Wilh. Wilhelmsen ASA

Regulatory Filings • Nov 8, 2021

Edda Wind announces new cornerstone investors and launches IPO

Edda Wind announces new cornerstone investors and launches IPO

Today, Edda Wind, owned on a 50/50 basis between Wilhelmsen and Østensjø, announced the addition of three cornerstone investors and launched an IPO

Edda Wind, a leading pure play offshore wind service company, is offering new shares in the company, with the initial public offering (IPO) expected to raise gross proceeds of NOK 875 million. The IPO will support Edda’s existing newbuilding program, along with offering further potential newbuild opportunities.

Geveran Trading Co. Limited, Xclat Holdings Ltd and Nordea Investment Management have undertaken to acquire shares for a total amount of NOK 465 million. Geveran and Xclat will both join the Board of Directors in the Company, with effect from the first day of trading on the Oslo Stock Exchange.

"Our commitment to actively support the energy transition is clear. This listing will enable Edda Wind to further scale its ambitions and continue to shape their market as the leading provider of purpose-built, zero emission ready vessels for the offshore wind industry. Creating value for our shareholders, the IPO and the inclusion of Geveran, Xclat and Nordea as cornerstone investors puts Edda in an ideal position to capitalise on the ever-increasing demand for its services" says Jan Eyvin Wang, Executive Vice President of Wilhelmsen’s New Energy segment.

Edda Wind develops, builds, owns and operates purpose-built Service Operation Vessels (SOV) and Commissioning Service Operation Vessels (CSOV) for offshore wind farms worldwide. Creating the next generation of offshore wind service vessels Edda Wind works closely with partners to develop new technologies to reduce emissions, without compromising operational capabilities or cost competitiveness. As of today, the Edda owns and operates two purpose-built offshore wind SOVs and has six dedicated offshore wind vessels under construction – two offshore wind SOVs and four offshore wind CSOVs – with delivery from 2022. All newbuild vessels are prepared for zero-emission, utilising liquid organic hydrogen carrier as an energy source.