Edda Wind orders two more CSOVs, prepares for IPO

March 15, 2021, by Adrijana Buljan

Edda Wind has ordered two more Commissioning Service Operation Vessels (CSOV) and will start preparing for an initial public offering (IPO) on Euronext Growth Oslo.

The two CSOVs will join Edda Wind’s fleet in 2023 and 2024 from Astilleros Gondan shipyard in Spain, where two CSOVs are currently being built, after Østensjø Rederi signed a letter of intent for the construction of two CSOVs and two Service Operation Vessels (SOVs) in 2019. The SOVs are being built at Astilleros Balenciaga, also in Spain.

With the two newbuilds, Edda Wind will have a fleet of eight vessels, four of which have been contracted to work on offshore wind farms under long-term agreements with Ørsted, Vestas and Ocean Breeze. The company also has options to order further vessels for its offshore wind fleet.

All of the latest six vessels will be equipped with zero-emission technology. As reported recently, the two first electric Voith Schneider Propellers (eVSP) ever manufactured will be installed in a new CSOV for Edda Wind.

Offshore wind vessel first to feature electric VSPs

Vessels

“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”, said Kenneth Walland, CEO of Edda Wind.

Based on the anticipated growth of the company, it has been decided to prepare for an IPO of Edda Wind on the Oslo Stock Exchange. The board of the company, owned by Østensjø and Wilhelmsen, has decided to invite investors to take part in the growth of Edda Wind and will seek listing on Euronext Growth Oslo, according to the latest press release.

“We believe this is the right timing to commence a process of listing Edda Wind”, said Håvard Framnes, chair in 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”.