Edda Wind, the company formed in 2018 by Norwegian shipping outfit Østensjø, has a new shareholder in the form of shipping giant Wilhemsen Group
Wilhelmsen Group is taking an initial 25% share in Edda Wind, and has an option to acquire a further 25% by June 2021.
Edda Wind owns and operates service operation vessels (SOVs) supporting work conducted during the commissioning and operation of offshore windfarms.
Wilhemsen Group chief executive Thomas Wilhelmsen said, “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 vessels with emissions-free technology, is ideal.
“With our global network, decades of indepth logistical and operational expertise, and experience in the renewables space through NorSea and Elevon, Wilhelmsen is equipped to help unlock Edda Wind’s enormous potential. We also know a thing or two about hydrogen as a marine fuel, which might come in handy for the future vessels.”
Østensjø owner Johannes Østensjø said he was very pleased to have Wilhelmsen as a partner in Edda Wind. “Wilhelmsen’s strong brand, competence and global position, combined with both companies’ ambition to develop green solutions, will further strengthen Edda Wind’s position.”
Edda Wind currently has two vessels in service, and four low-emissions SOVs on order. Long-term charter agreements are in place for two of the newbuilds ahead of their expected delivery in 2022.
Edda Wind and Østensjø Rederi chief executive Kenneth Walland said, “Having two strong owners such as Østensjø and Wilhelmsen will be a huge advantage for Edda Wind, taking into account the growth that is expected in the offshore renewable market over the next years.”
Together, they companies plan to target potential growth in markets such as the east coast of the US and Asia.
The parties have agreed not to disclose financial details of the transaction. As part of the agreement, it has been agreed that Håvard Framnes, Johannes Østensjø, Jan-Eyvin Wang and Geir Flæsen will head up the board of Edda Wind with two directors from each owner. Kenneth Walland will remain as chief executive officer and Ervin Horn will be chief financial officer.