Edda Wind nonetheless has an choice at Gondan shipyard for an additional CSOV
In indicators of constant optimistic traits within the offshore wind service sector, Haugesund, Norway, headquartered offshore wind service firm Edda Wind (OSL:EWIND) right now introduced that it had renewed an SOV constitution with Equinor at favorable charges. It adopted this with a separate announcement: It has ordered one other Commissioning Service Operation Vessel (CSOV) from Gondan Shipbuilders in Spain.
The Equinor constitution that has been renewed is for the SOV Edda Passat and is for seven months throughout 2023 at dayrates that Edda Wind says are “in excess of 25% over current level.”
Edda Passat has operated for Ørsted on the Race Bank Offshore Wind Farm because it was in-built 2018. The agency interval of its constitution is expiring in March 2023. Today, Ørsted and Edda Wind entered right into a 7-month extension of this contract – in direct continuation of the agency interval. The agreed charge for the extension displays the optimistic growth within the SOV market and is in extra of 25% above the earlier stage. Ørsted has, as a part of the settlement agreed to waive the remaining choices it had on the vessel. Edda Wind says this leaves it free to commerce Edda Passat in a really favorable market going ahead.
“We are pleased that Ørsted has extended this contract beyond the five firm years,” says Kenneth Walland, CEO of Edda Wind. “The offshore wind market has developed favorably, and we are satisfied that the new rate reflects this.”
NEWBUILD
The newest CSOV addition to Edda Wind’s orders at Gondan will likely be ready for set up of zero-emission know-how in the identical manner as for her sister vessels, based mostly on help from Enova. The vessels are specifically designed for service operations in the course of the commissioning and operation of offshore wind farms.
The newbuild CSOV will likely be of Salt 0474 design, which is an additional growth of the Salt 0217 design, and will likely be delivered in April 2025. In addition, the corporate has an choice with the shipyard for yet another vessel.
On supply of its newbuilds, Edda Wind can have a fleet of ten purpose-built vessels, of which six are contracted with key shoppers corresponding to Ørsted, Vestas, Ocean Breeze, SSE and SiemensGamesa.
“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,” says Walland. “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.”
