Edda Wind ASA: Q4 2023 - A challenging quarter but optimistic outlook

Haugesund, 29 February 2024: Edda Wind's operations have been progressively
expanding, with six vessels operational by the end of Q4 2023. The group
delivered consolidated revenue of EUR 11.4m, representing 55% growth vs. Q4
2022. EBITDA was negatively impacted by frontrunner cost and offhire implying
that consolidated EBITDA came in at negative EUR 1.1m.

Selected key developments in Q4 2023 and after balance sheet date:

- Revenue of EUR 11.4m (+55% growth vs. Q4-22)
- EBITDA of EUR -1.1m, negatively impacted by frontrunner cost (approx. EUR
3.5m) and offhire (approx. EUR 3m)
- Edda Nordri commenced operation in December 2023
- Attractive EUR 161m green term loan facility secured in December 2023
Post Q4 2023 events: 
- Sales and Purchase Agreement (SPA) entered into for the sale of Edda Passat
- Seatrials commenced for Edda Goelo
- System upgrades on gangways causing offhire

With a fleet to count thirteen vessels, excluding Passat but including vessels
under construction, Edda Wind is the leading C/SOV-operator in the market. Edda
Wind is experiencing a favorable demand outlook for C/SOV despite announced
delays and setbacks within the supply chain. Edda Wind also notes that delays
and unscheduled work at the wind farms result in additional work for CSOVs. 

There is a limited amount of available vessels, including vessels under
construction in the coming years, and vessel demand is estimated to
significantly outgrow supply. The contract backlog was EUR 416m at the end of
the quarter. This, combined with several newbuilds uncommitted and able to
secure work in a market with great demand for this type of vessels, positions
Edda Wind to capitalise on the expected growth in the quarters and years to
come.

Presentation of the results:

Kenneth Walland (CEO) and Tom Johan Austrheim (CFO) will present the Q4 2023
results in a webcast at 08:30 CET today, 29 February 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/hegnarmedia/#!/hegnarmedia/20240229_7

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 three
CSOVs and eight nine dedicated offshore wind vessels under construction - one
SOV and seven 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: [phone]
E-mail: [e-mail] 

Tom Johan Austrheim, CFO Edda Wind 
Phone: [phone]
E-mail: [e-mail]

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange