Norway's Wilhemsen Group is making a move into the offshore wind farm vessel market in a deal with compatriot shipowner Ostensjo Rederi.
The shipmanagement and vessel supply giant wants to fast-track the growth of Ostensjo's renewable energy company Edda Wind, which owns two purpose-built service operation vessels (SOVs) that maintain turbines.
Edda has two more SOVs on order, as well as two commissioning service operation vessels (CSOVs) for delivery in 2022.
The agreement will see Wilhelmsen buy 25% of Edda Wind, with an option to add another 25% before June next year.
"The Wilhelmsen group’s strategy is very clear, to further expand into renewables, by working together with partners, and leveraging our expertise and assets," said Wilhelmsen chief executive Thomas Wilhelmsen.
Ideal opportunity
"So, finding an opportunity like this to work with Ostensjo and invest in Edda Wind, a growing company, rapidly expanding its fleet with future-focused emission free vessel technologies, is ideal."
The CEO believes Wilhelmsen's global network will lead to cost-savings.
The group already owns offshore energy logistics company NorSea, which in turns owns offshore wind logistics company Elevon with joint venture partner Abnormal Load Services (ALS).
Thomas Wilhelmsen added: "We also know a thing or two about hydrogen as a marine fuel, which might come in handy for the future vessels."
Ostensjo Rederi will continue to manage the Edda Wind fleet. The shipowner is targeting growth regions such as the US east coast and Asia.
The right time to join forces
Ostensjo owner Johannes Ostensjo said the time was right for the group to join forces with an experienced global partner like Wilhelmsen.
"We are very pleased with having Wilhelmsen as our partner in Edda Wind. During Ostensjo’s 50-year-long history of advanced offshore operations, we have gained experience and knowledge that has enabled us to become a significant supplier of service operation vessels within offshore wind," the shipowner added.
"We have learned to know Wilhelmsen as a solid and knowledgeable company that stands for many of the same values as Ostensjo Rederi, which makes me confident that this partnership will be both long-lasting and successful."
The sums of money involved remain confidential, but the companies said Ostensjo investment director Havard Framnes and Johannes Ostensjo will sit on the Edda board, together with Wilhelmsen's senior vice president Jan-Eyvin Wang and executive vice president Geir Flaesen.
Kenneth Walland staying on
Ostensjo Rederi CEO Kenneth Walland is CEO of the spin-off, with Ervin Horn as chief financial officer.
Walland said: "Having two strong owners like Ostensjo 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.
"We look forward to take advantage of the synergies between the two owners and are excited about further expanding our business with Wilhelmsen onboard."
Potential zero-emissions ships
Edda Wind's newbuildings will be delivered from two Spanish shipyards with low-emission technology and will also be prepared for zero-emissions operations in the future. Two of them already have long-term charters agreed.
Ostensjo has been operating in the offshore wind market for four years, as well as in the conventional oil and gas support vessel markets.
Already this month Wilhelmsen has announced a cooperation deal with South Korean shipowner Hyundai Glovis to develop eco-fuels and manage more LNG and LPG carriers.
The group has been contacted for further information on its plans for Edda Wind.
