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Edda Wind bolsters fleet and extends Race Bank charter

By: Tom Russell 14/11/2022 Edda Wind

General Logistics Vessels

Edda Wind announced plans to add another to its fleet, boosting it to ten vessels. The company has ordered another Commissioning Service Operation Vessel (CSOV) from Gondan Shipbuilders (“Gondan”), Spain.

The new vessel is number six in the series built at Gondan in addition to the existing vessels Edda Passat and Edda Mistral delivered by the same yard in 2018. The vessel will be prepared for instalment of zero-emission technology in the same way as for her sister vessels, based on support from Enova. The vessels are specially designed for service operations during the commissioning and operation of offshore wind farms.

Edda Wind will have a fleet of ten purpose-built vessels, of which six are contracted with clients including Ørsted, Vestas, Ocean Breeze, SSE and SiemensGamesa. The newbuild will be of Salt 0474 design, which is a further development of the Salt 0217 design and will be delivered in April 2025. In addition, the company has an option with the yard for one more vessel.

“Ordering another CSOV will further strengthen Edda Wind’s leading position within offshore wind. Building a series of vessels like this, with the experience and knowledge we have from the vessels currently under construction, gives us an advantage both with regards to shipbuilding cost and later during operation. The industry has experienced an increase in shipbuilding prices of about 20 % in just a year. Therefore, we are satisfied having placed an order that represents a total ready for sea cost in the low Eur 60’s million. This includes a high specification in line with Edda Wind’s philosophy, e.g., Hydrogen-ready, Voith Schneider propulsion, highest standard of accommodation as well as extensive energy optimization solutions to increase energy efficiency and reduce emissions. The equity portion of this investment is fully funded as part of the capital raise done during the IPO. Tremendous growth is expected in the offshore wind market over the next decades.Edda Wind has a clear ambition to grow the fleet beyond the ten vessels already ordered to maintain its position as a leading C/SOV company.” said Kenneth Walland, CEO of Edda Wind.

In a separate announcement Edda Wind revealed it has extended the charter agreement for Edda Passat for seven months during 2023 at dayrates in excess of 25% over current level.

The Service Operation Vessel (SOV) Edda Passat has operated for Ørsted at the Race Bank offshore wind farm since it was built in 2018. The firm period is expiring in March 2023. Ørsted and Edda Wind have entered into a 7-month extension of this contract - in direct continuation of the firm period. Ørsted has as part of the agreement agreed to waive the remaining options they had on the vessel.

“We are pleased that Ørsted has extended this contract beyond the 5 firm years. The offshore wind market has developed favourably, and we are satisfied that the new rate reflects this.” said Kenneth Walland, CEO of Edda Wind.

The Race Bank wind farm, located 27km off the coast of Norfolk, consists of 91 Siemens Gamesa 6MW turbines and has a capacity of 573MW. It was fully commissioned in February 2018 and can produce enough power for over 500,000 UK homes.

For everything you need to know about the strategies used to support the construction and O&M of offshore wind farms, current and future, including supply and demand for service and accommodation vessels, and helicopters - click here.

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Edda Wind bolsters fleet and extends Race Bank charter

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