Edda Wind AS — Share Issue/Capital Change 2023

Mar 22, 2023

Edda Wind ASA - Cancellation of the potential subsequent offering

Edda Wind ASA - Cancellation of the potential subsequent offering

Reference is made to the stock exchange announcement published by Edda Wind ASA ("Edda Wind" or the "Company") on 2 March 2023 regarding the successful placing of a private placement of 48 million new shares at a subscription price of NOK 25 (the “Subscription Price”) in the Company to raise gross proceeds of NOK 1.2 bn (the "Private Placement") and a potential subsequent share offering of up to 2 million new shares at the Subscription Price (the "Subsequent Offering"). The Company expressed that any such potential Subsequent Offering was conditional on, inter alia, prevailing market price of the Company's shares being higher than the Subscription Price.

The Company's shares have for an extended period traded below the Subscription Price, which is also currently the case. Since the placing of the Private Placement, the total traded volume at prices at or below the Subscription Price is higher than the maximum size of the potential Subsequent Offering. As a result, existing shareholders who did not participate in the Private Placement have had the opportunity to reduce the dilutive effect of the Private Placement at trading prices at or below what would have been the subscription price in the potential Subsequent Offering. The board of directors of Edda Wind has therefore decided not to proceed with the Subsequent Offering.

For further information, please contact:

Kenneth Walland, CEO Edda Wind

Phone: +47 916 93 418

E-mail: kenneth.walland@eddawind.com

Tom Johan Austrheim, CFO Edda Wind

Phone: +47 982 09 873

E-mail: tom.johan.austrheim@eddawind.com

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 twelve dedicated offshore wind vessels under construction – two SOVs and ten CSOVs. All newbuild vessels are prepared for zero-emission utilising liquid organic hydrogen carrier as an energy source.

Read more: www.eddawind.com