Edda Wind

Company presentation June 2024

Disclaimer (1/2)

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This Company Presentation has been prepared solely for information purposes by Edda Wind ASA (the "Company"). In this Company Presentation, references to the "Company", "Group", "we", "our", "us", or similar terms refer to Edda Wind ASA and its consolidated subsidiaries, except where context otherwise requires.

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Information provided on the market environment, developments, trends and on the competitive situation is based on data and reports prepared by third-parties and/or the Company, and is derived from the Company's own information and the information sourced from such third-parties. Third-party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data.

Disclaimer (2/2)

This Company Presentation is current as of 25 June 2024 and the material and the views expressed herein are subject to change based upon a number of factors, including, without limitation, macroeconomic and equity market conditions, investor attitude and demand, the business prospects of the Company and other specific issues. This Company Presentation contains summary information only and does not purport to be comprehensive and is not intended to be (and should not be used as) the sole basis of any analysis or other evaluation. Neither the delivery of this Company Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date.

This Company Presentation contains several forward-looking statements relating to the business, future financial performance and results of the Company and/or the industry in which it operates. In particular, this Company Presentation contains certain forward-looking statements such as with respect to the Company's potential future revenues and cash flows, the Company's equity and debt financing requirements and its ability to obtain financing in a timely manner and at favourable terms. 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", "ambition" and similar expressions. The forward-looking statements contained in this Company Presentation, including assumptions, opinions and views of the Company or cited from third party sources, are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. All forward–looking statements attributable to the Company or persons acting on its behalf apply only as of the date of this Company Presentation, and are expressly qualified in their entirety by the cautionary statements included elsewhere in this document.

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IN RELATION TO THE UNITED STATES AND U.S. PERSONS, THIS COMPANY PRESENTATION IS STRICTLY CONFIDENTIAL AND IS BEING FURNISHEDONLY TO "QUALIFIED INSTITUTIONAL BUYERS" ("QIBs"), AS DEFINED IN RULE 144A UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "U.S. SECURITIES ACT"). THIS COMPANY PRESENTATION DOES NOT CONTAIN OR CONSTITUTE AN OFFER OF, OR THE SOLICITATION OF AN OFFER TO BUY OR SUBSCRIBE FOR, SHARES OF THE COMPANY TO ANY PERSON IN THE UNITED STATES. THE SHARES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER U.S. SECURITIES ACT OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION IN THE UNITED STATES, AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES, OR TO OR FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON, EXCEPT PURSUANT TO AN APPLICABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS. ACCORDINGLY, THE SHARES WILL ONLY BE OFFERED OR SOLD (I) WITHIN THE UNITED STATES, OR TO OR FOR THE ACCOUNT OR BENEFIT OF U.S. PERSONS, ONLY TO QIBs IN PRIVATE PLACEMENT TRANSACTIONS NOT INVOLVING A PUBLIC OFFERING AND (II) OUTSIDE THE UNITED STATES IN OFFSHORE TRANSACTIONS IN ACCORDANCEWITH REGULATION S UNDER THE U.S. SECURITIES ACT. ANY PURCHASE OF SHARES BY PERSONS IN THE UNITED STATES, OR BY U.S. PERSONS OR FOR THE ACCOUNT OF U.S. PERSONS, WILL BE MADE PURSUANT TO APPROPRIATE APPLICATION MATERIALS WHICH WILL INCLUDE CERTAIN REPRESENTATIONS AND ACKNOWLEDGEMENTS, INCLUDING WITHOUT LIMITATION THAT THE PURCHASER IS A QIB.

This Company Presentation is subject to Norwegian law, and any dispute arising in respect of this Company Presentation is subject to the exclusive jurisdiction of Norwegian courts with Oslo District Court as first venue.

Reinforcing Edda Wind as the leading C/SOV provider

2023 2024 2025-2026

Geveran, Wilhelmsen and EPS Ventures taking the leading ownership position with a unified view on the strategy and strong growth ambitions

Measures taken to resolve gangway systems and ensure delivery of the most reliable fleet and operations with financial capacity to refocus on value creation

Launching "Enabler" and rebranding all vessels as well as moving vessel management in-house over time and driving scale to enhance economics

Continued strong contracting momentum evidenced by recent Sudri Enabler announcement a testimony to a reputable market standing

#1 Global leading C/SOV and

vessels service provider¹

Strong ownership constellation with coherent view on growth strategy and positioning

Strong platform for value creation with an attractive asset base and financial capacity

Source: Company information 1) Measured by number of vessels 4

2018 – 2022

Proven ability to move vessels directly from construction to attractive contracts

Sudri Enabler fully booked on attractive contracts

Edda Wind is demonstrating its ability to move vessels directly from construction to attractive contracts evidenced by Sudri Enabler

The vessel is set to commence operations for a large international Engineering, Procurement, Construction and Installation (EPCI) contractor straight after delivery, commissioning and testing

Following work with the EPCI contractor, Sudri Enabler is planned to commence operations for Vestas from Q2 2025 and is fully booked to the end of 2025, with options extending into 2026

~6 Straight quarters of employment booked on firm short-term charters prior to vessel delivery

close to 100%

Employment booked on short-term charter contracts next ~1.5 years

Edda Wind extends its trackrecord of moving vessels directly from construction to attractive contracts – six newbuilds coming to market 2024-2025

Strong business momentum and newbuild program progressing as planned

Strong business momentum

Favourable demand outlook for C/SOV vessels

Edda Wind is experiencing increased tendering activity

Delays and unscheduled work at wind farms resulting in additional work for CSOVs

High seasonal dayrates observed for the CSOV market driven by limited "tier 1" vessel availability

Edda Nordri commenced short-term contract for Vestas in Q1 in line with fleet strategy, marking the entry into the short-term commissioning segment

Most of newbuilds expected to follow Edda Nordri into short-term commissioning charters upon delivery

Expected deliveries in 2024

Delivered from yard in March 2024
Undergoing repairs from incident – expected to commence operations during July

Expected delivery from Astilleros Gondán in Q2 2024
Employment booked for the next ~1.5 years

• Expected delivery from Astilleros Gondán in Q4 2024

Expected deliveries in 2025-2026

Expected delivery Vard, Norway in Q1 2025

Expected delivery from Astilleros Gondán in Q2 2025

Expected delivery Vard, Vietnam in Q2 2025

Expected delivery Vard, Vietnam in Q1 2026

Goelo Enabler now on route to commence operations in July

Set to commence operations with rental gangway in July

Goelo Enabler is set to be the permanent vessel for the Siemens Gamesa contract on the Saint-Brieuc wind farm
Goelo Enabler was delivered from yard in March 2024, however an incident during Harbour Acceptance Test delayed commencement of operation which was set to start in May 2024
The vessel is now on route to commence operations early July 2024 with a rental gangway which is to be replaced by the original gangway in November/December 2024, in time for Edda Nordri or C503 to be ready to act as substitute during the repair period
Edda Wind expects the repair cost to be covered by insurance (net of deductibles), but Edda Wind has and will occur costs related to frontrunners until early July. In addition, Edda Wind will occur indirect / direct costs related to loss of external revenue during mobilisation and demobilisation period

Gangway system upgraded, enhancing reliability, performance and economics visibility

Gangway system upgrades

ensure high reliability and performance, Edda Wind took three vessels out of operation in Q1 2024 to do repairs and modifications on the gangway systems
Robust solutions were successfully implemented, and all vessels are back on hire with enhanced utilisation / uptime / reliability
Edda Wind has initiated a new and significantly more comprehensive gangway testing programme for newbuilds
New testing programme will not impact delivery time or cost of vessels under construction

All delivered newbuilds successfully upgraded¹

Critical steps successfully executed by the organisation to ensure reliability and delivery as planned for customers

Source: Company information

Photo: George Saunders

1) Edda Nordri is planning a minor upgrade between jobs (approx. 2 weeks) during Q4 2024 / Q1 2025

Expected cost reduction from economies of scale, in-housing of management and other efficiencies

Clear steps to enhance fleet economics based on designated activities

Economics of scale, in-housing and further efficiency drive economics

Edda Wind will gradually take over the management of its vessels from Q3 2024, which adds flexibility and optimisation ability

Strengthening the organisation with highly experienced operational employees to manage the vessels, including vessel managers, technical operators, gangway specialists

Building a lean and profitability-driven organisation with expected scale benefits as the vessels are commencing operations

Strengthening administrative functions to do all vessel and organisational management

Organisation has grown from 6 FTEs in mid 2023 to 23 FTEs currently – some additional FTEs expected to join during 2024-2025 following management take-over

Technical operators

Administrative functions

Economics of scale combined with lean organisation to enhance economics and value creation

Market fundamentals remain strong

Strong growth expected in # of turbines¹… …resulting in high demand for C/SOVs¹

Cumulative # of turbines (in thousands) # of vessels

Source: Clarksons Offshore & Renewables

1) Figures excluding China
2) Measured in GW

Disciplined supply and steadily increasing newbuilding prices support high C/SOV economics

The supply side remains disciplined¹…

…and yard newbuilding prices are increasing²…

…leading to strong outlook for C/SOV economics

Source: Clarksons Offshore & Renewables, Equity research reports

1) Figures excluding China
2) CSOV class (LOA 85-90m / DP2 / POB 90-120 / Integrated MCG with height adjustability / MCC 5t 3D), Asia: India/Vietnam/Sri Lanka. Spain prices including Spanish Tax Lease
3) Average annual dayrate (minimum) used as proxy for annual rate
4) Analyst consensus: ABGSC, Arctic, Carnegie, Clarksons, Fearnleys, SB1M

Strong and attractive backlog

Total backlog of EUR 439m in place (firm backlog of EUR 328m) 1

Source: Company information

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 Q1 2024, but included new contract for Sudri Enabler

137

Majority of existing fleet on long-term contracts – newbuilds more tilted towards commissioning

Vessel	Type	Client	Start1	End	Option	Location	'25	'28	'31
Edda Mistral	SOV		Sep-18	Sept-25	3x1 year	Hornsea One wind farm, UK
Edda Brint	SOV		Mar-23	May-37	Up to 1.6 years	Seagreen wind farm, UK
Goelo Enabler	SOV		Q4-23	Q3-28	<1 year	Saint-Brieuc, wind farm, France
Edda Breeze	CSOV		Apr-21	Apr-32	Up to 2.6 years	BARD Offshore 1 wind farm, Germany
Edda Boreas	CSOV		Q3-23	Q2-25	1 year	Dogger Bank wind farms, UK
Edda Nordri	CSOV		Q1-24	Q1-26	< 1 year	Northern Europe
Sudri Enabler	CSOV	EPCI + contractor	Q3-24	Q4-25	< 1 year	Northern Europe
C503	CSOV		Q4-24
C504	CSOV		Q2-25
NB965	CSOV		Q1-25
NB966	CSOV		Q1-25
NB967	CSOV		Q2-25
NB968	CSOV		Q1-26
							Under construction	Firm contract	Option period

Source: Company information 1) Planned delivery for vessels under construction 13

Strong vessel economics and returns – expected day rates 2026E currently at EUR 44,000¹

Illustrative vessel economics for CSOV newbuilds at different day rate levels²

Source: Equity research reports

1) Analyst consensus: ABGSC, Arctic, Carnegie, Clarksons, Fearnleys, SB1M

2) Illustrative sensitivity to day rates based on EUR 63m yard price, 30 year vessel lifetime, EUR 3,000 victualling revenue per day, EUR 12,500 opex per day (excl. victualling opex), EUR 1,000 victualling opex per day, dry dock provisions of EUR 1,095 per day, leverage of 60% of yard price with 15 year repayment period at 5% interest rate and 2% inflation. IRR and cash flow yield incl. dry dock provisions, EBITDA excl. dry dock provisions.

3) Figures for first year in operation 4) Does not take into account the pre delivery / construction period

Significant open capacity well timed to take advantage of rising C/SOV day rates

Source: Company information, Equity research reports

1) Analyst consensus: ABGSC, Arctic, Carnegie, Clarksons, Fearnleys, SB1M

Well positioned in a market with high entry barriers, scale benefits and financing requirements

Several hard to replicate competitive pillars

Importance of track-record	Scale benefits	Financial strength
Information and tender access Efficient, mission-critical client service	Several operational benefits from large and unified fleet	Strong owners and modern fleet ensures advantageous position
Rigorous delivery on HSE		Improved bargaining power across the value chain	Increased ability to secure competitive financing to drive returns
Operational experience to design Know-how to reach zero emission

Several clear evidence observed

Qualitative criteria trumps price in

Limited real contenders, track-record key in RFI/RFQ

Experience and competence is a key selection criterion

Delivering on a broad scope of work for its clients

Focused design philosophy Safely delivering all

Personnel- and cargo transfers in harsh environments

Minimal manual handling of cargo and goods

Efficient workflow and deck utilisation for technicians

Level-free environment / stepless approach

High comfort and welfare – single outside cabins for all in the SOVs, 86-101 cabins in the CSOVs

Fuel efficient and low emission – zero-emission ready

aspects to operation & crewing of the vessel A

Facilities and accommodation

Client accommodation
Communication, internet & infotainment
Personnel tracking system
Catering, laundry and housekeeping
Office, change room and hospital facilities
Helicopter landing deck / Heli winch zone

Services and operations

Motion compensated personnel transfer Work boat incl. ship-to-shore capability Motion compensated cargo handling (on sea) Crew transfer landing & refuelling capability Warehouse, workshop and garbage facilities Daily reporting

Summary key investment highlights

C/SOV market leader 1 ¹ with a fleet comprising of 13 vessels (incl. newbuildings)

2 Operational track record and successful systems upgrades improving reliability and performance

3 Significant contract backlog with leading clients, mixed with attractive market exposure

Tight market with increasing dayrates observed combined with a strong demand outlook protected by increasing newbuilding prices

5 Robust financing platform, with long-tenure debt financing fixed at attractive interest rate

Thank you

eddawind.com