Edda Wind Selling SOV, CSOV Fleet to North Star, Navigare Capital

Edda Wind has entered into agreements for the potential sale of its fleet of service operation vessels (SOVs) and commissioning SOVs (CSOVs), including newbuilds, with two buyers amongst which the fleet will be split: North Star and an affiliate of Navigare Capital Partners.

The vessel operator said on 4 March that additional information would be provided upon closing of the transaction, with the completion of the sale still being subject to completing inspections and certain conditions being met.

According to Edda Wind’s website, the company’s fleet currently comprises six CSOVs and one SOV, with three CSOVs on order.

In June and August last year, the Norwegian company took delivery of two CSOVs, Austri Enabler and Monsoon Enabler, respecively. In the first quarter of 2025, Edda Wind sold its SOV Mistral Enabler, formerly known as Edda Mistral, a year after the company sold its sibling vessel Edda Passat.

As for the fleet buyers, North Star, a UK-based provider of offshore wind service vessels which was acquired by Partners Group in 2022, secured GBP 425 million (nearly EUR 500 million) in debt in 2024 to grow its fleet of SOVs for the European market.

Last year, RWE entered into a long-term partnership with North Star for the charter of two CSOVs and also signed reservation agreements for two newbuild SOVs the UK shipowner has on order with Vard.

The other potential buyer is an affiliate of the Danish maritime assets investor Navigare Capital Partners, which Edda Wind left unnamed.

Navigare Capital made its first investment in the offshore wind support vessel segment in 2022, through a majority investment in a partnership with Norway’s Norwind Offshore which, at the time, had five purpose-built vessels set to join the fleet during 2022-2025. In 2024, Navigare Capital and the Norwegian shipbuilder Vard signed (a new) contract for the design and construction of one tailor-made CSOV and agreed on new options for two additional vessels.