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Edda Wind orders two vessels, plans Norway IPO

Photo: Wilhelmsen/Edda Wind Edda Mistral (003).png
Wilhelmsen and Østensjø joint company Edda Wind has ordered to two more Commissioning Service Operation Vessels (CSOV) and is looking to an Initial Public Offering (IPO) to fund further expansion.

The two additional newbuildings will be constructed at Astilleros Gondan in Spain, with delivery planned for 2023 and 2024. They add to four vessels on order and an existing fleet of two vessels in operation.

“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.

Wilhelmsen now has a 50% stake in Edda Wind having acquired a 25% share in the company in September last year, with an option to take a further 25% stake before June 2021.

“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,” commented. Thomas Wilhelmsen, CEO of the Wilhelmsen group.

To capitalise on further expected market potential the two owners have agreed to seek an IPO on Euronext Growth Oslo (formerly Merkur Market).

“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 capitalise on the market opportunities ahead, we have together with Østensjø decided to prepare for an initial public offering of Edda Wind,” Wilhelmsen said.

Håvard Framnes, chair of Edda Wind, said: We believe this is the right timing to commence a process of listing Edda Wind. Within the next decade, the world’s need for renewable energy will see exponential growth. With our ambitions, this journey will require significant investments to capitalise on the market opportunities ahead of us.”

 

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