A new Norwegian offshore wind vessel alliance is looking to build on its first-mover advantage with more newbuildings.
Shipmanager Wilhelmsen Group is buying 25% of Ostensjo Rederi's Edda Wind subsidiary for an undisclosed price, it was revealed on Tuesday. The company has an option to add another 25% slice next year.
Geir Flaesen, vice president of strategy and mergers and acquisition at Wilhelmsen, will now sit on Edda Wind's board.
The executive was instrumental in the agreement coming together.
Flaesen told TradeWinds the group had been interested in offshore wind for a while, through its ownership of offshore logistics companies Norsea Wind and Elevon.
Wilhelmsen was also aware of Ostensjo's growing ambitions in the sector.
"But it was towards the end of 2019 where both companies thought it would be worthwhile to start a direct dialogue," Flaesen added.
"As we learnt more about each other and talked more frequently, we realised how much we liked the business, the people and the culture, and vice versa. It was clear for both companies that working together could be beneficial."
Edda Wind has two service operation vessels in the water and has two more on order, plus two commissioning service operation vessel newbuilding contracts. These will be delivered from Spanish shipyards in 2022.
"We see this investment as an important platform for future growth and a global footprint," Flaesen said.
"We see the market demand for specialised, purpose-built vessels made for the specific challenges of commissioning work on wind parks only going one way. So additional future vessels are of course part of our strategy."
Purpose-built is best
And Flaesen said converting existing oil and gas support ships is no longer going to cut it as the work gets more demanding.
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"Our concept is proven, to supply low-emission and zero-emission-ready, dedicated commission service operation vessels for charter," he added.
"There are active tenders in the market now and these will continue to grow, as owners and operators who are trying to repurpose existing offshore supply vessels fall by the wayside."
Ostensjo will continue to manage the Edda Wind fleet. The shipowner is targeting growth regions such as the US east coast and Asia.
The sums of money involved remain confidential, but the companies said Ostensjo investment director Havard Framnes and owner Johannes Ostensjo will sit on the Edda Wind board, together with Wilhelmsen's senior vice president Jan-Eyvin Wang and Flaesen.
Ostensjo Rederi chief executive Kenneth Walland is also CEO of the spin-off, with Ervin Horn as chief financial officer.
