Edda Wind, an offshore shipping venture backed by John Fredriksen and the Wilhelmsen family, is closing in on a contract for one of its newbuildings, with financing for the unit in the bag.
Oslo-listed Edda announced that it is in the signing process for a 12-month plus optional 12-month charter contract for the C504 commissioning service operation vessel (CSOV), following delivery in the second quarter of next year.
It has also sealed debt financing, securing a fully financed fleet.
Chief executive Kenneth Walland said: “Edda Wind is experiencing increased tendering activity and is fully booked until the end of the first quarter 2025.
“During 2025, we will have four more newbuilds being delivered.”
The company sees a “tight market with increasing day rates observed. with a strong demand outlook protected by increasing newbuilding prices”.
During the third quarter, Edda Wind for the first time had more vessels in operation (seven) than under construction (six).
In October, it announced contracts for two of its six under-construction CSOVs.
The 3,134-bhp Vestri Enabler (built 2024) began operations in the UK following delivery from Gondan on 14 November.
The contract announcement for its newbuild NB 967, to be delivered from Vard Vietnam in the second quarter of next year, is related to operation in Taiwan.
“This marks our first contract in Taiwan, as well as in Asia. Taiwan is an attractive market with strong projected growth and Edda Wind is planning to take part in such growth,” Walland said.
Edda Wind’s revenue and profit increased in the third quarter, it announced today.
Revenue was €18.4m ($19.5m) compared with €11.8m in the third quarter of 2023. Ebitda rose to €6.1m from €5m.
Walland said in the report: “The third quarter has been a good quarter for Edda Wind.
“Our vessel utilisation has continued to improve following gangway upgrades earlier this year, and two of our newbuilds commenced operations in 2024.”
Fredriksen holds a 34% stake in Edda Wind via his investment vehicle Geveran Trading, while Wilhelmsen has a similar slice controlled by Wilhelmsen New Energy.
Other investors include UBS, JP Morgan and Merrill Lynch International.
