UPDATED: Edda Wind orders two more CSOVs and prepares for IPO

The fast-growing company also announced it is to undertake an initial public offering (IPO) 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, including Ørsted, Vestas and Ocean Breeze. In addition, the company has options to build more vessels.

Edda Wind chief executive Kenneth Walland said, “Ordering two more purpose-built CSOVs will further strengthen Edda Wind’s leading position in offshore wind. Tremendous growth is expected in the offshore wind market over the next few decades and Edda Wind intends to be a world-leading provider in this segment.

Edda Wind’s owners, Østensjø and Wilhelmsen, believe Edda Wind has ‘enormous potential.’ Chairman Håvard Framnes said, “We believe this is the right timing to commence a process of listing Edda Wind.

“In the next decade, the world’s need for renewable energy will see exponential growth. With our ambitions, this journey will require significant investment to capitalise on the market opportunities ahead of us.”

Wilhelmsen Group chief executive Thomas Wilhelmsen 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. Finding an opportunity like this to work with Østensjø and invest in Edda Wind, a growing company, rapidly expanding its fleet with future-focused emissions-free vessel technology, is ideal.

“Our clear ambition is to be a player in renewable energy and decarbonisation. Upping our stake in the company was not a difficult decision.

“Tremendous growth is expected in the offshore wind market. Our ambition is to be an integral part of that journey. That will require significant investment. To be able to capitalise on market opportunities ahead, with Østensjø, we have decided to prepare for an initial public offering.”

All six new vessels are also being prepared for installation of zero-emissions power and propulsion technology. They are designed for operation during the commissioning and operation of offshore windfarms.

The new ships will be built at Astilleros Gondan in Spain, with delivery in 2023 and 2024. Østensjø Group has a long and successful relationship with Gondan. The two latest CSOVs will be vessels 16 and 17 built at the yard for Østensjø. In addition, two service operation vessels are being built at Astilleros Balenciaga, also in Spain.

The new vessels will be 89.3 m in length and will function as mother ships for wind turbine technicians as they perform commissioning and maintenance work on wind turbines. They will have comfortable cabins and high standard common areas and accommodate up to 97 technicians and 23 marine crew. Anti-heeling and roll reduction systems will provide good working conditions on board. The ships will have a motion-compensated gangway system with an adjustable pedestal and the designs will be optimised for an efficient logistical operation for the turbine technicians.

“Our main design objective has been to build the most environmentally friendly vessels without compromising operational capabilities. The design will reduce emissions of greenhouse gases significantly. The vessels will also be prepared for zero-emissions operation based on liquid organic hydrogen carrier technology, which will ensure safe and efficient use of hydrogen as an energy source.”