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Edda Wind Prepares for an IPO as it Grows its CSOV Fleet

edda wind
Courtesy Edda Wind / Salt Ship Design

Published Mar 15, 2021 9:33 PM by The Maritime Executive

As it moves forward with plans for an IPO, offshore wind services firm Edda Wind has ordered two commissioning service operation vessels (CSOVs), adding to a series of four which are already under construction. The hybrid-powered ships are intended to accept later installation of hydrogen-fueled power sources, giving the operator a measure of future-proof security. 

“Ordering two more purpose-built CSOVs will further strengthen Edda Wind’s leading position within offshore wind. Tremendous growth is expected in the offshore wind market over the next decades, and Edda Wind intends to be a world-leading provider in this segment,” said Kenneth Walland, CEO of Edda Wind.

The newbuilds will be built at Astilleros Gondan in Spain, with planned deliveries in 2023 and 2024. They will be the 16th and 17th ships in the long line of vessels that Gondan has built for Østensjø. In addition, two SOVs in the series are under construction at Spanish yard Astilleros Balenciaga.

"The vessel design will reduce emission of greenhouse gases significantly. The vessels will also be prepared for zero-emission operation. The technology is based on Liquid Organic Hydrogen Carrier (LOHC), which will ensure safe and efficient use of hydrogen as an energy source," said Walland.

Edda Wind's two owners, Østensjø Rederi and Wilhelmsen, say that it is time to bring in more investors to maximize the company's potential. Based on anticipated growth, they plan to seek an IPO on the Euronext Growth exchange. 

“We believe this is the right timing to commence a process of listing Edda Wind,” says Håvard Framnes, CFO of Østensjø and chairman of Edda Wind. “Within the next decade, the world’s need for renewable energy will see exponential growth. With our ambitions, this journey will require significant investments to capitalize on the market opportunities ahead of us.”

Wilhelmsen holds a 25 percent stake in Edda Wind, and it has an option to purchase an additional 25 percent before June of this year.