will be vessel number 16 and 17 built at the yard by Østensjø. In addition, two Service Operation Vessels (SOV) are being built at Astilleros Balenciaga, also in Spain.
“It is crucial to be able to deliver quality vessels with predictable delivery times in the wind segment. We are very happy to see Gondan as the shipyard for these latest vessels in addition to the vessels they are already building for Edda Wind. We know their capabilities well, and the yard has proven to deliver the quality we require within the agreed delivery times” says Walland.
The 89.3 meters in length vessels will function as mother ships for wind turbine technicians as they perform commissioning and maintenance work on the wind turbines. Comfortable cabins and high standard common areas can accommodate up to 97 technicians and 23 marine crew onboard. Anti-heeling and roll reduction systems will provide good working conditions onboard. The motion compensated gangway system with an adjustable pedestal will ensure safe and optimal connections to the turbines, even in harsh weather conditions. The design is optimised for an efficient logistical operation for the turbine technicians.
“The main design objective has been to build the most environmentally friendly vessels without compromising operational capabilities. The vessel design will reduce emission of greenhouse gases significantly. The vessels will also be prepared for zero-emission operation. The technology is based on Liquid Organic Hydrogen Carrier (LOHC), which will ensure safe and efficient use of hydrogen as an energy source. We are, however, dependent on support to green shipping projects by the Norwegian government to be able to develop, build and optimize these solutions”, says Walland.
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