Edda Wind ASA: Q3 2024 – A quarter with several milestones

19 Nov 2024 07:00 CET

Haugesund, 19 November 2024: Edda Wind ASA (the “Company” or the “Group”) today
publishes its quarterly results for Q3 2024. The Group delivered consolidated
revenue of EUR 18.4m (EUR 6.6m above Q3 2023) and consolidated EBITDA of EUR
6.1m (EUR 1.1m vs. Q3 2023).

Selected key developments in Q3 2024 and after balance sheet date:

• Revenue of EUR 18.4 million (EUR 6.6 million above Q3 2023)
• EBITDA of EUR 6.1 million (EUR 1.1 million above Q3 2023)
• Commencement of operation for Goelo Enabler and Sudri Enabler
• Gangway performance and vessel utilisation significantly improved
• Vessel management takeover initiated

Subsequent events:
• Employment for three of our newbuilds directly from yard
• Entering the Taiwanese market in 2025

Q3 2024 has been a good quarter for Edda Wind. The Group’s vessel utilisation
has continued to improve following gangway upgrades earlier this year and two of
the Group’s newbuilds commenced operations in Q3 2024. The Group has initiated
takeover of vessel management from the previous ship manager and post reporting
date, the Company also announced new charter contracts for two of our newbuilds,
with commencement directly from yard. The contracts announcement for our
newbuild NB 967, which is to be delivered from Vard Vietnam in Q2 2025, is
related to operation in Taiwan. This marks our first contract in Taiwan, as well
as in Asia.

During Q3 2024 the Group had for the first time more vessels in operation (7)
versus vessels under contraction (6). Further, our latest delivery, Vestri
Enabler, was delivered from yard on the 14 November increasing the number of
operating vessels to eight as of today.

For the newbuild C504, the Company is today also announcing that the Company is
in the signing process for a 12 months plus optional 12 months charter contract
following delivery from yard in Q2 2025.

Edda Wind is experiencing increased tendering activity and the Company is
currently fully booked until end of Q1 2025. During H1-2025 the Group will have
four more newbuilds being delivered followed by the last one in 2026.

Presentation of the results:

Kenneth Walland (CEO) and Hermann H. Øverlie (CFO) will present the Q3 2024
results in a webcast at 08:30 CET today, 19 November 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/20241119_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 three purpose-built offshore wind SOVs and five
CSOVs and has five dedicated offshore wind vessels under construction – all
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: lars.stubhaug@eddawind.com

Hermann H. Øverlie, CFO Edda Wind
Phone: +47 922 46 501
E-mail: hermann.overlie@eddawind.com

More information:
Access the news on Oslo Bors NewsWeb site

632573_Edda Wind - Q3 2024 - Report.pdf
632573_Edda Wind - Q3 2024 - Presentation.pdf