Oslo-Listed Edda Wind Sells Service Operations Vessel
Oslo-listed offshore wind support vessel pureplay Edda Wind has recently completed the sale of one of its service operations vessels, marking a strategic move in its fleet management.
The transaction was carried out through Edda Wind’s subsidiary, West Energy, which sold all outstanding shares in Puerto de Llafranc S.L., the registered owner of the vessel Mistral Enabler. While the financial details of the sale were not disclosed, the closing of the transaction is anticipated to occur in early April 2025.
Currently, the 2018-built Mistral Enabler is engaged in a contract with Danish offshore wind leader Ørsted. As part of the sale agreement, the existing contract with Ørsted will seamlessly transition to the new owner of the vessel.
This recent divestment follows the sale of Mistral Enabler’s sister vessel, Edda Passat, which was completed by the company in March of last year.
The proceeds from the sale of Mistral Enabler will be utilized for general corporate purposes, including the repayment of outstanding debt associated with the service operations vessel. This move is expected to bolster Edda Wind’s liquidity position and strengthen its balance sheet.
By divesting the vessel, Edda Wind aims to streamline its fleet composition, focusing on a fleet of Crew Transfer Vessels (CSOV) and Service Operations Vessels (SOV) that are all equipped for zero-emission operations using hydrogen or methanol as an energy source.
Following the sale, Edda Wind will retain ownership and operation of two offshore wind SOVs and five CSOVs. Additionally, the company has five CSOVs currently under construction, with four of them slated for delivery in the second quarter of 2025.