Haugesund, 26 February 2025: Edda Wind ASA (the “Company” or the “Group”) today publishes its quarterly results for Q4 2024. The Group delivered consolidated revenue of EUR 20.1m (EUR 8.7m above Q4 2023) and consolidated EBITDA of EUR 5.9m (EUR 7.0m above Q4 2023). For the full year 2024, the Group delivered consolidated revenue of EUR 70.4m and consolidated EBITDA of EUR 19.7m.
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• Revenue of EUR 20.1 million (EUR 8.7 million above Q4 2023)
• EBITDA of EUR 5.9 million (EUR 7.0 million above Q4 2023)
• Delivery of Vestri Enabler and contract commencement
• Vessel management takeover completed
• Insights from 2024 establish new standards for 2025
Q4 marked the end of a year filled with significant milestones. In November 2024, Edda Wind took delivery of its third vessel of the year, Vestri Enabler, from the yard, Astilleros Gondan. This brought the Group’s operational fleet to a total of eight vessels, meaning that Edda Wind enters 2025 with a substantially larger asset base compared to the previous year.
Furthermore, in Q4 2024, Edda Wind completed the vessel management takeover, gaining full control over its fleet operations. This transition is expected to drive both operational and organizational improvements moving forward.
The lessons learned in 2024 will be invaluable across the organization, particularly for the Group’s operations. Over the past year, Edda Wind saw a significant improvement in vessel utilization, and the Group will continue to build on these insights as it welcomes four additional vessels to the fleet in 2025. Two of the newbuilds have already secured contracts upon delivery, while the remaining two are yet to be committed to charterers.
Edda Wind is experiencing increased tendering activity and rising day rates. For 2025, the Group has booked 81% of its vessel capacity and is pleased to see that the most recent contracts reflect a strong market.
Presentation of the results:
Hermann H. Øverlie (CEO) and Lars Stubhaug (VP Finance) will present the Q4 2024 results in a webcast at 08:30 CET today, 26 February 2025.
The presentation will be held in English and will be virtual. The presentation can be followed through a live webcast from our website www.eddawind.com, or https://channel.royalcast.com/landingpage/hegnarmedia/20250226_6/
ABOUT EDDA WIND
Edda Wind is a leading offshore wind service company headquartered in Haugesund, Norway. The Company develops, builds, owns and operates purpose-built Service Operation Vessels (“SOV”) and Commissioning Service Operation Vessels (“CSOV”) for offshore wind farms worldwide.
Edda Wind is creating the next generation offshore wind service vessels and works closely with partners to develop new technologies to reduce emissions without compromising operational capabilities or cost competitiveness.
The Company owns and operates three purpose-built offshore wind SOVs and five CSOVs and has five dedicated offshore wind vessels under construction – all CSOVs. All newbuild vessels are prepared for zero-emission utilising liquid organic hydrogen carrier and/or methanol as an energy source.
Read more: www.eddawind.com
For further information, please contact:
Lars Stubhaug, VP Finance Edda Wind
Phone: +47 917 42 725
E-mail: lars.stubhaug@eddawind.com
Hermann H. Øverlie, CEO Edda Wind
Phone: +47 922 46 501
E-mail: hermann.overlie@eddawind.com
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