Norwegian offshore wind service specialist Edda Wind, which is owned on a 50/50 basis by Wilhelmsen New Energy AS and Østensjø Wind AS, today announced it had launched its long expected Oslo stock exchange initial public offering (IPO) and had added three cornerstone investors.
The IPO is expected to raise gross proceeds of NOK 875 million (about $103 million). The new cornerstone investors — Geveran Trading Co. Limited, Xclat Holdings Ltd and Nordea Investment Management — have undertaken to acquire shares worth a total amount of NOK 465 million (about $55 million). Geveran Trading, which is indirectly controlled by John Fredriksen, and Xclat, controlled by Idan Ofer, will both join the board of directors of the company, with effect from the first day of trading on the Oslo Stock Exchange.
The IPO will support Edda’s existing newbuilding program, along with offering further potential newbuild opportunities.
“Our commitment to actively support the energy transition is clear. 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. 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 capitalize on the ever-increasing demand for its services,” said Jan Eyvin Wang, Executive Vice President of Wilhelmsen’s New Energy segment.
Edda Wind currently owns and operates two purpose-built offshore wind SOVs and has six dedicated offshore wind vessels under construction – two offshore wind SOVs and four offshore wind CSOVs – with delivery from 2022. All the newbuild vessels are prepared for future zero-emission operation on green hydrogen