Norway's Edda Wind has found a long-term charter for one of its new wind farm ships.
The Oslo-listed company, controlled by Ostensjo Rederi and Wilh Wilhelmsen, has entered into a five-year contract with Siemens Gamesa Renewable Energy for the C-416 service operation vessel (SOV) under construction at Astilleros Balenciaga in Spain.
The charter is on undisclosed market terms, Edda Wind said.
The ship will operate in France from the middle of 2023. It is due for delivery in January of that year.
The deal means Edda Wind has long-term work for six of the eight vessels in its fleet.
Important agreement
Edda Wind has two wind farm service operation vessels (SOVs) on order at Balenciaga and four wind farm commissioning service operation vessels (CSOVs) plus options at Astilleros Gondan:
Delivery date | Owning entity | Hull number | Price | Notes | |
SOV #1 | 2022 July | Edda Wind III | C-415 | €42.4m | delayed gangway |
SOV #2 | 2023 Q1 | Edda Wind IV | C-416 | €42.4m | |
CSOV #1 | 2022 May | Edda Wind I | C-489 | €46.8m | delayed gangway |
CSOV #2 | 2023 Q1 | Edda Wind II | C-490 | €50m | €47.5m before upgrades |
CSOV #3 | 2023 Aug | Edda Wind V | C-491 | €47.3m | |
CSOV #4 | 2024 April | Edda Wind VI | C-492 | €47.3m | |
CSOV #5? | 2024 | n.a. | n.a. | firm | declare by 31 Dec 2021 |
CSOV #6? | 2024 | n.a. | n.a. | firm | declare by 31 Dec 2021 |
CSOV #7? | 2025 | n.a. | n.a. | subjects | |
CSOV #8? | 2025 | n.a. | n.a. | subjects |
Prices are Edda Wind's price, net of builder revenues covered by a Spanish tax lease scheme. Other yards are in talks to build alternative ships for the optional CSOVs at Gondan.
"This is another important milestone for Edda Wind and strong evidence that the company delivers on our ambitions," said chief executive Kenneth Walland.
"We are very happy about this start of a long relation with one of the key players within offshore wind and the segments we operate in," he added.
The SOV was ordered in April 2020 for €42.4m ($47.9m).
The company owns and operates two purpose-built (SOVs) and has six more ships under construction — two more SOVs and four construction service operation vessels.
In November, Edda Wind carried out an initial public offering in Oslo worth $116m.
Heavyweight shipping investors John Fredriksen and Idan Ofer took part, together with Nordea Investment Management, subscribing for NOK 465m of the shares.
The IPO cash will go towards the equity finance portion of the six new vessels being delivered from 2022.
Proceeds will also repay shareholder loans from Ostensjo and Wilhelmsen, and could also be used for further newbuilding contracts.
