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Edda Wind AS — Earnings Release 2024
May 22, 2024
3585_rns_2024-05-22_c9ee9740-e400-4ec2-ab78-53f511d330d5.html
Earnings Release
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Edda Wind ASA: Q1 2024 – Growth continued in an eventful quarter
Edda Wind ASA: Q1 2024 – Growth continued in an eventful quarter
Haugesund, 22 May 2024: Edda Wind ASA (the “Company” or the “Group”) today publishes its quarterly results for Q1 2024. The Group delivered consolidated revenue of EUR 17.0m (+ EUR 10m vs. Q1 2023) and consolidated EBITDA of EUR 7.0m (+ EUR 6.3m vs. Q1 2023).
Selected key developments in Q1 2024 and after balance sheet date:
• Revenue of EUR 17m (+EUR 10.0m vs. Q1 2023)
• EBITDA of EUR 7m (+EUR 6.3m vs. Q1 2023)
• Edda Nordri commenced operation for Vestas
• Gangway systems upgraded, enhancing reliability and performance
• Sale of Edda Passat
Post Q1 2024 events:
• Launch of «Enabler» name
• Naming ceremony of Sudri Enabler
• Delayed commencement of operation for Goelo Enabler
With a fleet to count thirteen vessels, including vessels under construction, Edda Wind is the leading C/SOV-operator in the market. Edda Wind is experiencing a favorable demand outlook and the Group’s tender activity is increasing.
There is a limited amount of available vessels, including vessels under construction in the coming years, and vessel demand is estimated to significantly outgrow supply. The contract backlog was EUR 416m at the end of the quarter. This, combined with several newbuilds uncommitted and able to secure work in a market with great demand for this type of vessels, positions Edda Wind to capitalise on the expected growth in the quarters and years to come.
Presentation of the results:
Kenneth Walland (CEO) and Herman H. Øverlie (CFO) will present the Q1 2024 results in a webcast at 08:30 CET today, 22 May 2024.
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/20240522_2/
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 two purpose-built offshore wind SOVs and three CSOVs and eight dedicated offshore wind vessels under construction – one SOV and seven 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: [email protected]
Hermann H. Øverlie, CFO Edda Wind
Phone: +47 922 46 501
E-mail: [email protected]