Norway’s Edda Wind has sold a ship for the first time as it revealed operational problems with other vessels.
The world’s biggest commissioning/service operation vessel (CSOV) owner said the 82-loa SOV Edda Passat (built 2018) has gone to an unnamed owner.
No price has been revealed.
The company said the idea behind the deal was to optimise its fleet strategy, including “alignment of vessel design”.
Proceeds will be used for general corporate purposes, including the repayment of outstanding debt on the Edda Passat, which was built in Spain.
Meanwhile, the company said it has experienced “substantial technical challenges” with the gangway systems on some ships.
These have previously been dealt with during regular operations.
But three vessels have now been taken out of service for a short period “to implement robust solutions to the various issues”, the owner added.
The Wilhelmsen Group and John Fredriksen-backed company said the fourth quarter had been challenging, but it remained optimistic about the offshore wind vessel market.
Six vessels were operational by the end of the year, rising to 13 when newbuildings have been delivered.
Loss in the fourth quarter
The net loss in the final three months was €5.1m ($5.5m), against a profit of €187,000 in the same period of 2022.
Revenue grew to €11.4m, representing 55% growth, but the bottom line was hit by up-front costs and off-hire.
“Edda Wind is experiencing a favourable demand outlook for CSOVs despite announced delays and setbacks within the supply chain,” the owner said.
Delays and unscheduled work at wind farms result in additional work for CSOVs.
“There is a limited amount of available vessels, including vessels under construction in the coming years, and vessel demand is estimated to significantly outgrow supply,” Edda Wind said.
The owner had a contract backlog of €416m at the end of the quarter.
“This, combined with several newbuilds uncommitted and able to secure work in a market with great demand for this type of vessels, positions Edda Wind to capitalise on the expected growth in the quarters and years to come,” it said.
Shipping magnate Fredriksen built his stake to 20.68% last year after first buying into the shipowner during its Oslo IPO in 2021.
He and Singapore-based shipowner Idan Ofer acquired about 12% each.
The company was set up by Norwegian offshore shipowner Ostensjo Rederi. Wilhelmsen Group later took a big stake.
