Edda Wind ASA

08/28/2024 | Press release | Distributed by Public on 08/28/2024 01:26

2nd Quarter Report 2024

Here are the highlights:

  • Revenue of EUR 14.9 million {EUR 5.7 million above Q2 2023).
  • EBITDA of EUR 0.6 million {EUR 2.2 million below Q2 2023).
  • Private placement of NOK 400 million successfully placed in June.
  • Sudri Enabler secured a charter with DEME Offshore commencing in July.
  • Goelo Enabler commenced long term charter with Siemens Garnesa in July.
  • Favorable demand outlook for C/SOVs and increasing tendering activity.
  • Delays and unscheduled work at the wind farms result in additional work for CSOVs.
  • Oil & gas sector continues to extract tonnage, including purpose-built CSOVs.
  • High seasonal day rates observed for the CSOV market.


Fleet and organisational growth is continuing

Following a challenging first quarter of 2024, where Edda Wind temporarily took three vessels out of operation to address issues related to the gangways systems, I am pleased to write that Edda Wind had all three vessels back into operation during the second quarter of 2024. However, there has been and will be some financial fluctuations during such ramp-up phase that Edda Wind is currently experiencing, where there will be need for calibration of the gangways system during commencement of operation. Experience gained has already proved to be valuable and transferable to our other vessels and newbuilds.

As a consequence of an unfortunate incident during Harbour Acceptance test causing damages to the gangway system onboard Goelo Enabler, the commencement of operation forthevessel was delayed from Q2 2024. This has resulted in frontrunner cost, negatively impacting the quarter. The vessel commenced operation for Siemens Garnesa on the 18th July 2024 with a rental gangway whilst the gangway is under repair.

Following reinstallation of the original gangway in late 2024 or early 2025, Goelo Enabler will be the permanent vessel at the St. Brieuc wind farm until 2028. Furthermore, on the following day, the 19th July, Sudri Enabler commenced operation for DEME on the Dogger Bank Wind farm. As of today, Edda Wind has seven vessels in operation.

l'm pleased to see Sudri Enabler going directly from delivery from the yard to operation. I remain highly optimistic on the market outlook as we will welcome one more vessel in our fleet during 2024, with the remaining five in 2025 and 2026.

Edda Wind has established strong relationships with key operators in the market and as testified by the latest charterparty for Sudri Enabler, Edda Wind continues to expand its customer base. We consistently receive invitations to participate in tenders and vessel requirements and tendering activity is increasing. Our contract backlog currently stands at EUR 424 million, and with several uncommitted newbuilds we are ideally positioned to secure work in an increasingly attractive market for specialised offshore wind service vessels.

Lastly, in the organisational side, the take-over of operation from Østensjø Rederi is on the doorstep, and we will start taking over operation of our first vessel, in September. We will then gradual ly take over operation for the remaining vessels during the autumn, and we expect to have full operational management of our fleet by 1 Jan 2025.

We look forward to this new chapter. We express our gratitude to all stakeholders for their continued support of Edda Wind..

Read the entire report by using the download below.

Kenneth Walland
CEO