Edda Wind AS — Investor Presentation 2022

Nov 15, 2022

Edda Wind ASA

Quarterly presentation, Q3 2022

eddawind.com

Disclaimer

Cautionary note regarding forward-looking statements

This presentation, prepared by Edda Wind ASA (the "Company"), may include forward-looking statements relating to the business, financial performance and results of the Edda Wind Group and/or the offshore wind industry. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. Any forward-looking statements contained in this presentation, including assumptions, opinions and views of the Company or cited from third party sources, reflect the current views with respect to future events and are subject to material risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or any of its subsidiary undertakings or any such person's officers or employees provide any assurance as to the correctness of such forward-looking information and statements. The Company assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.

Edda Wind In brief

Pure play market leader in offshore wind

Expected market growth of 5x next 8 years

3 vessels in operation and 7 newbuilds

Very attractive yard prices as newbuild prices increase significantly

Newbuilds prepared for zero emission

Balanced contract portfolio with 6 vessels contracted and 3 uncommitted

No technology risk as vessels can serve all types of turbines

Highlights

Edda Wind

01 Seven vessels under construction, including Edda Breeze which was delivered from yard in Q2 2022 awaiting installation of the gangway system

Market

Strong demand growth, more than 250 vessels required by 2030 (1)

Increasing rates as oil & gas tonnage exit offshore wind

03

Increased focus and accelerated pace for the renewable energy transition

02 Delivery of Edda Breeze and Edda Brint to clients postponed to January 2023 due to delayed delivery of the gangway systems

03 Vessels ordered at low prices with attractive delivery schedule

04 99,5 % utilization in Q3 2022

Right capabilities to target the global wind market

Uniquely positioned with competitive advantages along several dimensions

Focused company with the right set of capabilities

Dedicated state-of the-art offshore	Purpose-built offshore wind vessels based on Edda Wind's specifications and know-how
wind vessels	− The next generation of offshore wind service vessels with proven and consistent performance for clients
Sustainability at the very center of	− Strategy exclusively focusing on the offshore wind industry (renewable energy)
the strategy	− Newbuilds with a minimum of 30% GHG reduction and prepared for zero-emission operations
Growing portfolio of clients with large potential	− Relationships with clients having significant offshore wind ambitions and ability to expand customer base − Leveraging company's deep network and track-record
	in positioning vessels to win contracts worldwide
Extensive experience and resource pool	− Østensjø to perform ship management and provide corporate services to Edda Wind
	− Access to the extensive competence pool in maritime

operations and technology from its major shareholders

Position across the value chain in a global market

Operations & Maintenance

Long-term contracts supporting continuous O&M work throughout the life of wind farms

Already actively considering opportunities in all key offshore wind hubs

Asia

Europe

5 contracts won, active dialogues with the clients

Active dialogues with new and existing clients/partners Active dialogues with new and existing partners

US

Long & shorter-term contracts

work on offshore wind farms

supporting commissioning & installation

Commissioning & Installation

Demand driven by strong offshore wind growth

Offshore wind is the fastest growing energy source

Expected growth by energy source Indexed (2018 = 100)

Offshore GW installed By key offshore wind regions

Number of turbines principal driver of C/SOV demand

Limited available capacity

High demand for newbuilds (ex. China)

…and C/SOV rates expected to edge up

Market increasingly turning to purpose-built Tier 1 vessels

Offshore wind service vessel fleet overview

Module based accommodation

Company	Delivered	Under construction
Esvagt	9	1
Edda Wind	2	7
Windea Offshore	3	0
Integrated Wind Solutions	0	4
Norwind Offshore	1	4
North Star Renewables	0	4
Acta Marine	3	2
Bibby Marine	2	0
Louis Dreyfus Armateurs	2	0
Seaway 7	1	0
REM Offshore	1	2
Wagenborg Offshore	1	0
DEME	1	0
Edison Chouset	0	1
Ta San Shang Marine	1	0
Vroon	2	0
Crowley	0	0
GC Rieber	0	2
Pelagic Partners	0	2
Sum	29	29

Highly attractive backlog and financial profile

Total backlog of EUR 476m in place (firm backlog of EUR 289m) 1

Revenue backlog per client¹

Edda Wind ASA: Q3 2022 10 1) The total revenue backlog comprises firm contracts as well as contractual options. The «firm» backlog are contracts which have been entered into with customers, and these contracts can be cancelled by customers under given circumstances and are in general subject to certain terms and conditions. "Options" are options to extend firms contracts, and such options can be extended at the discretion of the respective customer. As such, the "option" backlog is subject to such extensions. The backlog includes the contribution from vessel day rates as well as victualling revenue for certain additional services onboard. This definition applies to all references to backlog in this presentation. Numbers as of 2023

Six of nine vessels on contract

					Under construction			Frontrunner				Firm contract				Option period
Vessel	Client	Start	End	Location	'22	'23	'24	'25	'26	'27	'28	'29	'30	'31	'32	'33	'34	'35	'36	'37
Edda Passat (SOV)		Mar-18	Mar-23	Race Bank wind farm, UK
Edda Mistral (SOV)		Sep-18	Sep-23	Hornsea One wind farm, UK
Edda Brint (SOV)		Jan-23	May-37	Seagreen wind farm, UK
C416 (SOV)		Q3-23	Q3-28	Saint-Brieuc, wind farm France
Edda Breeze (CSOV)		Apr-21	Apr-32	BARD Offshore 1 wind farm, Germany
C490 (CSOV)		Q2-23	Q2-25	Dogger Bank wind farms, UK
C491 (CSOV)
C492 (CSOV)
C503 (CSOV)

7 newbuilds at attractive prices

Edda Wind – fleet contract status

Vessel availability well matched to CSOV demand & supply curves

Delivering on a broad scope of work for its clients

Edda Wind works actively with clients & yards to stay ahead by delivering the features of tomorrow

Focused design philosophy

Personnel- and cargo transfers in harsh environments

Minimal manual handling of cargo and goods

Efficient workflow and deck utilization for technicians

Level-free environment / stepless approach

High comfort and welfare – single outside cabins for all in the SOVs, 86 cabins in the CSOVs

Fuel efficient and low emission – zero-emission ready

Prepared for zero-emission

Several advantages with Liquified Organic Hydrogen Carrier (LOHC)

Key financials

Income statement

Operating revenue and operating expenses (EUR 1 000)	Q3 2022	Q3 2021	YTD Q3 2022	YTD Q3 2021	Full year 2021
Total operating income	7 432	6 710	21 092	17 596	24 416
Total operating expenses	(6 008)	(5 050)	(15 931)	(11 794)	(18 234)
Operating profit before depreciation	1 424	1 660	5 162	5 802	6 182
Depreciation	(794)	(795)	(2 413)	(2 366)	(3 169)
Operating profit	630	865	2 749	3 436	3 013
Financial income / (expense)	(232)	(470)	(1 001)	(1 468)	(772)
Profit / (loss) before tax	398	395	1 748	1 968	2 242
Profit / (loss) for the period	398	395	1 748	1 968	2 242

Comments Q3 2022

• − Strong demand growth, estimated +250 vessels required by 2030, excluding China. Far exceeding existing tonnage and order book.
• − Increasing rates as oil & gas tonnage exits the offshore wind market.
• − 99,5 % utilization Q3 2022.

Key financials Balance sheet

ASSETS (EUR 1000)	30.09.22	30.09.21	31.12.21
Non-current assets
Deferred tax asset	0	37	23
Vessels	67 694	72 186	73 611
Newbuildings	195 115	95 208	131 077
Other non-current assets	2 418	0	0
Machinery and equipment	0	3	3
Total non-current assets	265 227	167 434	204 715
Current assets
Account receivables	4 440	3 210	3 575
Other current receivables	1 078	0	0
Other current assets	6 708	14 977	7 791
Financial derivatives	97	-	-
Cash and cash equivalents	60 217	18 913	89 520
Total current assets	72 534	37 100	100 886
Total assets	337 762	204 533	305 602

EQUITY AND LIABILITIES (EUR 1000)	30.09.22	30.09.21	31.12.21
Equity
Share capital	644	9	644
Share premium	116 128	0	116 128
Other equity	66 822	66 157	67 560
Total equity	183 594	66 166	184 332
Non-current liabilities
Non-current interest-bearing debt	133 197	101 359	110 545
Total non-current liabilities	133 197	101 359	110 545
Current liabilities
Account payables	8 140	848	1 555
Financial derivatives	0	223	91
Taxes payable	0	50	-
Public duties payable	91	51	96
Current interest-bearing debt	10 953	6 322	6 951
Loan from related parties	0	27 318	0
Other current liabilities	1 786	2 513	2 031
Total current liabilities	20 970	37 009	10 724
Total equity and liabilities	337 762	204 533	305 602

Comments Q3 2022

• − Equity ratio: 54,4 %
• − Net Interest-Bearing Debt: EUR 77,1 mill

Attractive financing in place

Key debt financing information

~EUR 110 mill. Senior Secured Term Loan Facility

− Semi-annual amortisation 12-year profile − GBP 35.4m for Passat/Mistral − ECA tranche GBP 18.8m − Commercial tranche GBP 16.6m with GBP 7.1m balloon Dec-26/Jan-27 − EUR 55.2m pre- and postdelivery financing C416/C490 − EUR 39.1m balloon payment Dec-26/Jan-27 − Contract tranche up to EUR 13.8m − Repayment over firm contract period, latest Dec-26/Jan-27 − Outstanding per Q3 2022 EUR 70 mill EUR 38.0m Private Placement − Semi-annual amortization based on annuity style profile with balloon payment at maturity in Sep '31 − Outstanding per Q3 2022 EUR 38 mill

GBP 36.0m Private Placement

• − Quarterly amortization based on annuity style profile with balloon payment at maturity in Apr '37
• − Outstanding per Q3 2022 (equiv.) EUR 42 mill

Debt amortization schedule EURm

Summary

01 Leading offshore wind service vessel company with a proven track-record

02 State-of-the-art fleet at fixed and attractive yard prices

03 Strong backlog of EUR 476 m supporting cash flow visibility and dividend capacity

04 Attractive and competitive newbuild program of 2 SOVs and 5 CSOVs – prepared for zero-emission operations

05 Sharply increasing demand for top tier C/SOVs

06 Highly experienced management supported by reputable owners

Subsequent events

Edda Brint delivered from yard 25 October 2022

02

14 November 2022 - Edda Passat extended 7 months with Ørsted at dayrate in excess of 25% above current level

03 14 November 2022 - Edda Wind orders additional CSOV at Gondan

Investor Relations

Questions & comments to:

Mr. Kenneth Walland, CEO Tel: +47 916 93 418 E-mail: kenneth.walland@eddawind.com Mr Tom Johan Austrheim, CFO Tel: +47 982 09 873 E-mail : tom.johan.austrheim@eddawind.com

Thank you