Edda Wind ASA
OSE:EWIND
Edda Wind ASA
Edda Wind ASA owns and operates service operation vessels. The company is headquartered in Haugesund, Rogaland. The company went IPO on 2021-11-26. The firm develops, builds, owns and operates purpose-built Service Operation Vessels (SOV) and Commissioning Service Operation Vessels (CSOV) for offshore wind farms worldwide. The vessels accommodate wind turbine technicians and provide services during the commissioning and operation of offshore wind farms. Edda Wind owns and operates two vessels working for Oersted, and operates one chartered frontrunner for a long term contract with Ocean Breeze. In addition, there is a newbuild program of two SOVs and four CSOVs, of which two SOVs and two CSOVs are committed on mid- to long term contracts with Vestas, Ocean Breeze, Siemens Gamesa and SSE.
Edda Wind ASA owns and operates service operation vessels. The company is headquartered in Haugesund, Rogaland. The company went IPO on 2021-11-26. The firm develops, builds, owns and operates purpose-built Service Operation Vessels (SOV) and Commissioning Service Operation Vessels (CSOV) for offshore wind farms worldwide. The vessels accommodate wind turbine technicians and provide services during the commissioning and operation of offshore wind farms. Edda Wind owns and operates two vessels working for Oersted, and operates one chartered frontrunner for a long term contract with Ocean Breeze. In addition, there is a newbuild program of two SOVs and four CSOVs, of which two SOVs and two CSOVs are committed on mid- to long term contracts with Vestas, Ocean Breeze, Siemens Gamesa and SSE.
Revenue Growth: Q4 revenue rose to EUR 20 million, a 76% increase year-on-year, driven by more vessels in operation and stronger rates.
EBITDA Turnaround: Q4 EBITDA was EUR 5.9 million, up from a loss of EUR 1.1 million in Q4 last year, with full-year EBITDA reaching EUR 19.7 million.
Fleet Expansion: Edda Wind expanded its fleet from 5 to 8 vessels in 2024 and expects to reach 12 vessels by end of 2025.
Strong Backlog: Total contract backlog stands at EUR 412 million, with EUR 297 million firm; 80% of 2025 capacity is already booked.
Market Outlook: Management sees a favorable market, stable day rates (EUR 40,000–50,000/day), and high demand, supported by limited new vessel supply before 2028.
New Contracts: A new contract in Taiwan was signed for Vestri Enabler, not yet included in backlog figures.
Financial Position: Net interest-bearing debt is EUR 324 million, with a cash position of EUR 33 million and an equity ratio of 47%.
One-Off Costs: Q4 operating expenses included EUR 0.5 million in one-off costs related to the vessel management takeover.
