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Edda Wind AS — Earnings Release 2021
Feb 15, 2022
3585_rns_2022-02-15_731f878c-1a1e-44d6-a90e-b29998d796fa.html
Earnings Release
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EDDA WIND ASA: RESULTS Q4 2021
EDDA WIND ASA: RESULTS Q4 2021
In fourth quarter 2021 Edda Wind had operating income of EUR 6.8 million significantly higher than the same quarter 2020 due to one additional vessel in operation. Total operating expenses was EUR 6.4 million, whereof EUR 0.8 million was non-recurring cost primarily related to IPO/listing of the company in November. The increase in operating expense from Q4 2020 is primarily related to the chartering-in of one vessel as a frontrunner for long-term employment contract for one of the newbuildings.
Operating profit before depreciation in Q4 2021 was EUR 0.4 million, versus EUR 1.3 million Q4 2020.
Profit before tax was EUR 0.3 million, which is similar to same quarter last year.
In January 2022 the group ordered further 3 Commissioning Operation Vessels, bringing the fleet up to 11 vessels and further strengthening the position as the leading supplier of service vessels to the offshore wind industry.
“A strengthened demand for subsea vessels has contributed to an increase in dayrates, as several subsea vessels have left the offshore wind market and thereby reducing potential supply. In the last half of 2021, a steady increase in newbuild prices from yard has been observed. These trends are expected to continue going forward. Having a number of vessels under construction with attractive delivery dates and firm cost places the Group in a favorable position. During the quarter we have successfully launched the company on Oslo Stock Exchange with a capital increase of about Eur 90 million, secured a new 5 year contract for the Edda Wind fleet and prepared the company for further growth.” says Kenneth Walland, CEO.
Read more a www.eddawind.com
For further queries, please contact:
Kenneth Walland, CEO Edda Wind
Phone: +47 916 93 418
E-mail: [email protected]
Tom Johan Austrheim, CFO Edda Wind
Phone: +47 982 09 873
E-mail: [email protected]
ABOUT EDDA WIND
Edda Wind is a leading pure play 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 of offshore wind service vessels and works closely with partners to develop new technologies to reduce emissions without compromising operational capabilities or cost competitiveness. As of today, the Company owns and operates two purpose-built offshore wind SOVs, operates one chartered frontrunner, and has nine dedicated offshore wind vessels under construction – two offshore wind SOVs and seven offshore wind CSOVs – with delivery from 2022. All newbuild vessels are prepared for zero-emission utilising liquid organic hydrogen carrier as an energy source.