With two more CSOVs ordered, Edda Wind plans IPO

The two latest newbuildings will take Edda Wind's total fleet to eight ships [Image: Salt Ship Design],

Norwegian offshore wind services vessel specialist Edda Wind is set for growth. The company has placed an order at Spanish shipbuilder Astilleros Gondan for two additional Commissioning Service Operation Vessels (CSOVs) and its 50/50 owners —Wilhelmsen Holdings and Østensjø — are planning to take it public via an initial public offering on Euronext Growth Oslo (formerly Merkur Market).

With two ships in service and four already on order, the two latest newbuildings will take its total fleet to eight, four of which are contracted on long term agreements with key clients like Ørsted, Vestas and Ocean Breeze.

“Ordering two more purpose-built CSOVs will further strengthen Edda Wind’s leading position within offshore wind,” says Kenneth Walland, CEO of Edda 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.”

Edda Wind has options with Gondan to build more vessels.

RIGHT TIMING FOR IPO

“We believe this is the right timing to commence a process of listing Edda Wind,” says Håvard Framnes, chair 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.”

The two newbuilds are planned for delivery from Gondan in 2023 and 2024. The Østensjø Group has a long and successful relationship with the shipbuilder. These two latest CSOVs will be vessel number 16 and 17 built at the yard by Østensjø. In addition, two Service Operation Vessels (SOV) are being built at Astilleros Balenciaga, also in Spain.

The 89.3 meter long vessels will function as mother ships for wind turbine technicians as they perform commissioning and maintenance work on the wind turbines. Comfortable cabins and high standard common areas can accommodate up to 97 technicians and 23 marine crew onboard.

Anti-heeling and roll reduction systems will provide good working conditions onboard. The motion compensated gangway system with an adjustable pedestal will ensure safe and optimal connections to the turbines, even in harsh weather conditions. The design is optimized for efficient logistics operations by the turbine technicians.

Edda Wind’s CSOV vessels are are constructed to be able to accommodate future zero-emission technology.

“The vessel design will reduce emission of greenhouse gases significantly. The vessels will also be prepared for zero-emission operation,” says Walland. “The technology is based on Liquid Organic Hydrogen Carrier (LOHC), which will ensure safe and efficient use of hydrogen as an energy source. We are, however, dependent on support to green shipping projects by the Norwegian government to be able to develop, build and optimize these solutions.”

FIRST ELECTRIC VOITH SCHNEIDER PROPELLERS

Gondan has already received the first two electric Voith Schneider Propellers (eVSP) ever manufactured. They will be soon installed in the first of the Edda Wind CSOVs currently under construction at the yard.

Each eVSP is fitted with five 2.3 meter long blades driven by an integrated electric permanent magnet motor with an input power of 1,850 kW, delivering a fast and smooth response while keeping noise-emissions to minimum levels.

“These custom built eVPS units won’t be the only special feature on this innovative vessel, which has been designed to become the world’s most environmentally friendly vessels of its kind,” says Gondan. “The new CSOV’s propulsion system will be backed by two independent battery banks and has been conceived with the ambitious target to operate with zero carbon emissions in the future.”