Edda Wind Announces Q4 2023 Results

Source: www.gulfoilandgas.com 2/29/2024, Location: Europe

Edda Wind’s operations have been progressively expanding, with six vessels operational by the end of Q4 2023. The group delivered consolidated revenue of EUR 11.4m, representing 55% growth vs. Q4 2022. EBITDA was negatively impacted by frontrunner cost and offhire implying that consolidated EBITDA came in at negative EUR 1.1m.

Selected key developments in Q4 2023 and after balance sheet date:
- Revenue of EUR 11.4m (+55% growth vs. Q4-22)
- EBITDA of EUR -1.1m, negatively impacted by frontrunner cost (approx. EUR 3.5m) and offhire (approx. EUR 3m)
- Edda Nordri commenced operation in December 2023
- Attractive EUR 161m green term loan facility secured in December 2023 Post Q4 2023 events:
- Sales and Purchase Agreement (SPA) entered into for the sale of Edda Passat
- Seatrials commenced for Edda Goelo
- System upgrades on gangways causing offhire

With a fleet to count thirteen vessels, excluding Passat but including vessels under construction, Edda Wind is the leading C/SOV-operator in the market. Edda Wind is experiencing a favorable demand outlook for C/SOV despite announced delays and setbacks within the supply chain. Edda Wind also notes that delays and unscheduled work at the wind farms result in additional work for CSOVs.

There is a limited amount of available vessels, including vessels under construction in the coming years, and vessel demand is estimated to significantly outgrow supply. The contract backlog was EUR 416m at the end of the quarter. This, combined with several newbuilds uncommitted and able to secure work in a market with great demand for this type of vessels, positions Edda Wind to capitalise on the expected growth in the quarters and years to come.


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