Edda Wind Orders Two More Offshore Wind Support Vessels. Plans IPO

Norwegian offshore wind vessel owner Edda Wind has ordered two additional Commissioning Service Operation Vessels (CSOV), as it expects long-term growth for the renewable energy sector. The company is also set for an initial public offering, which is aimed at helping finance its growth.

The company, owned by Wilhelmsen and Østensjø, and which owns and operates service vessels supporting the maintenance work conducted during the commissioning and operation of offshore wind farms, currently has two vessels in services, with several on order.

Thomas Wilhelmsen, CEO of the Wilhelmsen group said: "The Wilhelmsen group’s strategy is very clear, to further expand into renewables, by working together with partners and leveraging our expertise and assets. So, finding an opportunity like this to work with Østensjø and invest in Edda Wind, a growing company, rapidly expanding its fleet with future-focused emission-free vessel technologies is ideal."

 "With additional investment required to further capitalize on market potential, the two owners have also agreed to seek an initial public offering on Euronext Growth Oslo (formerly Merkur Market)," Wilhelmsen said.

"Our clear ambition is to be a player in renewable energy and decarbonization,” says Thomas Wilhelmsen. “Edda Wind is a growing company, rapidly expanding its fleet with future-focused, emission-free vessel technologies, with competencies and a culture which perfectly complements our own, upping our stake in the company was not a difficult decision.”Illustration: Salt Ship Design

"However, the tremendous growth expected in the offshore wind market over the decades to come and our ambitions to be an integral part of that journey will require significant investments. To be able to capitalize on the market opportunities ahead, we have together with Østensjø decided to prepare for an initial public offering of Edda Wind,” says Wilhelmsen.

Edda Wind’s CSOV vessels are designed for service operations during the commissioning and operation of offshore wind farms and are constructed to be able to accommodate the future zero-emission technology.

Including the two latest new buildings, 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.

The newbuilds will be built at Astilleros Gondan in Spain, with a planned delivery in 2023 and 2024. 

The 89.3 meters long vessels will function as mother ships for wind turbine technicians as they perform commissioning and maintenance work on the wind turbines.