An image rendering Edda Wind's four newbuild vessels next to offshore wind turbines

Edda Wind Launches IPO, Plans to Use Proceeds to Back Newbuilds

Edda Wind, owned 50/50 between Wilhelmsen and Østensjø, has launched an initial public offering (IPO) on the Oslo Stock Exchange with plans to use the proceeds to support its existing offshore wind vessel newbuilding programme, as well as to back potential further newbuild opportunities.

Edda Wind/Østensjø

“This listing will enable Edda Wind to further scale its ambitions and continue to shape their market as the leading provider of purpose-built, zero emission ready vessels for the offshore wind industry”, said Jan Eyvin Wang, Executive Vice President of Wilhelmsen’s New Energy segment.

The company expects to raise gross proceeds of NOK 875 million (around EUR 88.6 million) through the share offering in the IPO.

Edda Wind has also announced new cornerstone investors as Geveran Trading Co. Limited, Xclat Holdings Ltd, and Nordea Investment Management have undertaken to acquire shares for a total amount of NOK 465 million (around EUR 47 million). Geveran and Xclat will both join the Board of Directors in the Company, with effect from the first day of trading on the Oslo Stock Exchange, the company said.

“Creating value for our shareholders, the IPO and the inclusion of Geveran, Xclat and Nordea as cornerstone investors puts Edda in an ideal position to capitalise on the ever-increasing demand for its services”, Jan Eyvin Wang said.

The company announced it would start preparing for an IPO in March, when it ordered two more Commissioning Service Operation Vessels (CSOVs) from Astilleros Gondan shipyard in Spain, where two of its CSOVs are already under construction, after Østensjø Rederi signed a letter of intent for the construction of two CSOVs and two Service Operation Vessels (SOVs) in 2019.

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Along with the six new dedicated offshore wind vessels under construction, which will be delivered from 2022, Edda Wind owns and operates two purpose-built offshore wind SOVs.

Of the eight vessels, four have already been contracted to work on offshore wind farms under long-term agreements with Ørsted, Vestas, and Ocean Breeze.

All newbuild vessels are prepared for zero-emission, utilising liquid organic hydrogen carrier as an energy source, the vessel owner said.