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Annual Report 2024
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Edda Wind ASA – Annual Report 2024
Photo: Astilleros Gondan
Edda Wind –
a provider of offshore
wind service vessels
We enable a greener future by
providing our clients with easy access
to sustainable energy production
Contents
Strategic report
01
About Edda Wind
03
Highlights
04
At a Glance
07
CEO Statement
08
Investment Case
09
Edda Wind Value Chain
10
Market Overview
13
Business Model
14
Strategy
15
Stakeholder Engagement
16
ESG
Board of Directors’ report
27
Board of Directors’
28
Board of Directors’ Report
Governance report
33
Governance
at a Glance
34
Norwegian Code of Practice for Corporate Governance
38
Remuneration Report
Financial Statements
42
Consolidated Financial Statements
65
Company Financial Statements
72
Auditors Report
eddawind.com
Strategic
Report
Board of
Directors’ Report
Governance
Report
Financial
Statements
Edda Wind ASA – Annual Report 2024
02
Strategic
Report
01 About Edda Wind
03 Highlights
04 At a glance
07 CEO statement
08 Investment case
09 Edda Wind Value Chain
10 Market overview
13 Business model
14 Strategy
15 Stakeholder Engagement
16 ESG
Photo: Eivind Røhne
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Edda Wind ASA – Annual Report 2024
03 Highlights
Highlights
Edda Wind
• Revenue of EUR 70.4 million (+79% growth vs 2023)
• EBITDA of EUR 19.4m (+161% growth vs 2023)
• Three vessels delivered from yard and commenced
operation during the year bringing the total
operating fleet to eight vessels at year end
• Vessel management takeover completed
• Utilisation significantly improved during the year
• Fleet fully financed
Market
• Tight market with increasing day rates observed
combined with a strong demand outlook protected
by increasing newbuilding prices
• Delays and unscheduled work at the wind farms
result in additional work for CSOVs
• Oil & gas sector continues to extract tonnage,
including purpose- built CSOVs
Key figures (EUR 1,000)
Revenue
70,426
28,425
39,368
70,426
2022
2023
2024
EBITDA
1
19,391
6,569
7,436
19,391
2022
2023
2024
EBIT
2
6,814
3,374
190
6,814
2022
2023
2024
Profit/(loss) for the period
3,776
1,935
3,868
3,776
2022
2023
2024
Vessel book value
395,427
66,714
271,222
395,427
2022
2023
2024
Newbuilding book value
245,697
223,082
244,294
245,697
2022
2023
2024
Total assets
703,289
351,138
582,258
703,289
2022
2023
2024
Equity
330,280
183,680
284,882
330,280
2022
2023
2024
Equity ratio
47.0%
52.3%
48.9%
47.0%
2022
2023
2024
NIBD
3
324,432
107,758
251,912
324,432
2022
2023
2024
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1 EBITDA (earnings before interest, tax, depreciation and amortisation) is defined as operating revenue and gain/loss on sale of assets less operating expenses,
adjusted for amortisation of late delivery penalties.
2 EBIT (earnings before interest and tax) is defined as total income (operating revenue and gain/loss on sale of assets), less operating expenses, other gain/loss and
depreciation and amortisation.
3 NIBD (net interest-bearing debt) is defined as total interest-bearing debt (non-current interest-bearing debt and current interest-bearing debt) less cash and cash
equivalents, restricted cash and current financial investments.
Edda Wind ASA – Annual Report 2024
04 At a Glance
Who
are we
Edda Wind ASA (“Edda Wind”) is a
provider of purpose-built service
operation vessels (SOVs) and
commissioning service operation
vessels (CSOVs) for offshore wind
farms worldwide.
We enable a greener future by providing
our clients with easy access to sustainable
energy production with our high-quality
vessels based on Edda Wind’s
specifications and know-how.
Our customers
The Group’s current customer base consists of
offshore wind farm developers and operators and
service provides within the offshore wind space.
The Group’s current customers includes i.a Vestas,
Ørsted, SSE Renewables, Siemens Gamesa and Ocean
Breeze Energy. The Group’s portfolio is growing, with
clients having significant offshore wind ambitions,
resulting in great potential to expand the customer
base. The Group’s business is primarily carried out in
Europe, but we are leveraging the Group’s network
and proven track-record in positioning vessels to win
contracts worldwide. During 2024, the Group entered
into its first charter contracts for operation in Taiwan,
expected to commence mid 2025.
Our fleet
Edda Wind’s fleet consists of dedicated state-of- the-
art offshore wind vessels. During the year, the Group
owned and operated three SOVs and five CSOVs. The
Group has a newbuilding programme for five further
CSOVs at yards in Spain, Norway and Vietnam which
brings the fleet up to 12
1
vessels, where C504 and
NB967 are expected to be delivered in Q2 2025, NB965
and NB966 expected delivered in Q3 2025 and NB968
expected delivered in Q1 2026. All of the Group’s
vessels are designed to transport wind turbine
technicians and other personnel, as well as
equipment, spares and consumables, to offshore
wind farm sites, and to serve as accommodation
hubs for wind turbine technicians as they perform
work on the wind turbines.
All vessels have high- standard cabins and common
areas. The Group’s CSOVs under construction will be
able to accommodate up to 120 persons, while the
Group’s SOVs can accommodate up to 60 persons.
The Group’s vessels are all equipped with motion
compensated gangway systems with an adjustable
pedestal to ensure safe and optimal connections to
the turbines, even in harsh weather conditions, and
motion compensated cranes. The design is optimised
for an efficient logistical operation for the turbine
technicians.
1 Excluding the sale of Mistral Enabler in April 2025.
As at April 2025:
7
Vessels in operation
5
vessels under construction
Photo: Astilleros Gondan
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Tier 1
05 At a Glance continued
Fleet
overview
Under construction
Firm contract
Option period
Internal frontrunner
Edda Wind ASA – Annual Report 2024
Vessel Type Current client Start
1
End Option ’25 ’26 ’27 ’28
Mistral Enabler SOV Sep-18 Sep-24 4 x 1 year
Brint Enabler SOV Mar-23 May-37 Up to 2 years
Goelo Enabler SOV Q4-23 Q3-28 < 1 year
Breeze Enabler
CSOV Apr-21 Apr-32 Up to 3 years
Boreas Enabler CSOV Q3-23 Q2-25 30 days
Nordri Enabler CSOV Q1-24 Q4-26 < 1 year
Sudri Enabler CSOV Q1-25 Q2-26 < 1 year
Vestri Enabler CSOV Q4-24
Q3-25
Austri Enabler CSOV Q3-25
2
Q3-26
< 1/2 year
NB965 CSOV Q3-25
NB966 CSOV Q3-25
NB967 CSOV Q3-25
2
NB968 CSOV Q1-26
1 Planned delivery for uncontracted vessels under construction.
2 Austri Enabler and NB967 is expected to be delivered in Q2 2025 but expected contract start is Q3 2025
Tier 1
Tier 1
/ /
Tier 1
/
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06 At a Glance continued
October 2015
The Group’s fully-owned
subsidiary, West Energy
AS, was established and
entered into a charter
party with Ørsted.
May 2016
West Energy AS entered
into a charter party
with Ørsted, currently
operated by Edda Mistral.
2018
Edda Passat and
Edda Mistral delivered
from shipyard.
January 2020
Shipbuilding contracts
were entered into with
Astilleros Gondán for two
CSOVs, Edda Breeze and
Edda Boreas, and with
Balenciaga S.A. for two
SOVs, Edda Brint and C-416.
February 2020
Charter parties were
concluded for Edda
Breeze and Edda Brint
with Ocean Breeze Energy
GmbH & Co. KG and
Vestas Offshore Wind
UK Ltd, respectively.
Edda Wind ASA – Annual Report 2024
March 2021
Shipbuilding contracts
were entered into with
Astilleros Gondán for
two CSOVs, Edda Nordri
and C-492.
April 2021
Contract with Doggerbank
Offshore Windfarm
Project 1 Projco Limited
was entered into for
Edda Boreas.
November 2021
Entered into an EUR 110
million green loan facility
for the refinancing of Edda
Passat, Edda Mistral and
the pre- and post-delivery
financing of Edda Boreas
and C-416.
Edda Wind ASA was
listed on the Oslo
Stock Exchange.
January 2022
Three CSOVs ordered,
two at Colombo Dockyard
(Sri Lanka) and one at
Astilleros Gondán, C-503.
May 2022
Edda Breeze delivered
from the yard and
commenced installation
and commissioning of
gangway system.
July 2022
Newbuilding order
at Colombo Dockyard
cancelled due to
political unrest.
October 2022
Edda Brint was delivered
from the yard and
commenced installation
and commissioning of
gangway system.
November 2022
Ørsted extended charter
for Edda Passat by seven
months to October 2023.
One CSOV ordered at
Astilleros Gondán, C-504.
December 2022
Ørsted extended the
charter for Edda Mistral by
one year to August 2024.
February 2023
Entered into a EUR 120
million green loan
facility for the pre- and
post-delivery financing of
newbuildings Edda Nordri,
C-492 and C-503.
Edda Boreas delivered
from the yard and
commenced installation
and commissioning of
gangway system.
March 2023
Four CSOVs were ordered from Vard shipyard for delivery in 2025 and
2026 and NOK 1.2 billion raised in new equity in a private placement.
Edda Breeze and Edda Brint commenced operations.
April 2023
Edda Wind started the transition towards a standalone organisation in 2025.
July 2023
Edda Boreas commenced operations.
December 2023
Entered into an EUR 161 million green loan facility for the pre- and post-
delivery financing of newbuildings NB965, NB966, NB967 and NB968
Edda Nordri commenced operations.
May 2024
Edda Wind launches «Enabler» line. All vessels to carry the name
«ENABLER» as a visual, constant and strong reminder to ourselves
and our customers of our vision and our expertise.
July 2024
Goelo Enabler and Sudri Enabler delivered from yard
and commenced operation
November 2024
Vestri Enabler delivered from yard and commenced operation
December 2024
Vessel management completed. Edda Wind to operate as a stand
alone organisation with all operation inhouse.
Edda Wind’s ambition
for the future
Being the leading provider of
offshore wind service vessels.
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07 CEO Statement
Edda Wind ASA – Annual Report 2024
Edda Wind - 2024
The year 2024 represented significant milestones for Edda Wind, as
the company grew its fleet from five to eight vessels and established
a fully integrated maritime organization. This enhancement allowed
for the successful assumption of vessel management in the fourth
quarter of 2024, giving Edda Wind comprehensive control over its
fleet operations. This increased oversight has already led to
significant operational improvements, with further advantages
expected in the future.
At the start of the year, we encountered substantial challenges.
Nevertheless, I take great pride in how our expanding team has
managed these obstacles. The knowledge gained throughout 2024
has enabled us to refine our operations and enhance our client
services continuously. The initiatives undertaken and lessons learned
have greatly improved our utilization and operational capabilities,
and we plan to build on these insights as we move forward.
In 2025, we will continue to expand our fleet, introducing four
additional newbuilds. Presently, two of these newbuilds have secured
contracts upon delivery, including NB 967. This will extend our
geographical reach by commencing operations in Taiwan after
delivery from Vard’s Vung Tau yard in Vietnam, while two vessels are
still pending charter agreements.
Edda Wind has observed a consistent rise in activity levels and day
rates. Approximately 83% of vessel capacity for the year 2025 is
already booked, with recent contracts indicating stable market
conditions. Additionally, prices for newbuilding yards for CSOVs
increased in 2024, which is anticipated to help maintain market
equilibrium and forecasted rates within the industry.
Hermann H. Øverlie
Interim Chief Executive Officer
Photo: Håkon Nordvik
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08 Investment Case
Edda Wind is uniquely positioned with competitive
advantages along several dimensions:
Targeted focus
and appropriate
skill set
• Renewable energy at the core of our strategy
• Expanding client portfolio with significant potential
• Extensive experience and competence pool in
maritime operations
• Prioritising safe and efficient operations
• Newly constructed vessels designed for
zero-emission readiness
Photo: Eivind Røhne
Strategically positioned
throughout the global
market’s value chain
• Actively exploring opportunities in all key offshore wind
hubs, as well as in other relevant offshore segments
• The Group aims to service most of the offshore
windfarm value chain where our offshore capabilities
and experience are required
Photo: Eivind Røhne
Highly attractive
backlog and
financial profile
• Total backlog of EUR 412 million
1
in place with 10 of 13
vessels currently contracted
2
• Vessel availability well matched to C/SOV demand and
supply curves
• All vessels fully financed following secured debt
financing of C504 in November 2024
• Robust financing platform, with long-tenure debt
financing fixed at attractive interest rate
Photo: Balenciaga S.A.
1 As at 31 December 2024 2) Including contracts for newbuilds
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Edda Wind ASA – Annual Report 2024
09 Edda Wind Value Chain
Offshore wind value chain
Offshore wind
project stages
Commissioning and installation (C&I)
Operation and maintenance
Scope of work
C/SOV
application
SOV or CSOV
• Continuous O&M work throughout the life
of the wind farm
• Need for continuous logistics solutions
and accommodation
Continuous transfer of crew and equipment
Tailored logistics and accommodation solutions
CSOV
CSOV and SOV
Installation of tower
and turbine
• Connection of turbines
sub-station and grid
• Cable laying potentially
requiring personnel
• Transfer during hook-up
• Mounting and installation
of the tower and the
turbine rotor blades on
the transition piece
Installation of
foundations
Export and array
cable laying
• The foundations for wind
generation is constructed
• Installation of monopilers,
tripods, transition
piece and jackets to
support installation
Operation and maintenance (O&M)
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Edda Wind ASA – Annual Report 2024
10 Market Overview
The development of the energy transition
The development of the energy transition
The world is rapidly advancing towards a pivotal
moment in the global energy sector, as it shifts
away from fossil fuels towards zero-carbon
energy sources. The key driver behind this shift
is the critical need to significantly reduce CO
2
emissions related to energy production, in order
to mitigate the effects of climate change.
Achieving this requires immediate and decisive
action on all fronts, with the Paris Agreement
setting forth bold CO
2
reduction targets. The
global energy sector can only meet these targets
by developing renewable energy sources such as
offshore wind, while simultaneously leveraging
new technologies to reduce the carbon footprint
of the current energy value chain.
Amidst this, the global energy crisis sparked by
Russia’s invasion of Ukraine, causing implications
for households, businesses and entire
economies, promotes urgency for the build-out
of renewable energy sources, thus becoming
more important than ever. Energy security
concerns have motivated countries to
increasingly turn to renewables such as solar and
wind to reduce reliance on imported fossil fuels.
The public’s growing concern for sustainability
and the energy transition, combined with
various political initiatives supported by
governments, creates a favourable environment
for Edda Wind.
The Company recognises both the
opportunity and the responsibility to
contribute towards a cleaner, more
sustainable, and energy-efficient future by
actively participating in the ongoing energy
transition.
Offshore wind positioned to lead the
energy transition
The offshore wind market is experiencing strong
growth and is expected to continue expanding
rapidly over the next decade. The leading
analytical environments within offshore wind
estimate a continued significant growth in
energy generation capacity from offshore wind
turbines. This will naturally be accompanied by
a sharp growth in the number of wind turbines
installed and in operation.
Rystad Energy is projecting that more than 6,000
turbines will be installed globally (but excl. China
and US) by 2030. This growth will take the current
number of turbines from approx. 7,300 at the end
of 2024 to above 13,000 by 2030. Of the current
7,300 wind turbines globally (but excl. China and
US), turbines in Europe constitutes approx. 90%,
with Asia (excl. China) representing the remaining
10%. The growth trajectory (in percentage terms)
is however much higher in Asia, and although
Europe is expected to grow by approx. 70% on
an accumulated basis from 2024 to 2030, the
roll out of wind turbines in Asia is expected to
grow by approx. 230%. As such, by 2030, Asia
is expected constitute ~20% of the global wind
turbine market.
Offshore wind – total offshore wind turbines, excl. US and China (in thousands)
7.3
8.0
8.9
9.8
10.6
0
2
4
6
8
10
12
14
16
2024 2025 2026 2027 2028
Europe Asia
Source: Rystad Energy
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11 Market Overview continued
According to Rystad Energy, 52% of the expected growth
of approx. 6,300 turbines that are projected to be installed by
end 2030 is either in construction or approved
1.
. As such, one
can argue that a large portion of the expected growth can
be categorised as firmer than the remaining part.
Looking into the growth projections for 2025-2027, the
percentage part of the projected growth that is either under
construction or approved is 87%, and derisk the short-term
growth projections.
As can be seen on the following page, a large part of the
growth projections (in number of turbines) are related to
countries such as UK, Germany, Netherlands and Poland,
countries in or in close proximity to Edda Wind’s current core
markets. Further, during 2025, Edda Wind expects to enter the
Asian offshore wind market through commencement of
operation in Taiwan. Through this entry, combined with vessels
deliveries from Vietnam, Edda Wind expects to be well
positioned to capitalise on the projected growth from the
Asian market. As can be seen, Taiwan, South Korea and Vietnam
constitute approx. 22% of the projected growth until 2030.
The US offshore wind market is currently facing challenges
due to potential impacts from the re-emergence of the Trump
administration, which may affect leasing and solicitation rounds
for offshore wind. However, for Edda Wind, which has no
operations in the US and no intention to enter the US market,
the uncertainty related to the US offshore wind market has
limited impact.
1 Approved: All applications have been approved, so any next steps are
with the developer(s) to take an FID or commence construction activities
Offshore wind – Cumulative installed base, excl .US and China,
by phases (in thousands)
7
7
8
9
10
11
12
13
0
2
4
6
8
10
12
14
16
2023 2024 2025 2026 2027 2028 2029 2030
Operational Under construction Approved In application Concept
Offshore wind – Additional turbines, excl. US and China ,
by phases
404
747
825
946
899
1,216
1,714
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2024 2025 2026 2027 2028 2029 2030
Operational Under construction Approved In application Concept
22%
30%
11%
37%
Under construction Approved In application Concept
~6,300
turbines
Source: Rystad Energy
~52% of the
projected growth under
construction or approved
1
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Edda Wind ASA – Annual Report 2024
12 Market Overview continued
The substantial growth in offshore wind
turbines is a key catalyst for the growing
demand projected for vessels, which will be
required both during the construction and
installation phase and for operation and
maintenance throughout the wind
farms’ lifespan.
Both water depth and distance to shore for
offshore wind farms have increased
significantly in the past decade. This has led
to more complex operations for servicing the
turbines and added additional demand.
Lead times of 2-3 years in construction of a
C/SOV means that supply and demand can
be estimated relatively accurately for the
next few years.
During 2024, approx. 20 C/SOVs were
ordered, with delivery by 2028. Despite
several new vessels that will enter the market,
leading analytical environments project that a
favourable supply-demand balance outlook
will prevail as vessel owners are expected to
remain disciplined. Newbuilding prices have
also seen a sharp increase over the past year
which is expected to protect market rates
and market balance going forward.
Subsea tonnage which has previously been
operating in the offshore wind industry is
continuing to operate in the oil & gas markets,
as demand and day rates achieved in these
markets remain high. In addition, with the
current market sentiment in oil & gas,
specialised Tier 1 offshore wind tonnage has
also emerged into oil & gas operation,
reducing the fleet designated for offshore
wind operation.
A strong market outlook is normally accompanied
by increasing rates. Over the last few years this
has been observed in the C/SOV market,
particularly in the shorter-term
commissioning market.
Long-term SOV O&M contracts are linked to
newbuilding cost at the time of tendering.
Shipyard capacity is currently limited due to
strong demand from several shipping sectors.
There is also only a limited number of yards
capable of, and experienced with, building
C/SOVs, further limiting access to building slots.
As a consequence, yard prices have increased
over the last few years.
This naturally provides a competitive advantage
for owners like Edda Wind, who have acted
promptly, and are now in a position where the
Company has vessels already ordered and under
construction. In order to capitalise on the highly
favourable market for short- and medium-term
contracts in the commissioning sector, possessing
a substantial fleet is of paramount importance.
Developers and Original Equipment Manufacturers
(OEMs) seldom have the opportunity to secure
vessels on long- term contracts in this market.
This is primarily due to their development
programmes typically comprising multiple
projects commissioned either concurrently
or with intermittent gaps.
The versatility provided by a larger fleet,
especially those vessels designed to service
the commissioning market, is thus an
indispensable asset for vessel owners.
This adaptability facilitates the maximisation of
fleet utilisation by allocating vessels to projects
based on their availability. Equally significant, it
ensures the provision of vessel(s) to clients
based on their requirements, subject to agreed
notice periods, provided that commitments for
work access are reciprocated by the client. For
Edda Wind, being the largest operator in the
C/SOV market, the capacity to establish
framework agreements or similar arrangements
will undoubtedly confer a decisive competitive
edge in the future.
Offshore wind – Additional turbines, excl. US and China , by country
24%
13%
10%
8%
8%
5%
7%
4%
5%
4%
3%
10%
United Kingdom Germany Taiwan (China) Netherlands
South Korea Vietnam Poland France
Japan Denmark Ireland Other
Source: Rystad Energy
~6,300
turbines
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Edda Wind ASA – Annual Report 2024
13 Business Model
Our business model
Edda Wind develops, builds, owns,
operates and charters out purpose-built
SOVs and CSOVs for offshore wind farms
and maritime operations.
The Group acknowledges the opportunities
and responsibilities to contribute to a cleaner,
more sustainable and energy-efficient future.
Our business model empowers us to fulfil
this commitment.
Optimising
Our capital structure
Our strategic objective is to optimise
our capital structure, thereby
augmenting the potential for capital
distribution to shareholders in
alignment with our dividend policy.
Specifically, for newbuilds with
longer-term contracts, the Group
targets a financial leverage within the
range of 75-85% of the associated
newbuild costs. Conversely,
for vessels under shorter-term
contracts, we aim for debt financing
in the range of 50-70% of the
newbuild costs.
Balancing
Our approach to long-
and short-term contracts
Our strategic goal is to secure
a portion of long-term contracts,
thereby ensuring stable cash flows
and facilitating financing solutions.
Simultaneously, we aim to maintain
exposure to the short-term
spot market, which exhibits
robust fundamentals for the
foreseeable future.
Market leading
Provider of offshore wind
service vessels
Upon completing the construction
of the C/SOVs currently underway, we
will possess the world’s most extensive
fleet of purpose-built offshore wind
C/SOVs. The strategic initiative
underscores our commitment to
the rapidly expanding market for
offshore wind service vessels.
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Edda Wind ASA – Annual Report 2024
14 Strategy
Renewable energy
at the centre of
the strategy
The Group’s strategic
orientation is centred on
the offshore wind industry.
Acknowledged as essential
to creating enduring value for
shareholders, sustainability
constitutes an opportunity
for innovation, heightened
efficiency, and serves as the
bedrock for sustained growth.
The business model and strategy are supported by the capital,
experience and network, and competence of the Group’s
major shareholders as well as its dedicated management and
organisation. The Group is already well positioned within the
industry with a diversified contract portfolio with leading clients,
including Ørsted, Ocean Breeze, Vestas, Siemens Gamesa, SSE
Renewables and NNG, as well as having future-ready assets
prepared for new zero-emission operations creating a solid
platform for further growth and development. Global
environmental concerns have led to significant investments in
decarbonisation.
The decarbonisation through electrification is expected to
continue, which will further support positive development
for offshore wind. While this supports the Group’s business
model, strategy and prospects, future development will also be
influenced by licensing and development of new offshore wind
farms, access to capital and competent sea and shore personnel
as well as being able to offer cost efficient services to clients
while meeting future emission standards.
The Group also sees opportunities withing the broader maritime
operation space where it can leverage its experience and
provide cost- and fuel-efficient maritime operations.
Photo: Stephan Giesen
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Edda Wind ASA – Annual Report 2024
15 Stakeholder Engagement
Working for our
stakeholders
Maintaining a regular and
open dialogue with key
stakeholders is important for
Edda Wind, as it contributes
to a better understanding
of stakeholder expectations,
possible challenges and
opportunities, and the
potential impact of our
activities. This, in turn,
serves as a basis for
better decision-making.
Stakeholders are defined as those entities or individuals that are expected to be significantly
affected by Edda Wind’s activities, services and decisions.
Key stakeholders and how we communicate with them:
Investors Customers
• Annual and quarterly reports and presentations
• Regular Board meetings
• Press releases and stock exchange notices
• Customer meetings
• Regular dialogue
• Tender activities
Suppliers
• Procurement policies
• Supplier assessments
• Regular dialogue with key suppliers
Employees
• Performance appraisals
• Management communication
Authorities and
local communities
• Membership organisations
• Sponsorships
Ship manager
• Day-to-day communication
• Regular operations meetings
Strategic
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16 ESG
Environmental,
social and
governance
Sustainability reporting
Edda Wind’s sustainability reporting
has been approved by the Board of
Directors. No third-party verification
has been performed.
Edda Wind ASA – Annual Report 2024
Scope of the report and reporting boundaries
The report covers activities for the calendar year 2024 for
Edda Wind and its subsidiaries and is aligned with the other
information provided in the Annual Report. The scope of
reporting covers all activities under Edda Wind’s operational
control, including activities performed by our ship manager
on our behalf. Environmental data, such as greenhouse gas
(GHG) emissions and waste disposals, are reported on an
operational control basis. People-related data includes data
from personnel under direct employment, as well as
personnel working on board our vessels hired in through
crewing managers.
Refer to note 5 to the consolidated financial statements
for a full overview of entities within the Group.
Sustainability highlights
32% increase in vessel days in
renewable energy segment
Strengthened policies
and procedures
Environmental
Contribute to
a greener future
Strategic
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Statements
Social
Be a safe
workplace
and inclusive
employer
Governance
Be a trusted
and transparent
business partner
17 ESG continued
Materiality assessment
and priorities
Edda Wind conducted a full materiality
assessment in 2022, which helped us
identify the aspects of our business
having the most impact on the
environment and the people working
for us.
Edda Wind initiated a double
materiality assessment in accordance
with CSRD in 2024/2025. This
assessment is still in progress and will
provide valuable insights into our
reporting from 2025 and onwards.
10
4 1
7
11
5 2
8
12
6 3
9
Importance for business
Importance for stakeholders
Business ethics and anti-corruption
Operational safety, prevention of accidents,
injuries and absence
GHG emissions from operations
Customer focus
Human capital development
Data privacy and data security
Supply chain management
Tax transparency
Waste management and ship recycling
Green growth and decarbonisation
Human rights and equal treatment
Sustainable innovation
Environmental issues
Social issues
Governance issues
Other
12
11
10
9
8
7
6
5
4
3
2
1
Based on the materiality assessment, the Group management team defined a set of sustainability
priorities and related material topics, which was also approved by the Board of Directors.
United Nations Sustainable Development Goals:
Edda Wind ASA – Annual Report 2024
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18 ESG continued
Materiality assessment overview
Environmental
Contribute to a
greener future
Offer effective and
energy efficient
shipping solutions
for the construction,
operation and
maintenance of
offshore wind farms.
Investing in
sustainable
solutions
Our investment
programme and ambitions
for zero emission.
Addressing climate change and associated risks require solutions with lower GHG emissions. Edda Wind Group
GHG emissions
GHG emissions from
own operations.
Addressing climate change and associated risks require solutions with lower GHG emissions. Edda Wind Group
Pollution
Impact of our activities
and vessels on air and
water.
Pollution can lead to contamination, ecological disruption and impact on human health. Edda Wind Group
Social
Be a safe
workplace
and inclusive
employer
Have a safe working
environment with no
personal injuries and
where people are
treated equally
and without
discrimination.
Operational safety
on board
Accidents, injuries and
absence. Risk assessment
and mitigating
measurements.
Safe working conditions are contingent upon a robust safety culture and essential for
effective and profitable operations.
Edda Wind Group,
customers,
suppliers and
business partners
Equality, diversity
and inclusion in
the workforce
Respect and protection
of equal opportunities.
Establishing an inclusive, diverse and non-discriminatory workplace is crucial for attracting
and retaining top local talents possessing the appropriate competence, experience, skills
and motivation.
Edda Wind Group,
suppliers and
business partners
Human rights
Respect and protection of
fundamental human rights.
Respecting and protecting human rights is crucial as it ensures ethical and social responsible
business practices.
Edda Wind Group,
customers,
suppliers and
business partners
Competence
development
Investing in human capital.
The skills and competencies of the people working for us are crucial for long-term
profitability and fulfilment of our vision.
Edda Wind Group
Governance
Be a trusted
and transparent
business
partner
Uphold a high
standard of ethical
behaviour in all our
operations.
Business ethics
and anti-corruption
Compliant and
ethical operations.
Sound business ethics and anti-corruption efforts are essential to uphold ethical business
conduct, mitigate financial and reputational risk, and to contribute to a transparent and
responsible corporate environment.
Edda Wind Group,
customers,
suppliers and
business partners
Supply chain
management
Responsible procurement
and supplier management.
Effective supply chain management is integral to ensure commitment to responsible
business conduct across the entire value chain.
Edda Wind Group,
suppliers and
business partners
Cyber security Safeguarding our data.
Cyber security safeguards sensitive data, ensures business continuity, and mitigates
potential environmental and social impacts associated with cyber threats.
Edda Wind Group
Strategic topics Strategic ambition Material topics What the topic covers Why is the topic material Topic boundary
Edda Wind ASA – Annual Report 2024
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19 ESG continued
Environmental
Contribute to a
greener future
Offshore wind stands at the forefront
of decarbonising the global energy
market. Edda Wind’s fleet plays a vital
role in supporting existing and future
offshore wind parks, contributing to
the provision of cleaner, renewable
and cost-efficient energy worldwide.
Sustainability has a central position
in our strategy, focusing on the
offshore wind sector, encompassing
both the O&M segment and the
commissioning segment.
Key climate-related risks and opportunities
Edda Wind ASA – Annual Report 2024
Key risks
Description
Possible adverse effects
Physical risks
Harsher weather conditions
•
Reduced utilisation due to waiting on weather
•
Reduced predictability and increased difficulties to perform crew changes
•
Increased risk of personal injuries offshore
•
Increased risk of asset/equipment breakdown
•
Increased wear and tear of assets/equipment
Rising sea levels
•
Difficulty finding adequate ports to perform port calls, mobilisation/
demobilisation and crew change
Transition risks
Penalties or taxes related
to emissions
•
Higher operating cost for our vessels
•
Reduced vessel value
Emerging technology of zero
-
emission on offshore vessels
•
Potential retrofitting requirements to stay aligned with the technology
development in the industry
•
Reduced vessel value
•
Reduced utilisation
Zero
-emission investments
•
Less desirable supplier if zero-emission technology does not provide the
required results
Reputational impacts
•
Increased stakeholder focus and expectations for climate-impact
management. Reduced access to competent personnel and increased cost
of capital if we aren’t aligned with the
stakeholder expectations
Transition opportunity
Market shifts
• Increased taxation/penalties for GHG emissions leading to reduced demand
for fossil fuels and increased demand for renewable energy worldwide
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20 ESG continued
Our ambitions
We fully endorse the Green Deal’s
objective of achieving zero emissions
by 2050 and are actively engaged in
contributing to the production of
renewable energy. Furthermore,
we are diligently working to minimise
our own environmental footprint as
an integral part of the offshore wind
value chain.
In 2024, we have implemented our
Environmental Policy, setting our commitment
to environmental issues.
To deliver enhanced value to our customers while
minimising our environmental footprint, we
collaborate with them to optimise our vessels and
explore development of alternative fuels, including
hydrogen. Employing cutting-edge technology, we
integrate battery-hybrid solutions, and our
newbuildings are designed to facilitate hydrogen-
based operations, fit for zero-emissions. Our latest
newbuildings are also prepared for zero-emission
through methanol fuel sources.
Our ambition is to:
1. Offer zero emission on
our vessels by 2030
2. Be carbon-neutral by 2040
Investing in
sustainable solutions
Edda Wind’s ongoing newbuilding
programme will bring the fleet to a
total of 12
1
purpose-built offshore wind
vessels by 2026. With this, Edda Wind’s
fleet will consist of next-generation
offshore service vessels.
Implemented energy-saving equipment
Each vessel under construction is designed to
have a low environmental footprint without
compromising its operational capabilities. The vessels
are designed with systems to increase energy
efficiency and decrease overall energy consumption.
The vessels are equipped with battery hybrid
propulsion systems that enable us to reduce the
number of diesel generators in operation since the
batteries can be considered as a spinning reserve in
critical situations. It also enables us to reduce the
size and number of generator sets, which will simplify
maintenance, reduce vessel weight and reduce fuel
consumption. In addition, the ventilation systems on
board are set up to utilise the residual heat from the
engines’ cooling water systems, rather than from the
diesel generators. The energy-saving equipment
implemented will give the newbuildings a minimum
of 30% reduction in GHG emissions compared to
first-generation offshore wind service vessels.
Prepared for zero-emission
All of Edda Wind’s newbuildings are prepared for
zero-emission operations without compromising
operational capabilities. The vessels are prepared
to take on board the liquid organic hydrogen
carriers (LOHC) concept with the potential for
zero-emission operations. Edda Wind has received
NOK 141 million in grants from Enova during 2021-
2024 related to the LOHC setup and battery hybrid
propulsion systems.
Edda Wind has entered into a letter of intent for using
the LOHC technology with Hydrogenious LOHC
Maritime AS (“Hydrogenious LOHC”). Hydrogenious
LOHC has developed and patented the LOHC
technology for particularly safe, easy and efficient
storage and transportation of hydrogen, which will
revolutionise the supply chain for hydrogen. The
unique feature is that hydrogen is chemically bonded
to the low-toxicity, non-explosive and
low-cost carrier oil, which can be used to store
and transport large quantities of hydrogen under
ambient conditions, using the already existing fossil
fuel infrastructure. The carrier oil Hydrogenious
LOHC uses – benzyltoluene – can be loaded and
unloaded with hydrogen over the lifetime of the
vessel. Edda Wind’s target is to be able to offer
this zero-emission solution to clients by the end
of this decade.
Preparing for CSRD
With the current Omnibus proposal in the
EU, Edda Wind will not be subject to CSRD
reporting requirements as of 2025. Prior to the
Omnibus proposal being released, Edda Wind
started a double materiality assessment in
accordance with CSRD and will utilize this to
strengthen the ESG reporting going forward.
1 Excluding the sale of Mistral Enabler in April 2025.
Photo: Stephan Giesen
Edda Wind ASA – Annual Report 2024
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21 ESG continued
2024 2023 2022
2024 2023 2022
GHG emissions
Edda Winds main source of GHG
emission is the consumption of fossil
fuel by our vessels. We actively work
to minimise our impact and have
implemented several solutions to
reduce emissions.
The Edda Wind fleet is operated with variable
speed generators and equipped with additional
power-saving measures. These include heat-
recovery systems that utilise residual heat from
the engines’ cooling water systems to substitute
electrical warming, as well as frequency-controlled
propellers, pumps and fans. The implemented
measures have the capacity to significantly reduce
fuel consumption and CO
2
emissions by up to 30%.
A Ship Energy Efficiency Management Plan
(SEEMP) is implemented on all operated
vessels, describing initiatives and measurable
goals to increase energy efficiency. The
SEEMP also clarifies roles and responsibilities
on board, thereby increasing awareness
among crew members. To further reduce CO
2
emissions, the vessels are delivered with
recommended eco speed during transit. The
eco speed is calculated to be the speed level
giving the best energy efficiency during
transit. In addition, the ship propellers are
frequently polished, and the ship hulls are
regularly cleaned to reduce
water resistance.
Freight
income 62,612 36,955 26,930
Total
vessel days 2,182 1,647 994
Scope 1
Emissions directly from operations
Owned
vessels 35,247 22,966 11,709
Hired
-in vessels – 3,853 11,138
Total
Scope 1 CO
2
(tonnes) 35,247 26,819 22,847
Frontrunners during 2024 has not been included in scope 1 as these have not operated under Edda
Winds control. The operational days of frontrunners have not been included in total vessel days.
Scope 2 and 3
Emissions indirectly from purchased electricity
Purchased
electricity
Location
based (kWh) – – –
Market
based 8,000 16,220 11,891
Shore
-based power-supply
Location
based (kWh) 18,334 372,270 635,303
Market
based – – –
Total
Scope 2 (kWh) 24,334 372,270 647,194
Total
Scope 2 CO
2
(tonnes) 5 69 115
Total
Scope 1 and 2 CO
2
(tonnes) 35,252 26,888 22,962
Scope
3 Not available Not available Not available
Scope 2 is significantly reduced from 2023
to 2024, mainly due to reduced
consumption of shore-based power. The
Group had two newbuilds on yard stay in
Denmark in 2023, utilizing shore-based
power during their stay.
Total Scope 1 increased by 8,428 tonnes
CO2 from 2023 to 2024. The Group had 2,182
operating vessel days during 2024,
compared to 1,647 operating vessel days in
2023. Total CO2 emissions increased by 31%
from 2024 to 2023 while total operating
vessel days increased by 32%.
Edda Wind Scope 3 emissions have not been
quantified in 2023. The material Scope 3 categories
for the Group are:
• Category 1: Purchased goods and services
• Category 2: Upstream transportation
and distribution
• Category 5: Waste generated in operations
• Category 6: Business travels
• Category 7: Employee commuting for seafarers
The Scope 3 emissions are mainly related to
resources used in construction of our vessels,
as well as air travel for seafarers commuting
to/from vessels.
2024 2023 2022
Edda Wind ASA – Annual Report 2024
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22 ESG continued
Pollution
Edda Wind operates within the marine
environment. We acknowledge that
our activities may have negative
impacts on air, soil and water, and work
on measures to reduce such impacts.
Air pollution
Apart from GHG emissions, we impact the
air through exhaust emissions from the main
engines of our vessels, mainly nitrogen oxide (NOx)
and sulfur oxide (SOx) emissions. We actively limit
our impact through the implementation of
solutions such as a selective catalyst reactor (SCR).
The SCR system reducesthe level of NOx in the
exhaust gas from the engine by means of catalyst
elements and a reducing agent (urea). The SCR
system can reduce levels of NOx emissions by as
much as 90%. Customers are encouraged to utilise
the SCR system and to use low-sulfur marine gas
oil to reduce SOx emissions. Our vessels also
operate under the SEEMP to reduce fuel
consumption and thereby also reducing exhaust
emissions to the air.
Pollution
NOx
(tonnes) 219.0 169.4 273.9
SOx (tonnes) 13.6 11.2 12.2
2024 2023 2022
Waste management
On board waste management of the Edda Wind
fleet complies with the Convention for Prevention
of Marine Pollution (MARPOL). All waste is handled
in accordance with the Garbage Management
Procedure, whereby all waste is categorised into
categories as defined in the amendments to
MARPOL annex V and disposed of in accordance
with the requirements for each category. During
2024, Edda Wind generated 66.5 tonnes of waste,
calculated in accordance with Marpol Annex V.
Oil spill prevention
Edda Wind follows the International Convention
on Oil Pollution Preparedness, Response and
Co-operation. Our ambition is to comply with
all regulations regarding marine pollution and
have zero spills of hazardous materials into the
environment. All vessels are equipped with oil
pollution prevention equipment such as booms
and sorbents. Shipboard areas where spillage
is most common are protected so that the
residues are easily recovered. Each vessel has an
Emergency Preparedness Manual which also covers
emergency procedures in case of spills. All spills
are reported to management, and cause and
corrective actions are followed up. Edda Wind
has not had any spills in 2024 or 2023.
Biodiversity and ecosystems
Edda Wind complies with the regulations in
the Ballast Water Management Convention and
CLEAN class notation. Bilge water discharged to
the environment complies with MARPOL
requirements.
Ship recycling
Edda Wind has not performed any ship recycling
during the period. Edda Wind’s fleet consists of
new vessels with a long remaining economic
lifetime, and as such Edda Wind does not expect
to perform any ship recycling in the near or
mid-future. However, Edda Wind recognises that
ship recycling must be performed in accordance
with strict standards to mitigate any adverse effects
on the environment, personnel health, and safety.
As such, Edda Wind will in due course comply with
applicable regulations for future ship recycling.
Edda Wind ASA – Annual Report 2024
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23 ESG continued
Social
Be a safe workplace
and inclusive employer
Our ambition is to have a safe working
environment with no personal injuries.
Safety is the cornerstone of good
seamanship and something we never
compromise on.
Key risks and opportunities related to our workforce
Key opportunities Key risks
• Motivated employees fostering
a healthy work environment
• Low turnover
• Increased diversity and
talent base
• Attractive reputation as employer,
attracting talents
• Harm to personnel
• Difficulty securing and
maintaining talent in
key functions
• Lack of access to
competent personnel
Operational safety on board
The crew on board our vessels were hired in through our ship manager,
Østensjø Rederi until Edda Wind took over vessel management in end
of 2024.
A crucial part of becoming a stand-alone company and managing our
own vessels is to implement our own internal management system and
obtain a document of compliance and ISO certifications. Edda Wind has
worked continuously with this during the year and received a
Document of Compliance from DNV in February 2025. ISO certifications
are in progress and planned to be completed in 2025.
Edda Wind works on a regular basis to minimise the risk of personal
injuries, and environmental and property damage. Risk assessments are
performed regularly on shore and on board the vessels. A risk
assessment shall be in place in advance of any operation to ensure that
the operation can be safely executed. Hazards shall be identified and
analyzed in the assessment, resulting in corresponding mitigating
control measures. This creates awareness among our personnel and
underpins the safety culture within Edda Wind. The crew also have the
right to remove themselves from any situation that does not feel sale,
potentially causing injuries, ill-health or other incidents through a “Stop the
Job” policy. All personnel shall have knowledge of this policy when
onboarding a vessel.
All crew members must complete a familiarisation checklist as part of
their introduction to the vessel. This is a comprehensive checklist that
includes a review of both general and vessel-specific topics, such as
relevant HSEQ policies, use of equipment, assessment of risks and
hazards, and reporting routines. There are also position-specific
checklists to cover aspects that are important for key positions on
board.
All personnel on board undergo a health examination by a certified medical
examiner before commencing work on board our vessels. All vessels are
equipped with exercise equipment on board for the crew’s disposal. In
addition, there are procedures in place to ensure prompt access to
medical care and treatment whether on board a vessel or ashore.
All incidents, resulting in i.e. personnel injuries, ill-health, technical
damages and -breakdowns, and environmental spills shall be
reported. Other types of reports also include Non-Conformities,
Near Misses, Suggestions for Improvements and Safety
Observations. The focus when following up these reports, is to
analyze, learning from the incidents and implement actions to not
only correct the situations, but also prevent future potential
incidents in the future. With the exception of Safety Observations,
which are followed-up solely on board, all reports are administered
and reviewed by the HSEQ Department, which delegates to a
Responsible Person, either office personnel, or management on
board. The Responsible Person is in charge of follow-up and
ensuring efficient implementation of corrective actions.
The Group monitors and reports lost time incident frequency (LTIF),
total recordable case frequency (TRCF), restricted work case
frequency, medical treatment injuries, and sick leave. This is reported
monthly to management. LTIF
1
was 0.63 and TRCF
2
was 2.52 as at 31
December 2024. Both LTI’s registered in 2024 were injuries to
foot/ancle in the Galley. Corrective and preventive actions were
implemented in both cases. Further measures are planned to reduce
risk of new potential incidents in the Galley.
Edda Wind ASA – Annual Report 2024
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1) LTIF is calculated as total lost time incidents x 1,000,000 / number of
exposure hours. As established standard, exposure hours is set to 24
hours per day per person.
2) TRCF is calculated as total recordable incidents x 1,000,000 / number of
exposure hours. As established standard, exposure hours is set to 24
hours per day per person.
24 ESG continued
Equity, diversity and
inclusion in the workforce
Edda Wind strives to create a culture
where people are treated equally
regardless of nationality, gender
or other factors.
During 2024, Edda Wind has hired in management and crewing services from Østensjø Rederi, which
was terminated in Q4 2024. We have conducted our business, whether directly or through suppliers,
with respect for human rights and labour standards, including conventions and guidelines related to
wage and salary, working conditions, freedom of association, and the prevention of child or forced
labour. All crew working for us have contracts in compliance with the Maritime Labour Convention.
In February 2024, we implemented our Human Rights Policy, establishing our commitments to non-
discrimination, equal opportunities and respect for human rights and labour standards.
Edda Wind seeks to promote a diverse workforce and to ensure non-discriminating recruitment
processes, as per HR policies
Gender Age Employment region
Number
Male
Female
<30
30 -
50
>50
Norway
UK
Central
Europe
Asia
Board of Directors
Headcount
5
60%
40%
0%
60%
40%
4
1
0
0
Employees onshore
Headcount
33
76%
24%
0%
70%
30%
33
0
0
0
Employees offshore
Headcount
26
100%
0%
12%
38%
50%
26
0
0
0
Hired
-in offshore personnel
FTE
351
92%
8%
8%
72%
21%
0
95
164
92
Investing in human capital
The skills and competencies of the people working for us are crucial to our performance and our ability
to live up to our vision. In 2023 a strategic decision was made to establish an independent entity, enabling
us to perform project, technical and corporate management ourselves. During 2023 and 2024, Edda Wind
has upscaled its onshore organisation from 19 employees to 33 employees. Edda Wind has also built its
offshore organization by employing 26 Norwegian Officers.
Building a new organisation is a rigorous and time-consuming process. However, we has used this
opportunity to redefine our operational methodologies and cultivate an efficient and proficient
organisational culture. Through the incorporation of industry best practices and the integration of
innovative approaches, our objective is to craft a workplace culture that not only aligns with current
demands but also serves as the bedrock for long-term success.
Photo: Bård Gudim
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25 ESG continued
Governance
Be a trusted and transparent
business partner
Edda Wind strives to uphold the
highest standard of ethical behaviour
in all our activities. We want to enable
our employees to deliver the best
customer experience and to ensure
that we operate with the highest
standards of integrity at all times.
Key risks and opportunities
Key opportunities
• Customer confidence
• Attracting cooperation with
responsible parties
• Increased awareness
among employees
Key risks
• Non-compliance events with
adverse consequences, such
as litigation, fines and
reputational damage
• Exposure to high-risk countries
Establishing the Edda Wind way of working
An important part of becoming a stand-alone organisation is to
establish clear guidelines and commitments. New policies
implemented during 2024 include an Anti-Corruption Policy, Trade
and Sanctions Policy and Whistleblowing Policy. Further, we will start
implementation of a formal whistleblower channel in 2025.
In 2024 we released Edda Wind Code of Conduct, setting our
expectations, commitments and requirements for ethical conduct
from our employees and Board members, and also extending to all
persons working on board the Edda Wind vessels. We have also
implemented a Supplier Code of Conduct, setting expectations
for ethical conduct by our suppliers.
Business ethics and anti-corruption
The Group has a zero-tolerance policy regarding corruption and
bribery. We conduct our business in compliance with all applicable
laws, rules and regulations on anti-bribery, anti-corruption and anti-
money laundering.
No incidents of non-compliance with such laws and regulations have
been noted in 2024. Edda Wind has not conducted any business in
countries with a high risk of corruption, according to Transparency
International’s Corruption Perception Index. It is important that
someone who discovers wrongdoing and non-compliance with
policies or applicable law is able to report it without risk of retaliation
or discrimination. No whistles have been reported in 2024.
Supply chain management
Our goal is to influence our entire value chain toward sustainable
maritime trade. For the past years, supply chain management has been
performed by our external ship manager. However, as Edda Wind took
over ship management in late 2024, we also started working on a
bridging of procedures and plan to perform audits and review of the
supplier register during a set time frame.
We have also implemented our Supplier Code of Conduct and a
Supplier Evaluation Questionnaire used to assess new suppliers.
Edda Wind is committed to respecting and securing human rights and
business ethics through the supply chain. Our Transparency act is
published on the Group’s webpage, www.eddawind.com
.
Cyber security
Our objective is to minimise cyber security risk and to secure
employees’ active contribution to a risk prevention culture. We work
closely with our IT and Cyber Security supplier, each ships crew, and
employees onshore to build and enforce strong cyber protection. We
have conducted a vulnerability assessment of all internet-facing
resources and put in place internal guidelines for secure application
development.
We will continue to develop the maturity of our systems to strengthen
our defence and to keep up with regulatory updates. We have
implemented our own Data Protection Policy and GDPR practices have
been established.
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26
Board of
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27
Board of Directors’
28
Board of Directors’ Report
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27 Board
Board of
Directors’
Geir Flæsen
Chair of the Board
EVP New Energy at Wilh. Wilhelmsen and Chairman in
NorSea Group. He has broad experience from management
and board positions within the maritime industry, including
Wilh. Wilhelmsen Holding ASA, Wallenius Wilhelmsen ASA,
Wilhelmsen Ships Service AS, DoLittle AS (chair) and NorSea
Wind Holding AS (chair).
Adrian Geelmuyden
Director
Adrian Geelmuyden is currently Director of Seatankers
Management and has experience as Head of Sale and
Purchase of Solstad Offshore ASA, Chartering Manager at
Deep Sea Supply and has also been partner and shipbroker
at R.S. Platou.
Geelmuyden holds a bachelor’s in economics from
Norwegian School of Business and Economics (NHH).
Martha Kold Monclair
Director
Martha Kold Monclair is a Non-Executive Director of the public
listed companies, Hexagon Purus ASA, Reach Subsea ASA as
well as Fjord1 and Ocean Geoloop. She holds a master’s
degree and PhD from the Norwegian University of Science
and Technology (NTNU) and a Doctorate in Economics from
BI Norwegian Business School.
Monclair has served two years as Chief Executive Officer
of Steinsvik Group and ten years as Chief Executive Officer
of DeepWell.
Toril Eidesvik
Director
Toril Eidesvik has broad experience in international shipping
and finance, and has previously held the position as Chief
Executive Officer of each of Green Reefers ASA, EMS Seven
Seas ASA and Nekkar ASA (previously TTS Group ASA). Eidesvik
holds several Board positions, including Port of London
Authority, Eksportfinans ASA, Seam AS and CFT Solutions AS.
Eidesvik holds a Master of Laws from the University of Oslo
from 1993.
Duncan Bullock
Director
Duncan Bullock is an investment professional with 15 years’
experience working in the energy sector, across developed
and emerging markets, and conventional and renewable
energy infrastructure projects.
Mr. Bullock is currently an investment Director of Quantum
Power. He has previously worked with Octopus Investments,
Citigroup and PriceWaterhouseCooper. He holds a Master
in Arts from Oxford University.
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28 Board of Directors’ Report
Board of Directors’
Report
Edda Wind ASA (“Edda Wind” or the
“Group”) is a provider of offshore
wind service vessels, headquartered
in Haugesund. The Group develops,
The Group has operated three SOVs and five
CSOVs during 2024. The Group also has five
dedicated offshore wind vessels under
construction, all of which are CSOVs.
Edda Wind has a long-standing track record in
maritime operations. The ambition of the Group
is to be the leading provider of offshore wind
service vessels. Following delivery of vessels
under construction, Edda Wind will have the
largest fleet of purpose-built offshore wind
C/SOVs in the world. The Group’s ambition is
to secure a share of long-term contracts to
ensure cash flows, while also having exposure
in the short-term spot market.
Market development and outlook
The offshore wind market is experiencing strong
growth and is expected to continue expanding
rapidly over the next decade. The leading
analytical environments within offshore wind
estimate a continued significant growth in
energy generation capacity from offshore wind
turbines. This will naturally be accompanied by a
sharp growth in the number of wind turbines
installed and in operation.
Rystad Energy is projecting that more than 6,000
turbines will be installed globally (excl. China and
US) by 2030. This growth will take the current
number of turbines from approx. 7,300 at the end
of 2024 to above 13,000 by 2030. The substantial
growth in offshore wind turbines is a key catalyst
for the growing demand projected for vessels,
which will be required both during the
construction and installation phase and for
operation and maintenance throughout the wind
farms’ lifespan. Additionally, with high activity
within the oil & gas market, emergence of vessels
from the wind industry into maritime operations
within oil & gas provides further and additional
opportunities for vessel owners. Further market
information can be found in our Strategic Report.
Edda Wind emphasises that the information
included in this Annual Report contains certain
forward-looking statements that address activities
or developments that the Group anticipates will or
may occur in the future. The statements are based
on assumptions and estimates, and some of them
are beyond the Group’s control and therefore
subject to risks and uncertainties.
Consolidated annual accounts
The Group’s financial statements for 2024 are
prepared in accordance with International Financial
Reporting Standards (IFRS), as endorsed by the EU.
Income statement
Total operating income for the year ended 31
December 2024 was EUR 70,426 thousand
compared to EUR 39,368 thousand for the year ended
31 December 2023. The increase is mainly due to
increased operational days. During the first quarter
of 2024, three of the Groups vessels experienced
technical challenges and was temporarily taken out
of operation, resulting in offhire and loss of
operational income. The performance of the vessels
has been strong following the upgrades.
Total operating expenses before depreciation for
the year ended 31 December 2024 were EUR 51,311
thousand compared to EUR 32,348 thousand for
the year ended 31 December 2023. The increase
is mainly related to the commenced operation of
new vessels during the year as well as increased
frontrunner cost during 2024, amounting to EUR
9,837 thousand This is related to technical issues on
Brint Enabler and delay of Goelo Enabler. By
comparison 2023 frontrunner cost was EUR 6,734
thousand.
Depreciation was EUR 12,301 thousand for the year
ended December 2024 compared to EUR 7,210
thousand for the year ended December 2023.
Depreciation increased due to new vessels
commencing operation in 2024. Edda Wind
generated an operating profit of EUR 6,814 thousand
for the year ended 31 December 2024, compared to
an operating loss of EUR 190 thousand for the year
ended 31 December 2023. Net financial expense for
the year ended 31 December 2024 was EUR 3,039
thousand compared to a net financial profit of EUR
1,177 thousand for the year ended 31 December
2023. The decrease in net financial expense is
mainly due an adjustment of capitalized interest on
newbuilds under construction in accordance with
IAS 23, offset by an impairment of a loan of EUR 1,8
million.
Total comprehensive income for the year ended 31
December 2024 was EUR 6,234 thousand compared
to EUR 1,026 thousand for the year ended 31
December 2023. The change is mainly due to the
above-mentioned factors, as well as currency
translation difference. Currency translation
difference reflects the effects of currency
fluctuations when revaluing subsidiaries with
functional currency in GBP or NOK to EUR.
The Group did not have any R&D activities during
2024 or 2023.
Edda Wind ASA – Annual Report 2024
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Statement of financial position
The Group’s material assets at year end 2024
consist of eight purpose-built offshore C/SOVs
in operation and five dedicated offshore wind
vessels under construction.
Total non-current assets as at 31 December 2024
were EUR 648,229 thousand, of which book value of
vessels and newbuildings amounted to EUR 641,124
thousand, up from EUR 515,516 thousand the
previous year. The increase is mainly due to
payment of pre-delivery yard instalments for the
Groups newbuildings. The Group has received EUR
3,050 thousand in grants from ENOVA during 2024
(EUR 2,062 thousand in 2023), booked as a reduction
of newbuilding cost price.
In 2022-2023, The Group incurred EUR 7,062
thousand in liquidated damages related to delayed
delivery of Breeze Enabler and Brint Enabler to
clients. The amount is capitalised as other non-
current assets and recognised in the profit and loss
(P&L) on a straight- line basis over the contract
period from the date the vessels were delivered to
the clients. As at 31 December 2024, a total of EUR
555 thousand has been recognised in the P&L.
The Group has written down a long-term loan of EUR
1,8 million during the year.
Total current assets as at 31 December 2024 was
EUR 55,060 thousand compared to EUR 57,766
thousand as at 31 December 2023. Cash and cash
equivalents were EUR 33,369 at 31 December 2024,
up from EUR 32,918 last year. Cash increased due to
the sale of Edda Passat in March 2024 and a private
placement of EUR 34 million in June 2024, offset by
payment of pre-delivery yard instalments and
repayment of post-delivery financing during
the year.
In 2023, Edda Wind acquired legal title to C-416
and entered into a pre-financing of EUR 11 million.
The pre-financing has been used to cover
expenses on behalf of the yard until the vessel was
completed. Upon completion in March 2024, the
total tax lease benefit of EUR 14 million was paid to
Edda Wind and used to repay the pre-financing
loan.
Total liabilities were EUR 373,010 thousand at the
end of 2024, up from EUR 297,376 thousand the
previous year. Net interest-bearing debt has
increased from EUR 284,830 thousand to EUR
357,801 thousand mainly due to drawdown on the
pre-delivery financing facilities for the
newbuildings.
At year end 2024, total equity for the Group was
EUR 330,280 thousand. The equity has increased
from EUR 289,737 thousand from the previous year.
The increase is mainly due to proceeds from the
private placement performed in June 2024 and the
profits for the year. Equity ratio decreased from
48.9% in 2023 to 47.0% in 2024. Equity from 2023 has
been restated due to an adjustment of capitalized
borrowing cost in accordance with IAS 23.
Statement of cash flow
Net cash flow from operating activities for 2024
was EUR 18,796 thousand compared to a negative
cash flow of EUR 13,100 thousand for 2023. Net
working capital is reduced due to the delivery
of Goelo Enabler and the settlement of the
pre-financing arrangement related to the vessel.
Net cash flow from investment activities was
negative EUR 122,427 thousand in 2024
compared to EUR 231,294 in 2023. The outflow of
cash related to investment activities is reduced
due to several construction projects being
completed during the year. In addition, the sale
of Edda Passat has had a positive effect of EUR
40 million on investment activities.
Net cash flow from financing activities was
EUR 104,048 thousand in 2024 (EUR 232,724
thousand in 2023). The Group has drawn down
in total EUR 122,950 thousand during the year
on pre-delivery facilities and repaid EUR 52,877
thousand on post-delivery facilities. The Group
has also received EUR 34,305 thousand in proceed
from the private placement performed in
June 2024.
Financial results and financial position –
parent company
Edda Wind ASA serves as parent company of
the Group. In 2024, the Company reported a
profit after tax of EUR 25,597 thousand, compared
to EUR 4,786 thousand in 2023. Operating expenses
for 2024 were EUR 945 thousand, a decrease from
EUR 1,461 thousand in 2023. Net financial
income was EUR 29,060 thousand in 2024 compared
to EUR 8,369 thousand in 2023. The increase is
primarily due to a received dividend in 2024, in
addition to interest on loans to subsidiaries and
group contributions received.
The Company’s total assets were EUR 387,122
thousand at year end 2024 compared to EUR 311,384
thousand at year end 2023. Total assets mainly
comprise of shares in subsidiaries, as well as
short-term receivables from group companies and
cash. Cash balance at year end 2024 was EUR 8,246
thousand, up from EUR 6,351 thousand the year
before. The increase is primarily explained by a
private placement performed in 2024 and received
dividend less payment of yard instalments on
behalf of subsidiaries. Booked equity at year end
2024 was EUR 340,051 thousand, compared to EUR
280,149 thousand at year end 2023. Equity ratio is
88%.
The Board of Directors has recommended that this
year’s profit of EUR 25,597 thousand be allocated to
other equity.
Other than stated above, the Company has not
experienced, nor does it have information about
any significant other trends, uncertainties,
demands, commitments or events that are
reasonably likely to have a material effect on the
Company’s financial performance or prospects
since the end of 2024 and until the date of the
Annual Report.
Edda Wind ASA – Annual Report 2024
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Operational risk
Edda Wind is exposed to the risk of cost increases,
including cost of vessel construction, operating
cost and maintenance cost, as well as risk related
to utilisation of the vessels. If any of the Group’s
vessels are taken out of operation, this could
materially impact the Group’s business, prospects
and financial results including its ability to be
compliant with the financial covenants pursuant
to its financing arrangements. Long-term
charter agreements include escalation clauses.
Construction and acquisition of new vessels is an
important element of the Group’s growth strategy.
The acquisition, construction, supervision and
delivery of new vessels are subject to several risks,
including the risk of potential cost overruns and
delays, risk of new vessels not meeting quality
and performance standards and unexpected
operational problems, political unrest and other
circumstances including macroeconomic factors,
financial problems at yards and key suppliers. The
newbuilding contracts are based on fixed price
agreements with the yards.
Commercial risk
The Group’s earnings and liquidity is dependent on
the Group’s ability to obtain profitable rates for its
vessels. The demand for the Group’s services may
be volatile and is subject to variations for several
reasons, including competition from other service
providers and uncertainty in the general demand in
the industry. The demand for the Group’s vessels is
dependent on the future development and operation
of offshore wind farms. Whilst Edda Wind has an
ambition to further expand its portfolio of contracts,
the process for obtaining new customer agreements
is competitive and generally involves intensive
screening and competitive bidding processes.
Liquidity and financial risk
Liquidity risk is related to the risk that the
Group may not be able to meet its financial and
operational obligations as they fall due. The Group’s
approach to managing liquidity is to manage
cash flows from operation of long-term charter
contracts, and the liquidity situation is monitored
and projected via liquidity budgets prepared by
management on a regular basis. The Group’s
liquidity situation is considered satisfactory at the
date of the Annual Report. However, the Group is
continously exploring alternatives to strengthen
its balance sheet.
The Group has secured long-term financing on all of
its vessels in operation and under construction. Edda
Wind’s loan agreements contain financial covenants
relating to minimum liquidity, working capital, equity
ratio, debt service coverage and loan to value. The
Group was in compliance with all covenants at year-
end. The repayment profile under the Group’s
existing financing agreements includes obligations
for the Group to repay large parts of the principal
loan balance at the final scheduled repayment date,
close to or at final maturity of the loan. Consequently,
the Group will need to refinance such debts prior to
final maturity. Edda Wind’s overall policy is to maintain
a strong capital base to maintain investor, creditor
and marked confidence and to sustain operations
and future business developments.
Foreign exchange risk
The Group’s reporting currency is Euro. A significant
portion of the Group’s operating expenses, capital
expenses and certain of its current and future
revenues is and will likely be incurred in other
currencies, such as NOK, GBP and USD. As a result,
the Group is exposed to the risks that such other
currencies, including NOK, GBP and USD, may
appreciate or depreciate relative to the EUR. The
Group has established hedging strategies to
monitor and mitigate risks on material exposures.
Interest risk
The Group has incurred, and may in the future
incur, significant amounts of debt. The Group
has a floating interest under certain of its debt
arrangements and is thereby exposed to interest
rate risk.
Tax risk
Nine
1
of the Group’s vessels in operation or under
construction are subject to certain Spanish tax lease
structures. Whilst the Spanish tax lease structures
enable the Group to acquire the newbuilds at a
discounted net price, the structure involves certain
risks including counterparty risk and regulatory risk
for the Group. Under such Spanish tax lease
structures, Edda Wind assumes certain obligations
and liabilities which would not exist if the vessels
were acquired under the standalone shipbuilding
contract. The tax lease structure is also dependent
on compliance of the various requirements and
obligations under the arrangement, the failure of
which may entail Edda Wind being obliged to repay
certain tax lease advantages.
Credit risk
The Group has credit risk related to charter
contracts. The customers are considered solid,
and the risk of customers not having the financial
capability to fulfil their obligations to the Group is
considered acceptable.
1) Excluding Mistral Enabler sold in April 2025.
Sustainability in Edda Wind’s operations
Sustainability is a strategic objective for Edda
Wind and considered key to its ability to create
long- term value for its shareholders. Please refer
to our sustainability reporting on page 16.
The growing environmental awareness and
requirement for green and renewable energy is
the basis for the business strategy, and operations
of Edda Wind’s fleet is part of the solution. The
operation of the Group’s vessels nevertheless
impacts the environment. Edda Wind has systems
in place for continuous measurement of emissions
to the environment and Edda Wind is taking
measures to reduce its impact. The newbuildings
are equipped with battery hybrid propulsion
systems, which, together with other energy saving
equipment, is expected to reduce GHG emissions
by a minimum of 30% compared to previous
generation offshore wind service vessels. The
newbuilds are also being prepared for installation
of zero-emission hydrogen technology to enable
zero-emission operations.
The safety of personnel on board the vessels is
paramount to Edda Wind’s operations. The Group
monitors and reports LTIF and TRCF on a monthly
basis, which is followed up based on established
targets, trends and/or individual cases. LTIF was
0.63 in 2024, while TRCF was 2.52. A high incident
frequency is not something Edda Wind considers
acceptable. We will in 2025 work actively to
improve our procedures and communication to
strengthen the safety culture that we need to
operate safely.
Edda Wind ASA – Annual Report 2024
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31 Board of Directors’ Report continued
Edda Wind is dedicated to treating employees and
hired-in personnel with respect and have a zero-
tolerance for discrimination. All personnel working
for Edda Wind shall have equal opportunities
regardless of gender, ethnic background, nationality,
religion or disability. The working environment
onshore and offshore is considered good.
The skills and competencies of the people working
for us are crucial to our performance and our
ability to live up to our vision. During the year,
Edda Wind upscaled its onshore organisation from
19 employees to 33 employees at year end., and
upscaled the offshore organization to 26
employees. 24% of total employees are female.
Edda Wind is committed to doing business in
accordance with laws and legal requirements,
including anti-corruption and bribery laws, in all
jurisdictions we operate. Laws and other legal
requirements currently applicable to the Group
include, but are not limited to, European Union,
national state, flag state, class, coastal state, port
state and local laws and regulations under multiple
jurisdictions worldwide (however, mainly in Europe),
such as those of the European Union, Norway, the
United Kingdom, Spain, Germany and the
United States.
Edda Wind ASA has signed a Directors and Officers
Liability Insurance (D&O). The D&O insurance provides
financial protection for the directors and officers of
a company in the event that they are being sued in
conjunction with the performance of their duties as
they relate to the company. The insurance comprises
the directors’ and officers’ personal legal liabilities,
including defence- and legal costs.
Corporate Social Responsibility
As an integral part of becoming a stand-alone
organization, Edda Wind has established clear
guidelines and commitments through its new policies,
implemented in February 2024, replacing the former
CSR Policy.
The new policies include:
• Human Rights Policy
• Anti-Corruption Policy
• Environmental Policy
• HS&Q Policy
• Whistleblower Policy
• Data Protection Policy
• Drug and Alcohol Policy
• Marine Crewing Policy
• Trade and sanctions Policy
In addition, Edda Wind has implemented a Code
of Conduct, setting our expectations,
commitments and requirements for ethical
conduct from our employees and Board members,
and also extending to all persons working on board
the Edda Wind fleet.
In relation to the Transparency Act that came into
force 1 July 2022, Edda Wind’s published report is
available on
www.eddawind.com/investor-relations/.
Further information can be found in our
sustainability reporting on page 16 in this report.
Subsequent events
In March 2025, Edda Wind, through its subsidiary
West Energy AS, entered into a sale and purchase
agreement regarding the sale of all outstanding
shares in Puerto de Llafranc S.L., the registered
owner of Mistral Enabler. The transaction was
completed in April 2025.
The rationale for the sale was to optimise the
Group’s fleet strategy, including alignment of
vessel design. The proceeds from the sale will be
used for general corporate purposes, including
the repayment of outstanding debt related to
Mistral Enabler and will further strengthen the
Company’s liquidity position and balance sheet.
Going concern
The consolidated financial statements and parent
financial statements have been prepared based
on an assumption of going concern. This is based
on the Group’s budgets for 2025, as well as cash
flow forecast and contract status for
newbuildings.
Responsibility statement
We hereby confirm that, to the best of our
knowledge, the annual accounts for the
period 1 January 2024 to 31 December 2024
have been prepared in accordance with
applicable accounting standards; and that the
information in the accounts represents a true
and fair view of the Group and parent
company’s assets, liabilities, financial position,
and overall performance. We further confirm
that the Annual Report provides a true and
fair view of the development, earnings and
standings of the Group and parent company,
and sets out the most important risk factors
and uncertainties facing the Group.
Haugesund, 23 April 2025
The Board of Directors of Edda Wind
ASA (signed electronically)
Geir Flæsen
Chair of the Board
Toril Eidesvik
Board member
Adrian Geelmuyden
Board member
Edda Wind ASA – Annual Report 2024
Duncan Bullock
Board member
Martha Kold Monclair
Board member
32
Edda Wind ASA – Annual Report 2024
Corporate
Governance
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33
Governance at a Glance
34
Norwegian Code of Practice for
Corporate Governance
38
Remuneration Report
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Photo: Eivind Røhne
33 Governance at a Glance
Government at a Glance
Edda Wind ASA is the parent company
of the Edda Wind Group. Edda Wind
ASA is a Norwegian public limited
company listed on the Oslo Stock
Exchange, subject to Norwegian
corporate, accounting, exchange
listing and security trading.
The Board of Directors has the ultimate
responsibility when it comes to ensuring that
the Company has implemented sound
corporate governance. Edda Wind ASA and
its Board of Directors have a strong
commitment to ensure trust in the Company
and to enhance shareholder value through
efficient decision-making and good
communication between management, the
Board of Directors, and shareholders.
The Company’s framework for corporate
governance is intended to decrease business
risk, maximise value and utilize the
Company’s resources in an efficient,
sustainable manner, to the benefit of
shareholders, employees and society
at large.
External auditor
Nomination
Committee
Board of Directors
Audit
Committee
Remuneration
Committee
Executive management
General meeting
Edda Wind ASA – Annual Report 2024
The Board of Directors review, monitor and discuss
issues, risks and opportunities related to safety,
security and sustainability. Regular Board meetings
are held during the year, and topics such as
investments and sustainability are considered
in the Board’s strategic work, as well as in the
implementation of business plans and monitoring
of performance.
The Board of Directors has three sub-committees.
The Audit Committee assists in monitoring and
overseeing risk management, including climate-
related risks, and compliance with commitments
and requirements for ethical conduct concerning
financial reporting. The Nomination Committee is
responsible for proposing candidates for members
of the Board and the Nomination Committee, and
remuneration to the members of these bodies.
The Remuneration Committee’s main tasks are
to prepare recommendations for the Board of
Directors regarding salary and other employment
issues in respect of executive management,
as well as prepare the report on remuneration
to management.
Day-to-day management lies with the CEO, who is
responsible for managing Edda Wind’s policies and
actions related to safety, security and sustainability.
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34 Norwegian Code of Practice for Corporate Governance
Norwegian Code of Practice
for Corporate Governance
Edda Wind ASA has adopted the
Norwegian Code of Practice for
Corporate Governance of 14
October 2021 (the “Corporate
Governance Code”).
The Corporate Governance Code
is based on the principle of
“explain or comply”, which means
that a company must comply with
the recommendations of the
Corporate Governance Code or
explain why it has chosen an
alternative approach to specific
recommendations.
Business
Edda Wind ASA’s objective as set out in its Articles
of Association is to directly or indirectly, own and
conduct business within the offshore renewable
segment including, but not limited to, ownership
and management of specialised vessels, various
auxiliary services, as well as participation and
ownership in other companies. The Company’s
Articles of Association are available on the
Company’s webpage, www.eddawind.com
.
The Company’s principal objectives, strategies and
risk profile are presented in the Annual Report.
Equality and dividends
The Edda Wind Group’s objectives when managing
capital are to secure financial ability to execute the
Group’s operational strategy, manage operational
and financial risks, deliver attractive returns to the
shareholders and to maintain an optimal capital
structure to reduce the cost of capital including
compliance with covenants in the loan agreements
and to meet obligation as they fall due. For
newbuilds with longer-term contracts, the
Company targets to have a financial leverage
in range of 75-85% of newbuild cost. For vessels
without contract, the Company seeks to secure
financing of 50-60% of newbuild cost.
At 31 December 2024, the Company’s equity
amounted to EUR 330,280 thousand.
The Company has an ambition to pay regular
dividends. The Company aims to pay a dividend
of more than 50% of free cash flows after debt
service subject to consideration of its outlook,
investment opportunities, working capital, debt
service and financial position.
The Board of Directors will in the ordinary course
of business of the Company have authorisation to
increase the share capital of the Company and to
repurchase the Company’s own shares.
Equal treatment of shareholders and transactions
with related parties
All shareholders shall be treated on an equal
basis. Edda Wind ASA’s shares are listed on the
Oslo Stock Exchange and all issued shares carry
equal voting rights.
Any transactions in own shares shall be carried out
through the Oslo Stock Exchange.
The Board of Directors aims to ensure that any
material future transactions between the Company
and shareholders, a shareholder’s parent company,
members of the Board of Directors, executive
personnel, or close associates of any such parties
are entered into on arm’s length terms. For any
such transactions which do not require approval
by the general meeting pursuant to the Norwegian
Public Limited Liability Companies Act, the Board
of Directors will on a case-by-case basis assess
whether a fairness opinion from an independent
third party should be obtained.
According to the Norwegian Public Limited Liability
Companies Act, the Company’s shareholders have
pre-emption rights in share offerings against cash
contribution. Such pre-emption rights may, however,
be set aside, either by the general meeting or by the
Board of Directors if the general meeting has
granted the Board authorisation which allows for this.
Any resolution to set aside pre-emption rights will be
justified by the common interests of the Company
and the shareholders, and such justification will be
publicly disclosed through a stock exchange notice
from the Company.
In the event of a future share buy-back programme,
the Board of Directors will aim to ensure that all
transactions pursuant to such programme will be
carried out either through the trading system at
Oslo Børs or at prevailing prices at Oslo Børs and in
accordance with the Market Abuse Regulation. In the
event of such programme, the Board of Directors will
take the Company’s and shareholders’ interests into
consideration and aim to maintain transparency and
equal treatment of all shareholders. If there is limited
liquidity in the Company’s shares, the Company shall
consider other ways to ensure equal treatment of
all shareholders.
Shares and negotiability
The shares in Edda Wind ASA are freely tradable.
The Articles of Association do not impose any
limitations on ownership of the shares.
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General meeting
In accordance with Norwegian law, the Annual
General Meeting of the Company’s shareholders
is required to be held each year on or prior to
30 June. Notice of the general meeting shall as
principal rule be made by written notification to
all shareholders with a known address no later than
21 days prior to the date of the general meeting.
Provided documents concerning items to be
discussed at the general meeting are made
available on the Company’s website, the
requirement of mailing the documents to the
shareholders does not apply. This also applies for
documents which, according to the law, shall be
included in or attached to the notice of the general
meeting. Despite this, each shareholder is entitled
to request that the documents concerning items
to be discussed at the general meeting are mailed.
The Company may set a deadline in the notice of
the general meeting for registration of attendance
at the general meeting, which shall not fall earlier
than five days prior to the general meeting.
The Board can decide that the shareholders shall
be able to cast votes in writing, including by
electronic communication, in a period prior to
the general meeting. For such voting an adequate
method to authenticate the sender shall be used.
A shareholder may vote at the general meeting
either in person or by proxy. All the Company’s
shareholders who are registered in the register of
shareholders maintained with the VPS as of the
date of the general meeting, or who have otherwise
reported and documented ownership to shares,
are entitled to participate at general meetings,
without any requirement of pre-registration.
The Annual General Meeting is chaired by the
Chair of the Board, or an individual appointed by
the Chair. Having the Chair of the Board of
Directors or a person appointed by him/her
chairing general meetings simplifies the
preparations for the general meetings
significantly. The Company encourages
shareholders to attend the Annual General
Meeting. It is also the intention to have
representatives of the Board of Directors
attending the Annual General Meeting. The Board
of Directors and the Nomination Committee shall,
as a general rule, be present at general meetings.
The auditor will attend the ordinary general
meeting and any extraordinary general meetings
to the extent required by the agenda items or
other relevant circumstances.
The Annual General Meeting shall discuss
and decide on the following matters:
• approval of the annual accounts and the
Annual Report, including distribution of
dividend, if any; and
• other matters that pursuant to law or the
Articles of Association fall under the authority
of the general meeting.
Nomination Committee
According to the Articles of Association the
Company shall have a Nomination Committee
consisting of a minimum of two members to be
elected by the general meeting. The members shall
be elected for a period of two years. The majority
of the committee should be independent of the
Board of Directors and the executive personnel.
No more than one member of the Nomination
Committee should be a member of the Board of
Directors. The general meeting determines the
remuneration to the Nomination Committee.
The Nomination Committee proposes candidates
for members of the Board and the Nomination
Committee, and remuneration to the members of
these bodies. The general meeting may decide on
guidelines for the Nomination Committee.
Board of Directors
The composition of the Board of Directors should
ensure that the Board can attend to the common
interests of all shareholders and to meet the
Company’s need for expertise, capacity and
diversity. Attention should be paid to ensuring
that the Board can function effectively as a
collegiate body.
The composition of the Board of Directors should
ensure that it can operate independently of any
special interests. The majority of the shareholder-
elected members of the Board should be
independent of the Company’s executive
personnel and material business contacts.
At least two of the members of the Board elected
by shareholders should be independent of the
Company’s main shareholder(s).
The Board of Directors should not include
executive personnel. If the Board does include
executive personnel, the Company should
provide an explanation for this and implement
consequential adjustments to the organisation of
the work of the Board, including the use of Board
committees to help ensure more independent
preparation of matters for discussion by the Board.
The Chair of the Board of Directors should be
elected by the general meeting. The term of office
for members of the Board of Directors should not
be longer than two years at a time. The Annual
Report should provide information to illustrate
the expertise of the members of the Board of
Directors, and information on their record of
attendance at Board meetings. In addition, the
Annual Report should identify which members
are independent.
The Company’s Board of Directors currently
consists of five members, of which three are men
and two are women. None of the members of the
Board hold executive management positions in the
Company. Two of the members of the Board are
independent of the Company’s main shareholders.
The Chair of the Board of Directors together with
one Director jointly have the right to sign for and
on behalf of the Company. The Board of Directors
may grant procuration. Members of the Company’s
Board of Directors are elected by the Company’s
shareholders in an ordinary or extraordinary
general meeting for two-year periods.
Edda Wind ASA – Annual Report 2024
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36 Norwegian Code of Practice for Corporate Governance continued
The work of the Board of Directors
The Board of Directors is responsible for the overall
management of the Company and shall supervise
the Company’s business and the Company’s
activities in general. The Norwegian Public Limited
Liability Companies Act regulates the duties and
procedures of the Board of Directors. In addition,
the Board of Directors has adopted supplementary
rules of procedures, which provides further
regulation on inter alia the duties of the Board of
Directors and the CEO, the division of work between
the Board of Directors and the CEO, the annual plan
for the Board of Directors, notices of Board
proceedings, administrative procedures, minutes,
Board committees, transactions between the
Company and the shareholders, and matters
of confidentiality.
The Board shall produce an annual plan for its work,
with particular emphasis on objectives, strategy
and implementation. The CEO shall at least once
a month, by attendance or in writing, inform the
Board of Directors about the Company’s activities,
position and profit trend. The Board of Directors’
consideration of material matters in which the
Chair of the Board is, or has been, personally
involved, shall be chaired by some other member
of the Board.
The Board of Directors shall perform a self-
evaluation of its performance and expertise
annually and present the evaluation to the
Nomination Committee.
Audit Committee
The Company’s Audit Committee is governed by
the Norwegian Public Limited Liability Companies
Act and a separate instruction adopted by the
Board of Directors. The members of the Audit
Committee are appointed by and among the
members of the Board of Directors. A majority
of the members shall be independent of the
Company’s operations, and at least one member
who is independent of the Company shall have
qualifications in accounting or auditing. Board
members who are also members of executive
management cannot be members of the Audit
Committee. The principal tasks of the Audit
Committee are to:
(a) Prepare the Board of Directors’ supervision
of the Company’s financial reporting process;
(b)Monitor the systems for internal control and
risk management;
(c) Have continuous contact with the Company’s
auditor regarding the audit of the annual
accounts; and
(d) Review and monitor the independence of the
Company’s auditor, including in particular the
extent to which the auditing services provided
by the auditor, or the audit firm represent
a threat to the independence of the auditor.
Remuneration Committee
The Company’s Remuneration Committee is
governed by a separate instruction adopted
by the Board of Directors. The members of the
Remuneration Committee are appointed by and
among the members of the Board of Directors and
shall be independent of the Company’s executive
management. The principal tasks of the
Remuneration Committee are to prepare:
(a) The Board of Directors’ declaration on
determination of salaries and other
remuneration for executive management in
accordance with the Norwegian Public Limited
Liability Companies Act section 6-16 a; and
(b)Other matters relating to remuneration and
other material employment issues in respect of
executive management.
Risk management and internal control
Risk management and internal control are given
high priority by the Board of Directors ensuring
that adequate systems for risk management and
internal control are in place. The control system
consists of interdependent areas which include risk
management, control environment, control activities,
information and communication, and monitoring.
The Company’s management team is responsible
for establishing and maintaining sufficient internal
control over financial reporting. Company-specific
policies, standards and accounting principles have
been developed for the annual and quarterly
financial reporting of the Group. The CEO and CFO
supervise and oversee the external reporting and
the internal reporting processes. This includes
assessing financial reporting risks and internal
controls over financial reporting within the Group.
The consolidated external financial statements are
prepared in accordance with IFRS and International
Accounting Standards as adopted by the EU.
The Board of Directors shall ensure that the
Company has sound internal control and systems
for risk management, including compliance with
the Company’s corporate values, ethical guidelines,
and guidelines for corporate social responsibility.
The Company plans to issue its Code of Conduct
in 2024, describing the Company’s ethical
commitments and requirements related to
business practice and personal conduct. If
employees experience situations or matters that
may be contrary to rules and regulations or the
Company’s Code of Conduct, they are urged to
raise their concern with their immediate superior
or another manager in the Company. The Company
will establish a formal whistleblower channel in 2024
that will enable employees to alert the Company’s
governing bodies about possible breaches of the
Code of Conduct.
The Board of Directors shall present a report of
the Company’s financial statement in the Annual
Report. The Audit Committee shall assist the Board
of Directors on an ongoing basis in monitoring the
Company’s system for risk management and
internal control. In connection with the quarterly
financial statements, the Audit Committee shall
present to the Board of Directors reviews and
information regarding the Company’s current
business performance and risks.
Edda Wind ASA – Annual Report 2024
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37 Norwegian Code of Practice for Corporate Governance continued
Remuneration of the Board of Directors
The remuneration of the Board of Directors shall be
decided by the Company’s general meeting, and
should reflect the Board of Directors’ responsibility,
expertise, time commitment and the complexity of
the Company’s activities. The remuneration should
not be linked to the Company’s performance.
The Annual Report shall provide details of all
elements of the remuneration and benefits of each
member of the Board of Directors, which includes a
specification of any remuneration in addition to
normal fees for the members of the Board.
If members of the Board of Directors take on
specific assignments for the Company outside
ordinary duties as Board members, this should be
disclosed to the full Board. The remuneration for
such additional duties should be approved by the
Board of Directors.
Remuneration of executive personnel
The Board of Directors will in accordance with the
Norwegian Public Limited Liability Companies Act
prepare separate guidelines for the stipulation of
salary and other remuneration to key management
personnel. The guidelines shall include the main
principles applied in determining the salary and
other remuneration of executive management and
shall ensure convergence of the financial interests
of executive management and the shareholders.
The guidelines will be made available to and shall
be dealt with by the ordinary general meeting in
accordance with the Norwegian Public Limited
Liability Companies Act.
The Board of Directors aims to ensure that
performance-related remuneration of executive
management in the form of share options, annual
bonus programmes or the like, if used, are linked to
value creation for shareholders or the Company’s
earnings performance over time.
Information and communications
The Company has implemented an Investor Relations
Policy with the aim of keeping shareholders, analysts,
investors and other stakeholders continuously
updated on the Company’s operations and
performance. Financial reports and presentations
are provided to the market in accordance with the
Company’s financial calendar, on a quarterly and
annual basis. Information of importance is made
available to the stock market through notifications
to the Oslo Stock Exchange in accordance with
the Stock Exchange regulations, and on the
Company’s website.
Takeovers
In the event the Company becomes the subject of
a takeover bid, the Board of Directors shall seek to
ensure that the Company’s shareholders are treated
equally and that the Company’s activities are not
unnecessarily interrupted. The Board of Directors
shall also ensure that the shareholders have
sufficient information and time to assess the offer.
There are no defence mechanisms against takeover
bids in the Company’s Articles of Association,
nor have other measures been implemented to
specifically hinder acquisitions of shares in the
Company. The Board of Directors has not
established written guiding principles for how it will
act in the event of a takeover bid, as such situations
are normally characterised by concrete and one-off
situations which make guidelines challenging to
prepare. In the event a takeover were to occur,
the Board of Directors will consider the relevant
recommendations in the Corporate Governance
Code and whether the concrete situation entails
that the recommendations in the Corporate
Governance Code can be complied with or not.
Auditor
The Company’s independent auditor is Ernst &
Young AS (EY). The auditor is appointed by the
general meeting. The Board of Directors will
require the Company’s auditor to annually present
to the Audit Committee a review of the
Company’s internal control procedures, including
identified weaknesses and proposals for
improvement, as well as the main features of the
plan for the audit of the Company.
Furthermore, the Board of Directors will require
the auditor to participate in meetings of the
Board of Directors that deal with the annual
accounts. At least one Board meeting with the
auditor shall be held each year in which no
member of executive management is present.
The Board of Directors’ Audit Committee shall
review and monitor the independence of the
Company’s auditor, including the extent to which
services other than auditing provided by the
auditor or the audit firm represents a threat to
the independence of the auditor.
The remuneration to the auditor for statutory
audit will be approved by the ordinary general
meeting. The Board of Directors should report to
the general meeting on details of fees for audit
work and any fees for other specific assignments.
The board of directors shall ensure that the
auditor submits the main features of the plan for
the audit of the company to the audit committee
annually.
Edda Wind ASA – Annual Report 2024
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Financial
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Remuneration report for 2024
Supporting increased transparency
related to senior executive
remuneration, the Board has today
considered and endorsed the
remuneration report for Edda Wind
ASA for the fiscal year 2024.
Prepared in accordance with the Norwegian Public
Limited Liability Companies Act (“Companies Act”)
section 6-16 building on the requirements in the
EU Shareholder Rights Directive (2017/828), the
report gives to the best of our knowledge, a fair
and true presentation of remuneration awarded to
senior executives in the Group in 2024.
The report has been reviewed by the
Group’s auditor EY and will be presented to the
Annual General Meeting on 28 May 2025 for an
advisory vote.
Our objective in providing this report is to give
a transparent and comprehensive overview of
the remuneration of senior executives and to:
• provide clarity of the remuneration
arrangements;
• confirm a strong link between performance
and remuneration; and
• ensure shareholders’ interests and expectations
are aligned with Company development,
including strategic ambitions and
business performance.
This remuneration report describes the practice
of the Group for 2024.
Haugesund, 23 April 2025
On behalf of the Board of Directors
Geir Flæsen
Chair of the Board
Edda Wind ASA – Annual Report 2024
Photo: Stein Øyvind Andersen
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38 Remuneration Report
39 Remuneration Report continued
Senior executives
As of 31 December 2024, the Group
management team included:
• Kenneth Walland, CEO
• Hermann H. Øverlie, CFO
• Jan Lodden, COO
• Håkon Vevang, CCO
• Nina Marie Wathne, CHRO
• Ellen Sofie Ottesen, CTO
Compliance with the remuneration guidelines
The first remuneration guidelines of the Group
were presented and adopted at the Annual General
Meeting on 6 May 2022. The guidelines were
developed to ensure the Group’s remuneration of
senior executives complies with relevant regulatory
requirements, is aligned with the Group’s values,
people policy and performance-based remuneration
philosophy, and is easy to understand and be
assessed by the Group’s various stakeholders.
The below list of principles guide remuneration:
• The remuneration of senior executives is designed
to retain and attract the right employees with the
skills and expertise necessary to deliver on the
Group’s short- and long-term ambitions, including
both financial and non-financial targets.
• The compensation should be competitive, but not
market leading, in the relevant labour market(s).
• The compensation should be fair, reflect the
complexity and responsibility for each position
as well as the performance of the individual.
• Compensation should reflect the Group’s
overall performance and financial results.
• Remuneration should be aligned with and
strengthen the common interest of Edda Wind’s
senior executives and the Group’s shareholders.
• The guidelines, including the objective of each
element of the remuneration, award levels and
performance criteria should be clear,
transparent and give a comprehensive overview
of how the Group compensates senior
executives and how the different elements are
believed to contribute to realising the Group’s
strategic ambitions, long-term interests
and profitability.
Key business events in 2024
During 2024, Edda Wind has upscaled its
organization from 20 to 33 employees in
preparation for the transition of vessel and
corporate management. Vessel management
takeover was completed during the last quarter
of 2024.
Remuneration of senior executives in 2024
Total remuneration to senior executives
amounted to NOK 14,215,778 in 2024, of which
85.7% was base salaries and other benefits, 9.0%
was bonuses and 5.3% pensions. Other benefits
included work-related non-monetary employment
benefits such as company car, insurance and
digital media. There were no changes in pension
schemes for senior executives in 2024. A full
breakdown of remuneration can be found in the
tables on page 48. A bonus of NOK 1,279,089 was
paid to management during 2024, related to the
short-term bonus scheme.
Management incentive scheme
The Group has approved a one-year rolling
incentive scheme for its management. The
maximum bonus pursuant to the incentive
scheme equals the annual base salary, and the
bonus is accrued based on changes in the trading
price for the shares:
• below 10% increase does not entitle bonus;
• an increase of 30% or more entitles a
maximum bonus; and
• an increase between 10% and 30% entitles
pro rata share of the maximum bonus.
Any dividends distributed on the shares within
the relevant incentive periods will be added to
the share price. The bonus will be paid two years
after accrual if the employee is still employed
at the payment date. The incentive scheme may
be terminated by the Board of Directors. If it is
terminated, the accrued bonus (if any) will be paid
to the employees. As of 31 December 2024, the
Group has not recognised any accrued bonus
related to the incentive scheme.
Further, to encourage a strong performance
culture, Edda Wind offers an annual variable pay
rewarding individuals for annual achievements.
The targets are linked to the Group’s financial and
non-financial performance and is capped at four
months salary.
Pension and insurance schemes
The Group offers insurance benefits for senior
executives aligned with local markets. The scheme
includes coverage for old age, disability, spouse
and children, and supplement payments from the
Norwegian National Insurance system.
Severance package schemes
As a rule, senior executives who resign voluntarily
or are found guilty of gross misconduct, gross
negligence, disloyalty, or other material breach
of his/her duties are not entitled to severance.
The CEO has a non-compete restriction in his
employment contract. There are no agreements
between the Group and the members of
management providing for benefits upon
termination of employment, except for the CEO
and CFO who, respectively, has a contractual
right to 12 months’ and 6 months’ severance pay
following the notice period. There are no loans,
prepayments or other guarantees provided to
management at year end.
Edda Wind ASA – Annual Report 2024
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40 Remuneration Report continued
Senior executives’ shareholdings in Edda Wind ASA
An overview of senior executives’ private shareholdings in the Company, not awarded as remuneration,
can be found in note 3 to the consolidated financial statements.
Senior executives on internal and external Boards
The Group consists of a portfolio of companies. In order to ensure the Group’s interests are taken
care of and that there is good governance of the investments, the Group may appoint employees or
representatives to serve on internal and external Boards. Senior executives represent Edda Wind ASA
on subsidiary Boards.
Remuneration of Board and Remuneration Committee members including the Audit Committee
Remuneration to Board and Board committee members are awarded one year in arrears. The following
remuneration has been paid:
Board
members Position
Remuneration
paid 2024 (NOK)
1
Remuneration
paid 2023 (NOK)
Jan
Eyvin Wang Chair of the Board
2
472,500 325,000
Geir
Flæsen Chair of the Board
3
– –
Håvard
Framnes Board member
4
341,250 450,000
Martha
Kold Monclair Board member
341,250 325,000
Toril
Eidesvik Board member
341,250 325,000
Duncan
Bullock Board member
341,250 325,000
Adrian
Geelmuyden Board member
341,250 325,000
Cecilie
Serck-Hanssen Board member
4
341,250 325,000
Total
2,520,000 2,400,000
Audit
Committee members
Position
Remuneration
paid 2024 (NOK)
Remuneration
paid in 2023
(NOK)
Martha
Kold Monclair Leader
52,500 50,000
Håvard
Framnes Member
4
42,000 40,000
Toril Eidesvik
Member
– –
Total
94,500 90,000
Remuneration
Committee
members
Position
Remuneration
paid 2024 (NOK)
Remuneration paid
in
2023
(NOK)
Jan
Eyvin Wang Leader
25,000 25,000
Håvard
Framnes Member
4
20,000 20,000
Total
45,000 45,000
Nomination
Committee members Position
Remuneration
paid 2024 (NOK)
Remuneration
paid in 2023
(NOK)
Benedicte
Gude Leader
25,000 20,000
Johannes
Østensjø Member
15,750 15,000
Anne Lise E.
Gryte Member
– –
Total
40,750 35,000
1 The remuneration paid in 2024 is for the period from the Annual General Meeting 2023 to the Annual General Meeting 2024.
2 Jan Eyvin Wang was appointed Chairman on 25 May 2023 and resigned from the Board of Directors on 29 May 2024.
3 Geir Flæsen was appointed Chairman on 29 May 2024.
4 Håvard Framnes and Cecilie Serck-Hanssen resigned from the Board of Directors on 29 May 2024. Håvard Framnes also
resigned his positions in the Audit Committee and Remuneration Committee.
Edda Wind ASA – Annual Report 2024
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40 Remuneration Report continued
Remuneration tables
The table below shows the remuneration paid to senior executives in NOK, broken down by base
salary, bonus, other benefits, and pension.
Total remuneration to management paid in 2024:
Management
Position Start date Salary Bonus
Other
benefits
Pension
costs
Kenneth
Walland CEO 01.04.2021 2,886,660 472,734 204,460 125,764
Håkon
Vevang CCO 01.04.2021 1,710,665 204,549 74,879 125,764
Tom
Johan Austrheim CFO 18.05.2021 979,945 – 92,698 39,872
Hermann H. Øverlie
CFO 01.03.2024 1,551,303 – 27,240 125,764
Jan
Lodden COO 01.07.2022 1,877,073 409,098 62,588 125,764
Nina
Wathne CHRO 01.09.2023 1,267,554 108,333 49,421 113,579
Ellen
Sofie Ottesen CTO 01.10.2023 1,302,810 84,375 97,637 119,891
Total
11,576,010 1,279,089 608,923 776,398
Kenneth Walland retired as CEO on 31 December 2024. He has a contractual right to 12 months
severance pay that will be paid until 31 December 2025.
Tom Johan Austrheim resigned as CFO during 2024. He received payment as CFO until 31 May 2024.
Hermann H. Øverlie was appointed as new CFO from 1 March 2024. Håkon Vevang resigned as CCO in
February 2025.
Total remuneration to management paid in 2023:
Management
Position Start date Salary Bonus
Other
benefits
Pension
costs
Kenneth
Walland CEO 01.04.2021 2,466,531 561,708 17,064 120,281
Håkon
Vevang CCO 01.04.2021 1,454,468 340,915 17,064 120,281
Tom
Johan Austrheim CFO 18.05.2021 1,699,483 416,668 17,064 120,281
Jan
Lodden COO 01.07.2022 1,454,468 170,458 17,064 120,281
Nina
Wathne CHRO 01.09.2023 433,332 – 5,688 35,156
Ellen
Sofie Ottesen CTO 01.10.2023 337,500 – 4,266 27,867
Total
7,845,782 1,489,749 78,210 544,147
Edda Wind ASA – Annual Report 2024
The table below shows the percentage development in remuneration of senior executives compared
with the percentage development of salary in the onshore organization and key financial figures:
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Remuneration development
Position Start date
2024 vs 2023
2023 vs 2022 2022 vs 2021
Kenneth
Walland CEO 01.04.2021 (1%) 5% 28%
Håkon
Vevang CCO 01.04.2021 (3%) 22% 27%
Tom
Johan Austrheim CFO 18.05.2021 9% 23% 20%
Hermann H. Øverlie
CFO 01.03.2024 - - -
Jan
Lodden COO 01.07.2022 37% 12% -
Nina
Wathne CHRO 01.09.2023 8% - -
Ellen
Sofie Ottesen CTO 01.10.2023 8% - -
Average salary in onshore organization excluding
management
12% 14% 25%
Prior to April 2021, Edda Wind did not have a stand-alone management team and was managed through
the Østensjø Group. As such, the development in remuneration is only presented from 2021. When
comparing remuneration development, the starting year salary has been grossed up to reflect 12 months
for each of the senior executives. Average salary in the onshore organization is based on total employee
benefits less other personnel cost, divided by the average full time equivalent during the year, excluding
senior executives..
Key financial figures
2024 vs 2023
2023 vs 2022 2022 vs 2021
Total income
79% 38% 16%
EBITDA
172% 7% 6%
Fixed assets
22% 78% 45%
41
Edda Wind ASA – Annual Report 2024
Financial
Statements
42
Consolidated Financial Statements
65
Company Financial Statements
72
Auditors Report
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Photo: Stephan Giesen
42 Consolidated Financial Statements
Income Statement
(EUR 1,000)
Statement of Comprehensive Income
(EUR 1,000)
| 2023 | |||
Notes | 2024 | Restated | |
Freight income | 2 | ||
Other operating income | |||
Gain on sale of asset | 2 | ||
Total operating income | |||
Payroll and remuneration | 3 | ( | ( |
Other operating expenses | 3, 7 | ( | ( |
Total operating expenses before depreciation | ( | ( | |
Operating profit/(loss) before depreciation | |||
Depreciation | 4 | ( | ( |
Operating profit/(loss) | ( | ||
Financial income and expenses | |||
Financial income | 11 | ||
Financial expenses | 11 | ( | ( |
Net currency gains/(losses) | ( | ||
Financial income/(expense) | ( | ||
Profit/(loss) before tax | |||
Tax (income)/expense | 9 | ||
Profit/(loss) for the year | |||
Basic/diluted earnings per share | 14 |
| 2023 | ||
| 2024 | Restated | |
Profit/(loss) for the year | ||
Items that may be reclassified to the income statement | ||
Currency translation differences | ||
Other comprehensive income, net of tax | ||
Total comprehensive income for the year |
Notes 1 to 16 on the next pages are an integral part of these consolidated financial statements.
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Edda Wind ASA – Annual Report 2024
43 Consolidated Financial Statements continued
Statement of Financial Position
(EUR 1,000)
Notes 1 to 16 on the next pages are an integral part of these consolidated financial statements.
Haugesund, 23 April 2025
The Board of Directors of Edda Wind ASA
Geir Flæsen
Chairman of the Board
Martha Kold Monclair
Board member
Toril Eidesvik
Board member
Adrian Geelmuyden
Board member
Duncan J. Bullock
Board member
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Edda Wind ASA – Annual Report 2024
| 31.12.2023 | |||
| 31.12.2024Notes | Restated | ||
ASSETS | |||
Non -current assets | |||
Other non-current assets | 15 | ||
Vessels | 4,16 | ||
Newbuildin g | 4,16 | ||
Machinery and equipment | 4 | ||
Right -of-use asset | 15 | ||
Total non-current assets | |||
Current assets | |||
Account receivables | 6 | ||
Other current receivables | |||
Cash and cash equivalents | 12 | ||
Total current assets | |||
Total assets | |||
EQUITY AND LIABILITIES | |||
Equity | |||
Share capital | 13 | ||
Share premium | |||
Other equity | |||
Total equity | |||
Non -current liabilities | |||
Non -current interest-bearing debt | 8 | ||
Non -current lease liability | 15 | ||
Total non-current liabilities | |||
Current liabilities | |||
Account payables | 7 | ||
Public duties payable | |||
Current interest-bearing debt | 8 | ||
Other current liabilities | |||
Current lease liability | 15 | ||
Total current liabilities | |||
Total equity and liabilities |
44 Consolidated Financial Statements continued
Cash Flow Statement
(EUR 1,000)
The Group is located and operates in several countries and each entity has several bank accounts in
different currencies. Unrealised currency effects are included in translation difference.
Notes 1 to 16 on the next pages are an integral part of these consolidated financial statements.
Statement of Changes in Equity
(EUR 1,000)
Foreign | |||||||||
Other | currency | ||||||||
| Share | Share | paid- in | Retained | translation | Other | Total | |||
| Notes | capital | premium | capital | earnings | reserve | equity | equity | ||
Balance at 01.01.2024 (restated) | 16 | ||||||||
Share capital increase by issuance | |||||||||
of new shares | |||||||||
Profit for the year | |||||||||
Other comprehensive income | |||||||||
Balance at 31.12.2024 | |||||||||
Foreign | |||||||||
Other | currency | ||||||||
| Share | Share | paid- | in | Retained | translation | Other | Total | ||
| Notes | capital | premium | capital | earnings | reserve | equity | equity | ||
Balance at 01.01.2023 | |||||||||
Share capital increase by issuance | |||||||||
of new shares | |||||||||
Profit for the year (restated) | 16 | ||||||||
Other comprehensive income | |||||||||
Balance at 31.12.2023 (restated) | 16 |
Notes 1 to 16 on the next pages are an integral part of these consolidated financial statements.
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| 2023 | |||
| 2024Notes | Restated | ||
Cash flow from operations | |||
Profit/(loss) before tax | |||
Financial (income)/expenses | ( | ||
Depreciation and amortisation | 4 | ||
Gain on sale of asset | ( | ||
Change in net working capital | ( | ||
Net cash flow from operations | ( | ||
Cash flow from investment activities | |||
Investments in fixed assets | 4 | ( | ( |
Sale of fixed asset | |||
Reclassification of restricted cash to cash | |||
Net cash flow from investment activities | ( | ( | |
Cash flow from financing activities | |||
Proceeds from issuance of interest-bearing debt | 8 | ||
Repayment of interest-bearing debt | 8 | ( | ( |
Payment of debt issuance cost | 8 | ( | ( |
Interest received | |||
Paid lease liability | ( | ||
Interest paid including interest derivatives | 11 | ( | |
Paid other financial expenses | 11 | ( | ( |
Proceeds from issuance of new shares | 13 | ||
Net cash flow from financing activities | |||
Effects of currency rate changes on bank deposits, cash and equivalents | |||
Net change in bank deposits, cash and equivalents | ( | ||
Translation difference | ( | ||
Cash and cash equivalents at 01.01 | |||
Cash and cash equivalents at 31.12 |
45 Consolidated Financial Statements continued
Notes to the Consolidated Financial Statements
(EUR 1,000)
EUR/NOK | EUR/GBP | |
As at 31.12.2024 | 11.8026 | 0.8286 |
Average 2024 | 11.6300 | 0.8466 |
As at 31.12.2023 | 11.2915 | 0.8682 |
Average 2023 | 11.4200 | 0.8707 |
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46 Consolidated Financial Statements continued
Notes to the Consolidated Financial Statements continued
(EUR 1,000)
Note 1 General accounting principles continued
2024 | 2023 | |
Offshore wind operating revenue | ||
Revenue from contracts with customers: | ||
Service element from contracts with dayrates | 34,139 | 20,496 |
Victualling | 5,513 | 2,775 |
Gain on sale of asset | 6,478 | – |
Other income | 1,336 | 2,413 |
Lease revenue: | ||
Lease element from contracts with dayrates | 22,960 | 13,684 |
Total operating income | 70,426 | 39,368 |
2024 | 2023 | |
Contract balances | ||
Account receivables | 18,276 | 10,650 |
Contract assets | – | – |
Contract liabilities | – | – |
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Notes to the Consolidated Financial Statements continued
(EUR 1,000)
Note 2 Revenue from contracts with customers continued
2024 | 2023 | |||
Revenue | Ratio % | Revenue | Ratio % | |
Revenue geographical markets | ||||
United Kingdom | 35,591 | 57% | 25,875 | 70% |
Germany | 19,693 | 31% | 9,086 | 25% |
France | 7,328 | 12% | 1,994 | 5% |
Freight income | 62,612 | 100% | 36,955 | 100% |
Sri Lanka | 1,000 | 41% | 2,000 | 83% |
Norway | 336 | 14% | 235 | 10% |
United Kingdom | – | 0% | 178 | 7% |
Other operating income | 1,336 | 100% | 2,413 | 100% |
United Kingdom | 6,478 | 100% | – | 100% |
Gain on sale of asset | 6,478 | 100% | – | 100% |
Vessel | Contract duration |
Mistral Enabler | Q3 2025 + extension options |
Breeze Enabler | Q2 2032 + extension options |
Brint Enabler | Q2 2037 + extension options |
Boreas Enabler | Q2 2025 + extension options |
Nordri Enabler | Q1 2024 + extension options |
Sudri Enabler | Q1 2026 + extension options |
Goelo Enabler | Q3 2028 + extension options |
Vestri Enabler | Q1 2025 |
C -504 | TBA |
NB 965 | TBA |
NB 966 | TBA |
NB 967 | TBA |
NB 968 | TBA |
Notes | 2024 | 2023 | |
Employee benefits | |||
Salary and holiday pay | 3,432 | 1,645 | |
Employer’s national insurance contribution | 649 | 275 | |
Pension costs | 277 | 99 | |
Other personnel costs | 259 | 65 | |
Total employee benefits | 4,618 | 2,084 | |
Hired personnel | 7 | 23,099 | 14,240 |
Total employee benefits and hired crew | 27,717 | 16,325 |
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(EUR 1,000)
Note 3 Payroll and remuneration continued
| Other | Pension | |||
| 2024 | Wages | Bonus | benefits | costs |
| Remuneration to management: | ||||
| Kenneth Walland (CEO) (resigned 31 December) | 248 | 41 | 18 | 11 |
| Hermann H. Øverlie (CFO) (start date 1 March) | 133 | – | 2 | 9 |
| Tom Johan Austrheim (CFO) (resigned 31 May) | 84 | – | 8 | 5 |
| Håkon Vevang (CCO) | 147 | 18 | 6 | 11 |
| Jan Lodden (CCO) | 161 | 35 | 5 | 11 |
| Nina Marie Wathne (CHRO) | 109 | 9 | 4 | 11 |
| Ellen Sofie Ottesen (CTO) | 112 | 7 | 8 | 11 |
| Total remuneration to management | 995 | 110 | 52 | 69 |
| Other | Pension | |||
2023 | Wages | Bonus | benefits | costs |
Remuneration to management: | ||||
Kenneth Walland (CEO) | 243 | 49 | 19 | 11 |
Tom Johan Austrheim (CFO) | 163 | 36 | 4 | 11 |
Håkon Vevang (CCO) | 141 | 30 | 6 | 11 |
Jan Lodden (CCO) | 136 | 15 | 4 | 11 |
Nina Marie Wathne (CHRO) (start date 1 September 2023) | 38 | – | – | 3 |
Ellen Sofie Ottesen (CTO) (start date 1 October 2023) | 30 | – | – | 2 |
Total remuneration to management | 751 | 130 | 33 | 48 |
Name | Position | 2024 | 2023 |
Remuneration to the Board of Directors: | |||
Geir Flæsen (from May 2024) | Chairman | – | – |
Jan Eyvin Wang (until May 2024) | Chairman | 43 | 31 |
Martha Kold Monclair | Director | 34 | 33 |
Toril Eidesvik | Director | 29 | 29 |
Duncan J. Bullock | Director | 29 | 29 |
Adrian Geelmuyden | Director | 29 | 29 |
Håvard Framnes | Director | 35 | 45 |
Cecilie Wammer Serck-Hanssen | Director | 29 | 29 |
Total remuneration to the Board of Directors | 229 | 225 |
2024 | 2023 | |
Expensed audit fee (excluding VAT) | ||
Audit services | 303 | 253 |
Non -audit services required by law | 36 | 41 |
Tax services | 35 | - |
Total expensed audit fee | 364 | 294 |
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Notes to the Consolidated Financial Statements continued
(EUR 1,000)
| Number | Ownership | ||
Shareholder | of shares | share | |
Kenneth Walland AS | Owned by Kenneth Walland (CEO) | 260,162 | 0.20% |
Håkon Vevang | CCO | 54,200 | 0.04% |
Kold Invest AS | Owned by Martha Kold Monclair (Board member) | 23,820 | 0.02% |
Toril Eidesvik | Board member | 21,680 | 0.02% |
Adrian Geelmuyden | Board member | 21,680 | 0.02% |
Total | 381,542 | 0.30% |
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Notes to the Consolidated Financial Statements continued
(EUR 1,000)
Note 4 Tangible assets continued
Period | Right-of- | use | New - | ||||
2024 | Vessels | maintenance Equipment | asset | buildings | Total | ||
Cost 01.01 | 283,523 | 11,236 | 212 | – | 247,401 | 542,371 | |
Additions | 2,835 | 69 | 36 | 329 | 158,911 | 162,179 | |
Disposal | (39,724) | (2,675) | – | – | – | (42,398) | |
Reclassifications | 156,565 | 4,050 | – | – | (160,615) | - | |
Currency translation differences | 4,255 | 290 | – | – | - | 4,545 | |
Cost 31.12 | 407,454 | 12,970 | 248 | 329 | 245,697 | 666,697 | |
Accumulated depreciation 01.01 | (18,513) | (3,276) | (76) | – | – | (21,865) | |
Depreciation | (10,308) | (1,864) | (51) | (76) | – | (12,301) | |
Disposal | 8,142 | 1,510 | – | – | – | 9,652 | |
Currency translation differences | (576) | (108) | – | – | – | (685) | |
Accumulated depreciation 31.12 | (21,255) | (3,739) | (127) | (76) | – | (25,197) | |
Carrying amounts | 386,198 | 9,230 | 121 | 252 | 245,697 | 641,496 | |
Remaining instalments newbuildings | – | – | – | – | 89,842 | 89,842 | |
Period | New - | ||||
2023 (restated) | Vessels | maintenance | Equipment | buildings | Total |
Cost 01.01 | 78,820 | 2,273 | 76 | 223,082 | 304,251 |
Additions | – | 3,536 | 136 | 233,107 | 236,779 |
Reclassifications | 203,392 | 5,396 | – | (208,788) | – |
Currency translation differences | 1,311 | 31 | – | – | 1,342 |
Cost 31.12 | 283,523 | 11,236 | 212 | 247,401 | 542,371 |
Accumulated depreciation 01.01 | (12,256) | (2,122) | (69) | – | (14,447) |
Depreciation | (6,075) | (1,129) | (7) | – | (7,210) |
Currency translation differences | (182) | (25) | - | – | (207) |
Accumulated depreciation 31.12 | (18,513) | (3,276) | (76) | – | (21,865) |
Carrying amounts | 265,011 | 7,959 | 136 | 247,401 | 520,508 |
Remaining instalments newbuildings | – | – | – | 224,510 | 224,510 |
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(EUR 1,000)
Note 4 Tangible assets continued
Climate risk
Management has also assessed the asset’s exposure to climate-related risk when estimating future cash
flows. Climate risk refers to the impact climate-related issues may have on the Group’s business and can be
divided into the following categories: physical, regulatory, technological, market and reputational.
Physical risks, such as changes in weather conditions or sea levels may impact the Group adversely through
reduced utilisation and thereby reduced revenue potential or by making crew changes more difficult and
thereby driving higher costs. Management has assessed the physical risk as being low. All vessels are
equipped with technology to handle harsh weather conditions, such as motion compensated gangway
systems and cranes.
Identified regulatory risks relate to emissions, such as penalties or increased taxation on CO
2
emissions or
other emission-reducing measures that may adversely affect the Group. Although the Group’s vessels main
source of emission is CO
2
, the newbuildings are built for zero-emission technology and the Group therefore
expects that it will be able to reduce its emissions going forward.
Main risks related to the technological aspect and the market mainly relates to the LOHC technology not
materialising or the emergence of new technology or other renewable energy segments. Such risks may
entail increased capital expenditure to stay competitive, or reduced growth in the offshore wind segments
leading to reduced demand and thereby reduced dayrates, utilisation and revenue potential. Given the
accelerating transition from fossil-based to zero-carbon energy sources, with considerable investments
within the offshore wind segment, the Group does not expect that the offshore wind segment will be
deprioritised in the energy market.
Identified reputational risk includes a shift in stakeholder preferences which can lead to the Group being
less attractive to investors thereby reducing access to capital or increasing the cost of capital.
Edda Wind’s strategy is focusing on the offshore wind industry. With the increasing focus on
decarbonisation of the global energy market to stall climate change, Edda Wind sees major opportunities
in the offshore wind market.
Conclusion
The recoverable amount exceeds the book value of the assets. As such, no impairment has been
recognised as at 31 December 2024.
Spanish Tax Lease
In connection with the newbuilding contracts the Group has, together with the Spanish shipyards
Balenciaga S.A. and Astilleros Gondán, Spanish banks, Bankinter and Banco de Sabadell, and certain Spanish
participant companies (together, the “AIE”) (with external investors) established a structure that qualifies for
a Spanish tax regime for financial leasing of newbuild contracts and vessels, (Spanish Tax Lease, or “STL”).
Spanish Tax Lease is a structure containing certain tax benefits in Spain, that also results in a lower
construction cost for the Group’s vessels.
The newbuilding contracts are agreements between the Group’s Norwegian ship owning companies
(the Group subsidiaries) and the shipyards. The structure is established so that the Norwegian ship owning
companies sell the newbuilds to the Spanish Tax Lease structure at delivery of the vessels. The Norwegian
ship owning company will lease the vessels back from the STL structure under a bareboat agreement.
This agreement will normally have a contract length of 12 to 36 months from delivery of the vessel. Upon
maturity of the lease contract the Norwegian ship owning company has a right and obligation to buy the
shares of the Spanish AIE, which has to remain owner of the vessel over a certain period of years in order
to maintain the benefits in the tax lease structure.
Prior to delivery of the vessel from the shipyard, the Norwegian ship owning company pays instalments
directly to the shipyard equal to the net price of the vessel. Following the delivery, the vessel is sold to a
leasing company within the STL structure at a consideration equal to the gross price of the vessel. The
difference between the gross and net price is the STL benefit. In accordance with the lease agreements,
all financing and cash payments in the STL structure in the leasing period are pre-arranged between the
involved parties, and based on the agreement, the consideration from the leasing company is paid to the
Norwegian ship owning company and immediately deposited to an account under the STL structure, less
the STL benefit, which is rerouted to the shipyard. Following the deposit, Edda Wind is released from making
any other payment under the STL agreements. As such, the STL benefit is a pre-arranged flow-through of cash
in Edda Wind originating from within the STL structure. Construction cost for newbuildings under the Spanish
Tax Lease arrangement is therefore recorded on a net basis (i.e. net of tax benefit) for the Group.
There are no opportunities for the external investors of the AIE to make any decisions for the AIE that has not
been regulated in the contracts following the newbuilding contract and the tax lease contracts, and they are
at the end of the lease contract period obliged to sell the shares to the Norwegian ship owning company for
EUR 1. All construction financing is made from the Norwegian ship owning companies to the shipyards, and
the payments follows a fixed plan in accordance with the newbuilding contract. The external post-delivery
financing of the vessel will remain with the Norwegian ship owning company during the tax lease period.
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Notes to the Consolidated Financial Statements continued
(EUR 1,000)
Note 4 Tangible assets continued
| Ownership/ | ||||
| Date of | voting | |||
Subsidiaries | acquisition | Business office/country | Nature of business | rights |
Edda Wind XVI AS | 01.03.2023 | Haugesund, Norway | Dormant | 100% |
Edda Wind XVII AS | 01.03.2023 | Haugesund, Norway | Dormant | 100% |
Edda Wind XVIII AS | 01.03.2023 | Haugesund, Norway | Dormant | 100% |
Edda Wind XIX AS | 01.03.2023 | Haugesund, Norway | Dormant | 100% |
Edda Wind XX AS | 01.03.2023 | Haugesund, Norway | Dormant | 100% |
Edda Wind Crewing AS | 01.03.2023 | Haugesund, Norway | Crewing services | 100% |
Edda Wind UK Ltd | 27.02.2023 | Hampshire, United | Dormant | 100% |
| Kingdom | ||||
West Energy AS | 27.03.2020 | Haugesund, Norway | Vessel operations | 100% |
Edda Supply Ships UK Ltd | 25.03.2020 | Aberdeen, United | Management Services | 100% |
| Kingdom | ||||
Tier-subsidiaries of Edda Wind Investment AS Edda Wind France | 09.08.2023 | Eyguieres, France | Vessel operations | 100% |
Edda Wind USA LLC | 16.06.2021 | Delaware, USA | Dormant | 100% |
Tier-subsidiaries of Edda Wind I AS Mar de Grado SL | 29.09.2023 | Santa Cruz de Tenerife, | Vessel owner | 100% |
| Spain | ||||
Tier-subsidiaries of Edda Wind II AS Puerto de Gandesa SL | 29.09.2023 | Santa Cruz de Tenerife, | Vessel owner | 100% |
| Spain | ||||
Tier-subsidiaries of Edda Wind III AS Mar de Berrobi SL | 29.09.2023 | Santa Cruz de Tenerife, | Vessel owner | 100% |
| Spain | ||||
Tier-subsidiaries of West Energy AS Puerto de Llafranc SL | 18.12.2019 | Santa Cruz de Tenerife, | Vessel owner | 100% |
| Spain | ||||
| Tier-subsidiaries of Edda Supply Ships (UK) Ltd | ||||
Edda Supply Ships III Ltd | 03.07.2020 | Aberdeen, United | Dormant | 100% |
| Kingdom |
| Date of | Ownership/ | |||
Subsidiaries | acquisition | Business office/country | Nature of business | Voting rights |
Edda Wind Management AS | 01.02.2021 | Haugesund, Norway | Management services | 100% |
Edda Wind Investment AS | 01.04.2021 | Haugesund, Norway | Investment | 100% |
Edda Wind I AS | 09.12.2019 | Haugesund, Norway | Vessel operations | 100% |
Edda Wind II AS | 24.01.2020 | Haugesund, Norway | Vessel operations | 100% |
Edda Wind III AS | 24.01.2020 | Haugesund, Norway | Vessel operations | 100% |
Edda Wind IV AS | 24.01.2020 | Haugesund, Norway | Vessel owner | 100% |
Edda Wind V AS | 01.02.2021 | Haugesund, Norway | Vessel owner | 100% |
Edda Wind VI AS | 01.02.2021 | Haugesund, Norway | Vessel owner | 100% |
Edda Wind VII AS | 11.01.2022 | Haugesund, Norway | Vessel owner | 100% |
Edda Wind VIII AS | 11.01.2022 | Haugesund, Norway | Dormant | 100% |
Edda Wind IX AS | 11.01.2022 | Haugesund, Norway | Vessel owner | 100% |
Edda Wind X AS | 24.01.2022 | Haugesund, Norway | Dormant | 100% |
Edda Wind XI AS | 24.01.2022 | Haugesund, Norway | Vessel owner | 100% |
Edda Wind XII AS | 01.02.2022 | Haugesund, Norway | Vessel owner | 100% |
Edda Wind XIV AS | 21.02.2023 | Haugesund, Norway | Vessel owner | 100% |
Edda Wind XV AS | 21.02.2023 | Haugesund, Norway | Vessel owner | 100% |
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Notes to the Consolidated Financial Statements continued
(EUR 1,000)
Note 5 subsidiaries continued
2024 | 2023 | |
Receivables from third-party customers | 18,276 | 11,579 |
Receivables from other related parties | – | 71 |
Total accounts receivables | 18,276 | 11,650 |
Allowance for expected credit losses | – | (1,000) |
Total accounts receivables, net | 18,276 | 10,650 |
2024 | 2023 | |
Aging of account receivables past due but not impaired | ||
Up to 90 days | 1,087 | 1,116 |
Over 90 days | 2,197 | 733 |
Total fallen due | 3,283 | 1,850 |
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(EUR 1,000)
Note 7 Related party transactions continued
31.12.2024 | 31.12.2023 | |
Accounts payable | ||
Wilhelmsen Insurance Services AS | 307 | 339 |
Wilhelmsen Ships Service AS | 24 | - |
Østensjø Rederi AS | – | 577 |
Johannes Østensjø dy AS | – | 94 |
Edda Crewing Services Ltd | – | 241 |
Mercator Crewing Inc | – | 292 |
Mercator Services II AS | – | 41 |
Total accounts payable | 331 | 1,584 |
2024 | 2023 | |
Transactions with related parties | ||
Hired crew from Østensjø Rederi AS | 5,375 | 11,859 |
Leasing of Edda Fjord from West Supply VIII AS | – | 3,270 |
Purchase of management services, operation and supervision of vessels from Østensjø Rederi AS | 792 | 1,281 |
Sale of services to Østensjø Rederi AS | (80) | (375) |
Board fee to Johannes Østensjø d.y. AS | 35 | 43 |
Insurance premium Wilhelmsen Insurance Services AS | 98 | 53 |
Purchase of goods from Wilhelmsen Ships Service | 89 | 104 |
Total transactions with related parties | 6,309 | 16,235 |
31.12.2024 | 31.12.2023 | |
Accounts receivables | ||
Østensjø Rederi AS | – | 50 |
Edda Crewing Services Ltd | – | 10 |
West Supply I AS | – | 4 |
West Supply III AS | – | 7 |
Total accounts receivables | – | 71 |
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(EUR 1,000)
| 2024 | Carrying | |||
Debt instrument | Facility | Currency | Maturity | amount (EUR) |
Debt to financial | Senior Secured Green Term Loan Facility/ Goelo Enabler | EUR | Mar 2036 | 24,493 |
institutions | Facility | |||
Debt to financial | Senior Secured Green Term Loan Facility/Boreas Enabler | EUR | Feb 2035 | 25,463 |
institutions | Facility | |||
Debt to financial | Senior Secured Green Term Loan Facility/Boreas Enabler | EUR | Nov 2025 | 2,858 |
institutions | Incremental Facility | |||
Debt to financial | Senior Secured Green Term Loan Facility/Mistral Enabler | GBP | Aug 2030 | 7,683 |
institutions | ECA tranche | |||
Debt to financial | Senior Secured Green Term Loan Facility/Mistral Enabler | GBP | Aug 2030 | 6,879 |
institutions | Commercial tranche | |||
Debt to financial | Senior Secured Green Term Loan Facility/Contract | GBP | Dec 2025 | 19,833 |
institutions | Revolving Facility | |||
Debt to financial | Senior Secured Green Term Loan Facility/ Nordri Enabler | EUR | Sep 2029 | 15,130 |
institutions | ECA tranche | |||
Debt to financial | Senior Secured Green Term Loan Facility/ Nordri Enabler | EUR | Sep 2029 | 13,933 |
institutions | Commercial tranche | |||
Debt to financial | Senior Secured Green Term Loan Facility/CACIB Contract | EUR | Sep 2030 | 5,069 |
institutions | Revolving Facility | |||
Debt to financial | Senior Secured Green Term Loan facility/ Sudri Enabler | EUR | Jun 2030 | 16,140 |
institutions | ECA tranche | |||
Debt to financial | Senior Secured Green Term Loan Facility/ Sudri Enabler | EUR | Jun 2030 | 14,693 |
institutions | Commercial tranche | |||
Debt to financial | Senior Secured Green Term Loan Facility/Vestri Enabler | EUR | Nov 2030 | 19,848 |
institutions | ECA tranche | |||
Debt to financial | Senior Secured Green Term Loan Facility/Vestri Enabler | EUR | Nov 2030 | 14,800 |
institutions | Commercial tranche | |||
Debt to financial | Senior Secured Pre - and Post-Delivery Facilities | EUR | Jun 2029 | 24 708 |
institutions | Agreement/Newbuild Vessel NB 965 Pre -Delivery Facility | |||
Debt to financial | Senior Secured Pre - and Post-Delivery Facilities | EUR | Jun 2029 | 24 708 |
institutions | Agreement/Newbuild Vessel NB 966 Pre -Delivery Facility | |||
Debt to financial | Senior Secured Pre - and Post-Delivery Facilities | EUR | Jul 2029 | 24 698 |
institutions | Agreement/Newbuild Vessel NB 967 Pre -Delivery Facility |
31.12.2024 | 31.12.2023 | |
Interest -bearing debt | ||
Debt to financial institutions | 286,836 | 211,534 |
Bonds | 70,965 | 73,296 |
Total interest-bearing debt | 357,801 | 284,830 |
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(EUR 1,000)
| Carrying | ||||
| 2023 | amount | |||
Debt instrument | Facility | Currency | Maturity | (EUR) |
Debt to financial | Senior Secured Green Term Loan | Upon delivery, no later | ||
institutions | Facility/Newbuild vessel C-416 Pre- | EUR | than two years after first | 21,169 |
| Delivery Facility | utilisation date | |||
Debt to financial | Senior Secured Green Term Loan | EUR | Jul 2035 | 27,888 |
institutions | Facility/Edda Boreas Facility | |||
Debt to financial | Senior Secured Green Term Loan | EUR | Feb 2027 | 5,715 |
institutions | Facility/Edda Boreas Incremental Facility | |||
Debt to financial | Senior Secured Green Term Loan | GBP | Feb 2030 | 7,982 |
institutions | Facility/Edda Passat ECA tranche | |||
Debt to financial | Senior Secured Green Term Loan | GBP | Dec 2026 | 7,078 |
institutions | Facility/Edda Mistral ECA tranche | |||
Debt to financial | Senior Secured Green Term Loan | |||
institutions | Facility/Edda Passat and Edda Mistral | GBP | Dec 2026 | 16,227 |
| Commercial tranche | ||||
Debt to financial | Senior Secured Green Term Loan | EUR | Dec 2025 | 19,619 |
institutions | Facility/Contract Revolving Facility | |||
Debt to financial | Senior Secured Green Term Loan | EUR | Sep 2035 | 16,634 |
institutions | Facility/C491 ECA tranche |
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| 2023 | Carrying | |||||
Debt instrument | Facility | Currency | Maturity | amount (EUR) | ||
Debt to financial | Senior Secured Green Term Loan | EUR | Sep 2029 | |||
institutions | Facility/C491 Commercial tranche | 14,751 | ||||
Debt to financial | Senior Secured Green Term Loan | Upon delivery, no | ||||
institutions | facility/Newbuild Vessel C-492 Pre- | EUR | later than Jan 2025 | 10,687 | ||
| Delivery ECA tranche | ||||||
Debt to financial | Senior Secured Green Term Loan | Upon delivery, no | ||||
institutions | Facility/Newbuild Vessel C-492 Pre-Delivery | EUR | later than Jan 2025 | 9,477 | ||
| Commercial tranche | ||||||
Debt to financial | Senior Secured Green Term Loan | Upon delivery, no | ||||
institutions | Facility/Newbuild Vessel C-503 Pre- | EUR | later than Mar 2025 | 4,268 | ||
| Delivery ECA tranche | ||||||
Debt to financial | Senior Secured Green Term Loan | Upon delivery, no | ||||
institutions | Facility/Newbuild Vessel C-503 Pre- | EUR | later than Mar 2025 | 3,091 | ||
| Delivery Commercial tranche | ||||||
| Senior Secured Pre- and Post- Delivery | ||||||
Debt to financial | Facilities Agreement/ Newbuild Vessel | EUR | Feb 2026 | 12,108 | ||
institutions | NB 965 | |||||
| Pre-Delivery Facility | ||||||
| Senior Secured Pre- and Post- Delivery | ||||||
Debt to financial | Facilities Agreement/ Newbuild Vessel | EUR | Feb 2026 | 12,108 | ||
institutions | NB 966 | |||||
| Pre-Delivery Facility | ||||||
| Senior Secured Pre- and Post- Delivery | ||||||
Debt to financial | Facilities Agreement/ Newbuild Vessel | EUR | Feb 2026 | 12,108 | ||
institutions | NB 967 | |||||
| Pre-Delivery Facility | ||||||
Debt to financial | Senior Secured Pre- and Post- Delivery | |||||
institutions | Facilities Agreement/ Newbuild Vessel | EUR | Feb 2026 | (492) | ||
NB | 968 | Pre- Delivery Facility | ||||
Debt to financial | Edda Wind IV – prefunding C-416 | EUR | Oct 2024 | 11,118 | ||
institutions | ||||||
Bond | Edda Wind I Facility | EUR | Sep 2032 | 34,573 | ||
Bond | Edda Wind III Facility/Senior Secured | GBP | 2037 | 38,723 | ||
| Notes 2020 | ||||||
Total interest-bearing debt | 284,830 |
| Carrying | ||||
| 2024 | amount | |||
Debt instrument | Facility | Currency | Maturity | (EUR) |
Debt to financial | Senior Secured Pre - and Post-Delivery Facilities | EUR | Aug 2029 | 12 098 |
institutions | Agreement/Newbuild Vessel NB 968 Pre -Delivery Facility | |||
Debt to financial | Senior Secured Pre - and Post-Delivery Facilities | |||
institutions | Agreement/Newbuild Vessel C504 Pre -Delivery Facility | EUR | May 2037 | 4 440 |
ECA Tranche | ||||
Debt to financial | Senior Secured Pre - and Post-Delivery Facilities | |||
institutions | Agreement/Newbuild Vessel C504 Pre -Delivery Facility | EUR | May 2037 | 9 314 |
Commercial Tranche | ||||
Bond | Edda Wind I Facility | EUR | Sep 2031 | 32 405 |
Bond | Edda Wind III Facility/Senior Secured Notes 2020 | GBP | Jun 2037 | 38 560 |
Edda Wind ASA – Annual Report 2024
56 Consolidated Financial Statements continued
Notes to the Consolidated Financial Statements continued
(EUR 1,000)
Note 8 Interest-bearing debt continued
| 31.12.2023 | ||
| 31.12.2024 | Restated | |
Book value of pledged assets | ||
Pledged vessels | 395,427 | 272,970 |
Pledged vessels under construction | 245,697 | 237,498 |
Total book value of pledged assets | 641,124 | 510,468 |
31.12.2024 | 31.12.2023 | |
Repayment schedule for debt to financial institutions | ||
Due in year 1 | 44,161 | 23,642 |
Due in year 2 | 29,720 | 43,537 |
Due in year 3 | 38,498 | 29,895 |
Due in year 4 | 27,999 | 31,567 |
Due in year 5 and later | 146,459 | 82,984 |
Total repayment schedule for debt to financial institutions | 286,837 | 211,534 |
31.12.2024 | 31.12.2023 | |
Net interest-bearing debt | ||
Non -current interest-bearing debt | 309,278 | 257,101 |
Current interest-bearing debt | 48,523 | 27,729 |
Total interest-bearing debt | 357,801 | 284,830 |
Cash and cash equivalent | 33,369 | 32,918 |
Net interest-bearing debt | 324,432 | 251,912 |
31.12.2024 | 31.12.2023 | |
Repayment schedule for bond | ||
Due in year 1 | 4,362 | 4,088 |
Due in year 2 | 4,751 | 4,268 |
Due in year 3 | 5,156 | 4,763 |
Due in year 4 | 5,193 | 5,081 |
Due in year 5 and later | 51,503 | 55,096 |
Total repayment schedule for bond | 70,965 | 73,296 |
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57 Consolidated Financial Statements continued
Notes to the Consolidated Financial Statements continued
(EUR 1,000)
Note 8 Interest-bearing debt continued
| Total | ||||||
| change | ||||||
| Interest- | Interest- | in net | ||||
| Cash and | bearing | bearing | Total | interest- | ||
Changes in net interest-bearing debt | cash | Restricted | debt due | debt due | financing | bearing |
from financing activities | equivalent | cash | within 1 year | after 1 year | activities | debt |
Net interest-bearing debt 01.01 | 32,918 | – | 27,729 | 257,101 | 284,830 | 251,912 |
Reclassifications | – | – | 48,523 | (48,523) | – | - |
Cash flows | 418 | – | (27,729) | 97,802 | 70,073 | 69,655 |
Foreign exchange adjustments | 34 | – | - | 2,678 | 2,678 | 2,644 |
Other non-cash movements | – | – | – | 219 | 219 | 219 |
Net interest-bearing debt 31.12 | 33,369 | – | 48,523 | 309,278 | 357,801 | 324,432 |
2023 | ||||||
Net interest-bearing debt 01.01 | 45,021 | 4,114 | 10,951 | 146,013 | 156,964 | 107,829 |
Reclassifications | – | (4,114) | 27,729 | (27,729) | – | 4,114 |
Cash flows | (11,671) | – | (10,564) | 137,138 | 126,574 | 138,245 |
Foreign exchange adjustments | (432) | – | (388) | 1,624 | 1,236 | 1,668 |
Other non-cash movements | – | – | – | 55 | 55 | 55 |
Net interest-bearing debt 31.12 | 32,918 | – | 27,729 | 257,101 | 284,830 | 251,912 |
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Edda Wind ASA – Annual Report 2024
Notes to the Consolidated Financial Statements continued
(EUR 1,000)
Note 9 Tax continued
| 2023 | ||
| EUR thousand | 2024 | Restated |
Allocation of tax expense/(income) for the year | ||
Change in deferred tax | – | – |
otal tax expense/(income) | – | – |
| Tax effect of temporary differences | ||
ixed assets | 18 | 40 |
rade receivables | (250) | (1,500) |
imitation of interest expense carry forward | (11,026) | (143) |
emporary differences | (11,258) | (1,604) |
ax loss carried forward | (68,948) | (68,383) |
asis for deferred tax asset | (80,206) | (69,987) |
Deferred tax asset | (17,645) | (15,397) |
Deferred tax asset not recognized | 17,645 | 15,397 |
Deferred tax asset in the balance sheet | – | – |
Analysis of effective tax rate | ||
ax expense on 22% of profit before tax | 831 | 217 |
Permanent differences | (18,476) | (14,021) |
Deferred tax asset not recognized | 17,645 | 13,804 |
ecognised tax expense | – | – |
2024 | 2023 | |
Currency through the income statement | ||
Net currency items in the income statement | (266) | 132 |
Currency translations through other comprehensive income | 2,458 | 39 |
Total currency effects through the income statement and other comprehensive income | 2,192 | 171 |
31.12.2024 | 31.12.2023 | |
Allocation of currency for interest bearing debt | ||
EUR | 304,678 | 214,820 |
GBP | 53,122 | 70,010 |
Total | 357,801 | 284,830 |
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Edda Wind ASA – Annual Report 2024
58 Consolidated Financial Statements continued
Edda Wind ASA – Annual Report 2024
59 Consolidated Financial Statements continued
Notes to the Consolidated Financial Statements continued
(EUR 1,000)
Note 10 Financial risk continued
| Income statement sensitivities of | |||||
| changes in foreign currency | (10%) | (5%) | 0% | 5% | 10% |
EUR/GBP Spot rate 31.12.2024 | 1.086 | 1.147 | 1.207 | 1.267 | 1.328 |
Income statement effect 2024 (before tax) | 3,775 | 1,888 | – | (1,888) | (3,775) |
EUR/GBP Spot rate 31.12.2023 | 1.02 | 1.07 | 1.13 | 1.19 | 1.24 |
Income statement effect 2023 (before tax) | 5,664 | 2,832 | – | (2,832) | (5,663) |
(restated) |
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Edda Wind ASA – Annual Report 2024
60 Consolidated Financial Statements continued
Notes to the Consolidated Financial Statements continued
(EUR 1,000)
Note 10 Financial risk continued
| 2024 | Less than | Between 1 | Between 2 | Later than |
| Undiscounted cash flows financial liabilities | 1 year | and 2 years | and 5 years | 5 years |
Debt to financial institutions | 44,161 | 29,720 | 182,280 | 30,676 |
Bond | 4,362 | 4,751 | 7,254 | 54,598 |
Interest due | 15,259 | 13,459 | 27,971 | 9,122 |
Total undisclosed cash flow financing liabilities | 63,782 | 47,930 | 217,505 | 94,396 |
Current liabilities, excluding next year’s | 15,111 | |||
instalment on interest-bearing debt | ||||
Total gross undiscounted cash flows financial | 78,893 | 47,930 | 217,505 | 94,396 |
liabilities 31.12.202 4 |
| Not | 1-30 days | 31-60 days | 61-90 days | > 90 days | ||
| yet due | overdue | overdue | overdue | overdue | Total | |
202 4 | 15,315 | 983 | – | 103 | 2,197 | 18,598 |
202 3 | 8,800 | 186 | 930 | – | 733 | 10,649 |
202 3 | Less than | Between 1 | Between 2 | Later than |
Undiscounted cash flows financial liabilities | 1 year | and 2 years | and 5 years | 5 years |
Debt to financial institutions | 23,642 | 43,357 | 79,757 | 64,599 |
Bond | 4,088 | 4,268 | 14,940 | 50,001 |
Interest due | 11,210 | 14,031 | 41,908 | 14,304 |
Total undisclosed cash flow financing liabilities | 38,940 | 61,836 | 136,605 | 128,904 |
Current liabilities, excluding next year’s instalment on interest -bearing debt | 12,546 | |||
| Total gross undiscounted cash flows financial | 51,486 | 61,836 | 136,605 | 128,904 |
| liabilities 31.12.2023 |
| 31.12.2023 | ||
| 31.12.2024 | Restated | |
Capital structure | ||
Total equity | 330,280 | 289,737 |
Total assets | 703,289 | 587,113 |
Equity ratio | 47.0% | 49.3% |
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61 Consolidated Financial Statements continued
Notes to the Consolidated Financial Statements continued
(EUR 1,000)
Note 10 Financial risk continued
Interest -bearing debt | Fair value | Book value |
Debt to financial institutions | 290,425 | 286,836 |
Bonds | 70,965 | 70,965 |
Total interest-bearing debt 31.12 | 361,390 | 357,800 |
Debt to financial institutions | 215,443 | 211,534 |
Bonds | 73,296 | 73,296 |
Total interest-bearing debt 31.12 | 288,739 | 284,830 |
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Edda Wind ASA – Annual Report 2024
Edda Wind ASA – Annual Report 2024
62 Consolidated Financial Statements continued
Notes to the Consolidated Financial Statements continued
(EUR 1,000)
Note 10 Financial risk continued
| 2023 | ||
| 2024 | Restated | |
Financial income | ||
Other financial income | 1,277 | 1,543 |
Currency differences | – | 132 |
Total financial income | 1,277 | 1,675 |
| Fair value | |||
| 2024 | Amortised | through income | |
| Financial instrument by category | cost | statement | Total |
Assets | |||
Accounts receivable and other short-term receivables | 21,691 | – | 21,691 |
Cash and cash equivalents | 33,369 | – | 33,369 |
Total assets 31.12 | 55,060 | – | 55,060 |
Liabilities | |||
Non -current debt to financial institutions | 242,676 | – | 242,676 |
Non -current bonds | 66,603 | – | 66,603 |
Non -current lease liability | 98 | – | 98 |
Current debt to financial institutions | 44,161 | – | 44,161 |
Current bonds | 4,362 | – | 4,362 |
Current lease liability | 158 | – | 158 |
Other current liabilities | 14,953 | – | 14,953 |
Total liabilities 31.12 | 373,011 | – | 373,011 |
| 2023 | ||
| 2024 | Restated | |
Financial expense | ||
Interest expenses | 16 861 | – |
Realised loss on financial derivatives | – | 71 |
Impairment of loan | 1,862 | – |
Currency differences | 266 | – |
Other financial expenses | 1,326 | 426 |
Total financial expense | 4,316 | 498 |
| Fair value | |||
202 3 | Amortised | through income | |
Financial instrument by category | cost | statement | Total |
Assets | |||
Accounts receivable and other short-term receivables | 24,848 | – | 24,848 |
Cash and cash equivalents | 32,918 | – | 32,918 |
Total assets 31.12 | 57,766 | – | 57,766 |
Liabilities | |||
Non -current debt to financial institutions | 187,893 | – | 187,893 |
Non -current bonds | 69,208 | – | 69,208 |
Current debt to financial institutions | 23,642 | – | 23,642 |
Current bonds | 4,088 | – | 4,088 |
Other current liabilities | 12,546 | – | 12,546 |
Total liabilities 31.12 | 297,376 | – | 297,376 |
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63 Consolidated Financial Statements continued
Notes to the Consolidated Financial Statements continued
2024 | 2023 | |
Cash and cash equivalents 31.12 | ||
Bank deposits | 33,369 | 32,918 |
Sum cash and cash equivalents 31.12 | 33,369 | 32,918 |
| Number | Ownership | ||
Shareholder | Country | of shares | share |
Geveran Trading Co Ltd | Cyprus | 40,125,100 | 31.0% |
Wilhelmsen New Energy AS | Norway | 40,113,400 | 31.0% |
UBS Switzerland AG | Switzerland | 26,088,632 | 20.2% |
J.P. Morgan SE | Luxembourg | 2,203,184 | 1.7% |
J.P. Morgan SE | Luxembourg | 1,331,617 | 1.0% |
Goldman Sachs International | United Kingdom | 925,537 | 0.7% |
Wahl Eiendom AS | Norway | 840,000 | 0.6% |
Merrill Lynch International | United Kingdom | 725,802 | 0.6% |
State Street Bank and Trust Comp | United States | 665,780 | 0.5% |
Clearstream Banking S.A. | Luxembourg | 595,139 | 0.5% |
Largest shareholders | 113,614,191 | 87.9% | |
Others | 15,700,297 | 12.1% | |
Total | 129,314,488 | 100.0% |
| 2023 | ||
Amount in EUR | 2024 | Restated |
Earnings per share | ||
Net profit attributable to ordinary shareholders of Edda Wind ASA | 3,775,764 | 986,906 |
Weighted average number of outstanding shares to calculate earnings per share | 121,046,728 | 101,819,340 |
Earnings per share in EUR | 0.03 | 0.01 |
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Edda Wind ASA – Annual Report 2024
| Number | Ownership | ||
| Country | of shares | share | |
Wilhelmsen New Energy AS | Norway | 28,500,000 | 25.4% |
Geveran Trading Co Ltd | Cyprus | 24,306,313 | 21.6% |
Østensjø Wind AS | Norway | 21,300,000 | 19.0% |
Credit Suisse (Switzerland) Ltd. | Ireland | 17,888,331 | 15.9% |
VJ Invest AS | Norway | 1,313,235 | 1.2% |
J.P. Morgan SE | Luxembourg | 1,129,603 | 1.0% |
Varner Equities AS | Norway | 776,973 | 0.7% |
State Street Bank and Trust Comp | United States | 665,780 | 0.6% |
Wahl Eiendom AS | Norway | 656,000 | 0.6% |
Clearstream Banking S.A. | Luxembourg | 637,118 | 0.6% |
Largest shareholders | 97,173,353 | 86.5% | |
Others | 15,141,135 | 13.5% | |
Total | 112,314,488 | 100.0% |
64 Consolidated Financial Statements continued
Notes to the Consolidated Financial Statements continued
(EUR 1,000)
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Edda Wind ASA – Annual Report 2024
| Current | |||
| 2024 | Right-of- | Non-current | lease |
| Reconciliation of leases | use asset | lease liability | liability |
Opening balance 01.01.2024 | – | – | – |
Additions | 329 | 329 | – |
Depreciation | (76) | – | – |
Interest | – | 7 | – |
Reclassification from non -current to current | – | (237) | 237 |
Payments | – | – | (79) |
Ending balance 01.01.2024 | 252 | 98 | 158 |
31.12.2024 | 31.12.2023 | |
Right -of-use assets | ||
Right of use asset | 252 | – |
Total right-of-use assets | 252 | – |
31.12.2024 | 31.12.2023 | |
Lease liabilities | ||
Non -current lease liability | 98 | – |
Current lease liability | 158 | – |
Total right-of-use assets | 256 | – |
2024 | 2023 | |
Lease charges in the P&L | ||
Depreciation of right -of-use assets | 76 | – |
Interest expense | 7 | – |
Total charges in the P&L | 83 | – |
| 31.12.2023 | Adjustments | 31.12.2023 | |
| Restatement effects on statement of financial position | Restated | 2023 | Prior to restatement |
Assets | |||
Non -current assets | |||
Vessels | 272,970 | 1,748 | 271,222 |
New buildings | 247,401 | 3,107 | 244,294 |
Total non -current assets | 529,347 | 4,855 | 524,492 |
Total assets | 587,113 | 4,855 | 582,258 |
Equity and liabilities | |||
Other equity | 67,934 | 4,855 | 63,079 |
Total equity | 289,737 | 4,855 | 284,822 |
Total equity and liabilities | 587,113 | 4,855 | 582,258 |
| 2023 | Adjustments | 2023 | Prior to | ||
| Restatement effects on income statement | Restated | 2023 | restatement | ||
Financial expense | (498) | 4,855 | (5,353) | ||
Financial income/(expense) | 1,177 | 4,855 | (3,678) | ||
Profit/(loss) before tax | 987 | 4,855 | (3,868) | ||
Profit/(loss) for the year | 987 | 4,855 | (3,868) | ||
Basic/Diluted earnings per share in EUR | 0.01 | 0.09 | (0.04) | ||
64 Consolidated Financial Statements continued
Notes to the Consolidated Financial Statements continued
Note 17 Events after balance sheet date
In March 2025, Edda Wind, through its subsidiary West Energy AS, entered into a sale and purchase
agreement regarding the sale of all outstanding shares in Puerto de Llafranc S.L., the registered owner of
Mistral Enabler. The transaction was completed in April 2025. The proceeds from the sale will be used for
general corporate purposes, including the repayment of outstanding debt related to Mistral Enabler.
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Edda Wind ASA – Annual Report 2024
65 Company Financial Statements
Income Statement
(EUR 1,000)
Other
operating expenses 2 945 1,461
Total
operating expenses 945 1,461
Operating
profit (945) (1,461)
Financial
income and expenses
Interest
income from Group companies 3 8,882 4,592
Other
financial income 3.4 30,846 2,876
Net
currency differences (7,022) 1,052
Interest
paid to Group companies 3 (133) (25)
Other
interest expenses (1,437) (123)
Other
financial expenses (214) (2)
Financial
income/(expense) 29,060 8,369
Profit/(loss)
before tax 28,114 6,908
Tax
(income)/expense 5 (2,517) (2,122)
Profit/(loss)
for the year 25,597 4,786
Notes 1 to 9 on the next pages are an integral part of these financial statements.
Balance Sheet
(EUR 1,000)
ASSETS
Financial
assets
Investment
in subsidiary companies 4 160,514 143,820
Long
-term receivables – 1,862
Total
financial assets 160,514 145,682
Current
assets
Accounts receivables
10 2,361 –
Receivables
from Group companies 3 213,596 156,370
Other
short-term receivables 3 2,405 2,980
Cash
and cash equivalents 6 8,246 6,351
Total
current assets 226,608 165,702
Total
assets 387,122 311,384
EQUITY
AND LIABILITIES
Equity
Share
capital 7.8 1,220 1,071
Share
premium 7 306,128 271,972
Other
equity 7 32,704 7,107
Total
equity 340,051 280,149
Non
-current liabilities
Debt
to financial institutions 9 19,883 19,692
Total
non-current liabilities 19,883 19,692
Current
liabilities
Account
payables 3 1,199 79
Liabilities
to Group companies 3 24,789 10,806
Other
current liabilities 1, 3 1,200 657
Total
current liabilities 27,188 11,542
Total
liabilities 47,071 31,235
Total
equity and liabilities 387,122 311,384
Notes 2024 2023 Notes 2024 2023
Notes 1 to 9 on the next pages are an integral part of these financial statements.
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Edda Wind ASA – Annual Report 2024
66 Company Financial Statements continued
Balance Sheet continued
(EUR 1,000)
Haugesund, 23 April 2025
The Board of Directors of Edda Wind ASA
Geir Flæsen
Chairman of the Board
Martha Kold Monclair
Board member
Toril Eidesvik
Board member
Duncan J. Bullock
Board member
Adrian Geelmuyden
Board member
Hermann Øverlie
CEO
Cash Flow Statement
(EUR 1,000)
Cash
flow from operations
Profit/(loss) before
tax 28,114 63,908
Impairment of financial assets 10
1,862 –
Group
contribution, received 3 (2,106) (607)
Change
in trade payables (1,120) 483
Change
in other current assets and other liabilities (42,464) (124,548)
Net
cash flow from operations (15,713) (117,764)
Cash
flow from investment activities
Change
in long-term loan – 600
Investments
in subsidiaries 4 (16,694) (27,836)
Net
cash flow from investment activities (16,694) (27,236)
Cash
flow from financing activities
Net
drawn interest-bearing debt – 19,692
Increase
capital 8 34,305 104,921
Net
cash flow from financing activities 34,305 124,613
Effects
of currency rate changes on bank deposits, cash and
equivalents
Net
change in bank deposits, cash and equivalents 1,896 (20,388)
Cash
and cash equivalents at 01.01 6,351 26,739
Cash
and cash equivalents at 31.12 8,246 6,351
Note 1 to 9 on the next pages are an integral part of these financial statements.
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Notes
Edda Wind ASA – Annual Report 2024
2024 2023
67 Company Financial Statements continued
Notes to the Company Financial Statements
(EUR 1,000)
Note 1 General accounting principles
Accounting policies
The financial statements have been prepared in accordance with the Norwegian Accounting Act of 1998
and generally accepted accounting principles in Norway.
Shares in subsidiaries
Subsidiaries and investments in associates are valued at cost in the Company accounts. The investment is
valued at cost of the shares in the subsidiary, less any impairment losses. An impairment loss is recognised
if the impairment is not considered to be temporary, in accordance with generally accepted accounting
principles. Impairment losses are reversed if the reason for the impairment loss disappears in a later period.
Dividend, Group contributions and other distribution from subsidiaries are recognised in the same year as
they are recognised in the financial statements of the provider. If dividends / Group contributions exceed
withheld profits after the acquisition date, the excess amount represents repayment of invested capital,
and the distribution will be deducted from the recorded value of the acquisition in the balance sheet for
the parent company.
Valuation and classification of assets and liabilities
Assets intended for permanent ownership or use in the business are classified as non-current assets. Other
assets are classified as current assets. Receivables due within one year are classified as current assets. The
classification of current and non-current liabilities is based on the same criteria. Current assets are valued
at the lower of historical cost and fair value. Fixed assets are carried at historical cost but are written down
to their recoverable amount if this amount is lower than the carrying amount and the decline is expected to
be permanent. Fixed assets with limited economic life are depreciated on a systematic basis in accordance
with a reasonable depreciation schedule. Other long-term liabilities, as well as short-term liabilities, are
valued at nominal value.
Provisions
Provisions are recognised when the Company faces an obligation (legal or constructive) as a result of past
event and it is probable that an outflow of resources will be required to settle the obligation and a reliable
estimate can be made on the amount of the obligation. The expense related to a provision is presented in
the statement of profit and loss. All provisions are reviewed at end of each reporting period and adjusted to
reflect best estimate.
Use of estimates
The management has used estimates and assumptions that have affected the income statement and the
valuation of assets and liabilities, as well as uncertain assets and liabilities on the balance sheet date during
preparation of the financial statements in accordance with generally accepted accounting principles
in Norway.
Foreign currency
The financial statements of the Company are presented in Euro. Monetary items (assets, liabilities and bank
deposits) in foreign currency are converted at the exchange rate as on the balance sheet date.
Receivables
Receivables are recognised at nominal value, less the accrual for expected losses of receivables.
Provisions for doubtful accounts are made on the basis of individual assessment of each receivable.
For the remaining receivables, a general provision is estimated based on expected loss.
Dividend
Dividend income is recognised when the right to receive payment is established, normally when the
dividend is approved by the general meeting of the subsidiary. Dividend distribution to shareholders
is recognised as a liability when the dividend is approved by the general meeting.
Tax
The tax expense consists of the tax payable and changes to deferred tax. Deferred tax/tax assets are
calculated on all differences between the book value and tax value of assets and liabilities. Deferred tax
assets are recorded on the balance sheet when it is more likely than not that the tax assets will be utilised.
Taxes payable and deferred taxes are recognised directly in equity to the extent that they relate to equity
transactions.
Cash flow statements
The statement of cash flow is prepared in accordance with the indirect model. Cash and cash equivalents
include cash, bank deposits and other short-term investments which immediately and with minimal
exchange risk can be converted into known cash amounts, with due date less than three months from
purchase date.
Note 2 Payroll and remuneration
Edda Wind ASA has no employees and is therefore not obliged to follow the Mandatory Occupational
Pensions Act. Edda Wind ASA’s management team is employed and remunerated through subsidiary Edda
Wind Management AS as shown in table below:
Remuneration
to management:
Kenneth
Walland (CEO) (resigned 31 December) 248 41 18 11
Hermann H.
Øverlie (start date 1 March) 133 – 2 11
Tom
Johan Austrheim (CFO) (resigned 31 May) 84 – 8 3
Håkon
Vevang (CCO) 147 18 6 11
Jan
Lodden (CCO) 161 35 5 11
Nina
Marie Wathne (CHRO) 109 9 4 10
Ellen
Sofie Ottesen (CTO) 112 7 8 10
Total
remuneration to management 995 110 52 67
2024 Wages Bonus
Other
benefits
Pension
costs
Strategic
Report
Board of
Directors’ Report
Governance
Report
Financial
Statements
Edda Wind ASA – Annual Report 2024
68 Company Financial Statements continued
Notes to the Company Financial Statements continued
(EUR 1,000)
Note 2 Payroll and remuneration continued
Remuneration
to management:
Kenneth
Walland (CEO) 243 49 19 11
Tom
Johan Austrheim (CFO) 163 36 4 11
Håkon
Vevang (CCO) 141 30 6 11
Jan
Lodden (CCO) 136 15 4 11
Nina
Marie Wathne (CHRO) (start date 1 September 2023) 38 – – 3
Ellen
Sofie Ottesen (CTO) (start date 1 October 2023) 30 – – 2
Total
remuneration to management 751 130 33 48
Remuneration
to the Board of Directors:
Gei
Flæsen (from May 2024) Chairman
– –
Jan
Eyvin Wang (until May 2024) Chairman
43 31
Håvard
Framnes Director
35 45
Martha
Kold Monclair Director
34 33
Toril
Eidesvik Director
29 29
Duncan
J. Bullock Director
29 29
Cecilie
Wammer Serck-Hanssen Director
29 29
Adrian
Geelmuyden Director
29 29
Total remuneration to the Board of Directors
229 225
Geir Flæsen was appointed as Chairman of the Board on 29 May 2024, replacing Jan Eyvin Wang.
Expensed
audit fee (excluding VAT)
Audit
services 123 103
Other
assurance services 6 34
Total
expensed audit fee 129 137
Note 3 Transactions with related parties
The profit and loss statement includes the following amounts resulting from transactions with related parties.
2024 2023
Management
fee
Edda
Wind Management AS 215 226
Total
215 226
Interest
income
Edda
Wind Management AS 196 17
Edda
Wind Investment AS 2 1
Edda Wind Crewing AS
2 –
Edda
Wind I AS 9 199
Edda
Wind II AS 163 192
Edda
Wind III AS – 58
Edda
Wind IV AS 1,181 448
Edda
Wind V AS 69 74
Edda
Wind VI AS 455 399
Edda
Wind VII AS 963 223
Edda
Wind IX AS 762 558
Edda
Wind XI AS 1,473 748
Edda
Wind XII AS 1,345 651
Edda
Wind XIV AS 1,339 566
Edda
Wind XV AS 916 455
West
Energy AS 6 3
Total
8,882 4,592
Interest
expenses
Edda Wind III AS
9 –
Edda Wind VIII AS
71 25
Puerto de
Llafranc S.L. 53 –
Total
133 25
Name Position 2024 2023
2024 2023
Strategic
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Board of
Directors’ Report
Governance
Report
Financial
Statements
Edda Wind ASA – Annual Report 2024
2023 Wages Bonus
Other
benefits
Pension
costs
69 Company Financial Statements continued
Notes to the Company Financial Statements continued
(EUR 1,000)
Note 3 Transactions with related parties continued
West
Energy AS 27,398 658
Puerto
de Calella S.L. 154 172
Edda
Wind I AS 201 199
Edda
Wind II AS 306 282
Edda
Wind IV AS 243 211
Edda
Wind V AS 955 176
Edda
Wind VI AS 227 71
Edda
Wind VIII AS 35 110
Edda
Wind IX AS 207 33
Edda
Wind XI AS 195 3
Edda
Wind XII AS 182 3
Edda
Wind XIV AS 139 3
Edda Wind XV AS
34 –
Total
30,327 1,923
The Company received a dividend from West Energy AS of EUR 26 million during 2024.
The balance sheet includes the following amounts resulting from transactions with related parties
2024
Short
-term receivables
Group
companies 215,892 158,667
Associated companies
– 3
Total
215,892 158,670
Accounts
payable
Group
companies 1,089 –
Associated companies
– –
Total
1,089 –
The Company acts as guarantor for the interest-bearing debt of its subsidiaries.
Note 4 Investment in subsidiaries
Subsidiaries
Business
office/country
Nature
of business
Ownership/
voting rights Currency Result Equity
Book
value
(EUR)
Edda Wind
Management AS
Haugesund, Norway
Management
services
100% 4,885
Edda Wind
Investment AS
Haugesund, Norway Investment 100% NOK (108) (78) 21
Edda Wind I AS Haugesund, Norway
Vessel operations
100%
EUR (333) 11,022 26,954
Edda Wind II AS Haugesund, Norway
Vessel operations
100%
EUR (1,234)
10,757
21,748
Edda Wind III AS Haugesund, Norway
Vessel operations
100%
GBP (902) 9,752
26,831
Edda Wind IV AS Haugesund, Norway
Vessel owner
100%
21,666
Edda Wind V AS Haugesund, Norway
Vessel operations
100%
EUR (13,972) (1,210)
EUR 1,545 17,912
18,961
Edda Wind VI AS Haugesund, Norway
Vessel owner
100%
8,617
Edda Wind VII AS Haugesund, Norway
Vessel owner
100%
EUR
(347) 7,120
(98) 674
1,821
Edda Wind VIII AS Haugesund, Norway
Dormant
100%
EUR
Edda Wind IX AS Haugesund, Norway
Vessel owner
100%
EUR
(2,345) 427
3,869
Edda Wind X AS Haugesund, Norway
Dormant
100%
EUR 5
Edda Wind XI AS Haugesund, Norway
Vessel owner 100%
(6) (18)
1,338 440
5
Vessel owner
100%
EUR 5
Vessel owner 100%
5
Vessel owner
100%
EUR 5
Dormant
100%
EUR 4
Edda Wind XII AS
Dormant
100%
EUR 4
Dormant
100%
EUR 4
Edda Wind XVIII AS
Dormant
100%
EUR 4
Dormant
100%
EUR 4
Dormant
100%
EUR 4
Vessel operations 100% GBP 23,169
Edda Supply Ships Aberdeen,
UK Ltd United Kingdom
Management
services
100% GBP 43
EUR
EUR
EUR
1,159 729
1,133 445
588 411
(7) (10)
(7) (10)
(7) (10)
(7) (10)
12,863 14,520
(36) (39)
33 303
(7) (10)
550 1,519 1,880
(49,197) (11,277)NOK
Haugesund, Norway
Haugesund, Norway
Haugesund, Norway
Haugesund, Norway
Haugesund, Norway
Haugesund, Norway
Haugesund, Norway
Haugesund, Norway
Haugesund, Norway
Haugesund, NorwayWest Energy AS
Edda Wind
Crewing AS
Edda Wind XX AS
Edda Wind XIX AS
Edda Wind XVII AS
Edda Wind XVI AS
Edda Wind XV AS
Edda Wind XIV AS
2024 2023
2023
Based on the subsidiaries underlying assets and operation, no impairment charge has been made to the
investments in 2024 or 2023.
Strategic
Report
Board of
Directors’ Report
Governance
Report
Financial
Statements
Financial income
Edda Wind ASA – Annual Report 2024
70 Company Financial Statements continued
Notes to the Company Financial Statements continued
(EUR 1,000)
Note 4 Investment in subsidiaries continued
Edda Wind ASA has given group contributions of EUR 11,337,029 during 2024. The group contributions are
given with tax effect and are booked as increase in investment. Edda Wind ASA has also received group
contributions of EUR 2,075,010. The group contributions are received with tax effect and are booked as
financial income.
Note 5 Tax
Income
tax for the year 2024 2023
Tax
payable – –
Tax
effect group contribution (2,531) (2,122)
Correction from last year
14 -
Change
in deferred tax – –
Total
income tax expense (benefit) (2,517) (2,122)
Basis
for tax payable 2024 2023
Profit
before tax 28,114 6,908
Permanent differences
(16,609) 2,723
Taxable
income 11,505 9,631
Group
contribution received – 607
Group
contribution given (11,505)
(9,644
)
Tax
loss carried forward – (594)
Basis tax
payable – –
Tax
loss carried forward – –
Deferred
tax – –
Change
in deferred tax/deferred tax asset – 56
Not
recorded deferred tax asset – (56)
Deferred
tax (+) / Deferred tax asset (-) – –
Note 6 Cash and cash equivalents
Bank
deposits EUR 7,760 5,860
Bank
deposits NOK 121 241
Bank
deposits GBP 365 251
Total
cash and cash equivalents 8,246 6,351
2024 2023
The Company does not have any restricted cash as of 31 December 2024.
Note 7 share capital
Edda Wind ASA’s share capital amounts to NOK 12,931,448.80 divided into 129,314,488 shares, each with a
nominal value of NOK 0.1.
In June 2024, Edda Wind performed a private placement, raising a total of NOK 400 million through
allocation of 17,000,000 new shares at a subscription price of NOK 23.5 per share.
Largest shareholders at 31 December 2024
Strategic
Report
Board of
Directors’ Report
Governance
Report
Financial
Statements
Edda Wind ASA – Annual Report 2024
Geveran
Trading Co Ltd Cyprus 40,125,100 31.0%
Wilhelmsen New Energy AS
Norway 40,113,400 31.0%
UBS Switzerland AG
Switzerland 26,088,632 20.2%
J.P.
Morgan SE Luxembourg 2,203,184 1.7%
J.P.
Morgan SE Luxembourg 1,331,617 1.0%
Goldman Sachs International
United Kingdom 925,537 0.7%
Wahl
Eiendom AS Norway 840,000 0.6%
Merrill Lynch International
United Kingdom 725,802 0.6%
State
Street Bank and Trust Comp United States 665,780 0.5%
Clearstream
Banking S.A. Luxembourg 595,139 0.5%
Largest
shareholders 113,614,191 87.9%
Others
15,700,297 12.1%
Total
129,314,488 100.0%
Shareholder Country
Number
of shares
Ownership
share
Temporary differences and deferred tax 2024 Change2023
–
–
71 Company Financial Statements continued
Notes to the Company Financial Statements continued
(EUR 1,000)
Note 7 share capital continued
Largest shareholders at 31 December 2023
Wilhelmsen
New Energy AS Norway 28,500,000 25.4%
Geveran
Trading Co Ltd Cyprus 24,306,313 21.6%
Østensjø
Wind AS Norway 21,300,000 19.0%
Credit
Suisse (Switzerland) Ltd. Ireland 17,888,331 15.9%
VJ
Invest AS Norway 1,313,235 1.2%
J.P.
Morgan SE Luxembourg 1,129,603 1.0%
Varner
Equities AS Norway 776,973 0.7%
State
Street Bank and Trust Comp United States 665,780 0.6%
Wahl
Eiendom AS Norway 656,000 0.6%
Clearstream
Banking S.A. Luxembourg 637,118 0.6%
Largest
shareholders 97,173,353 86.5%
Others
15,141,135 13.5%
Total
112,314,488 100.0%
Note 8 Changes in equity
Balance
at 01.01.2024 1,071 271,972 7,107 280,149
Capital
increase by issuance of new shares 149 34,156 – 34,305
Profit/loss
for the year 25,597 25,597
Balance
at 31.12.2024 1,220 306,128 32,704 340,051
Share
capital
Share
premium
Other
equity
Note 9 Interest-bearing debt
The table below shows the Company’s interest-bearing debt:
Interest
-bearing debt 20,000 20,000
Debt
insurance cost (117) (308)
Total
19,883 19,692
2024 2023
Loan agreements contains financial covenants at Group level related to minimum cash. In addition, the
Group is required to maintain a positive working capital, book equity ratio of at least 30%, interest coverage
ratio (EBITDA to net interest cost) of at least 2.50:1 and average market value of vessels to aggregate amount
of loans under the post-delivery facility of at least 130%.
The interest-bearing debt matures in December 2025.
Note 10 Other circumstances
As of 31 December 2024, accounts receivable in the Company amounted to EUR 2,361 thousand. The
accounts receivables is against Vestas Deutschland GmbH and related to the charter contract for Nordri
Enabler. Nordri Enabler is operated by Edda Wind V AS, a fully owned subsidiary of Edda Wind ASA. Edda
Wind ASA has only functioned as an agent in the contract, and as such, all revenue and expense related to
this has been netted.
In relation to one of the newbuilding projects, the Group assumed payment obligations and purchased
certain equipment directly in order to avoid delays in delivery,. The Group should have been compensated
for the assumed obligations through a loan agreement in the net amount of EUR 2.4 million paid over two
years. The remaining loan amount, EUR 1.8 million, was written down to zero in 2024.
Note 11 Subsequent events
No subsequent events reported.
Strategic
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Directors’ Report
Governance
Report
Financial
Statements
Edda Wind ASA – Annual Report 2024
Shareholder Country
Number
of shares
Ownership
share
Total
equity
72 Auditor’s Report
Edda Wind ASA – Annual Report 2024
Auditor’s Report
Statsautoriserte revisorer
Ernst & Young AS
Thormøhlens gate 53 D, 5006 Bergen
Postboks 6163, 5892 Bergen
Foretaksregisteret: NO 976 389 387 MVA
Tlf: +47 24 00 24 00
www.ey.no
Medlemmer av Den norske Revisorforening
INDEPENDENT AUDITOR'S REPORT
To the Annual Shareholders' Meeting of Edda Wind ASA
Report on the audit of the financial statements
Opinion
We have audited the financial statements of Edda Wind ASA (the Company) which comprise:
• The financial statements of the Company, which comprise the balance sheet as at 31 December 2024 and
the income statement and cash flow statement for the year then ended and notes to the financial
statements, including a summary of significant accounting policies, and
• The financial statements of the Group, which comprise the statement of financial position as at 31
December 2024, the income statement, statement of comprehensive income, statement of changes in
equity and cash flow statement for the year then ended and notes to the financial statements, including
material accounting policy information.
In our opinion
• the financial statements comply with applicable statutory requirements,
• the financial statements give a true and fair view of the financial position of the Company as at 31 December
2024 and its financial performance and cash flows for the year then ended in accordance with the
Norwegian Accounting Act and accounting standards and practices generally accepted in Norway, and
• the consolidated financial statements give a true and fair view of the financial position of the Group as at 31
December 2024 and its financial performance and cash flows for the year then ended in accordance with
IFRS Accounting Standards as adopted by the EU.
Our opinion is consistent with our additional report to the audit committee.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our
responsibilities under those standards are further described in the Auditor’s responsibilities for the audit
of the financial statements section of our report. We are independent of the Company and the Group in
accordance with the requirements of the relevant laws and regulations in Norway and the International
Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants
(including International Independence Standards) (the IESBA Code), and we have fulfilled our other
ethical responsibilities in accordance with these requirements. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our opinion.
To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit
Regulation (537/2014) Article 5.1 have been provided.
We have been the auditor of the Company for 6 years from the election by the general meeting of the
shareholders on 18 Oktober 2019 for the accounting year 2019.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit
of the financial statements for 2024. These matters were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters.
Impairment assessment of vessels and newbuilds
Basis for the key audit matter
As of 31 December 2024, the market capitalization
of the Group was below book value of the Group
equity. Group management identified the impairment
indicator to be related to vessels and newbuilds and
tested recoverable amounts. The carrying amount of
the Group’s vessels and newbuilds amounted to
EUR 641 million, which corresponds to 91% of total
assets. Remaining instalments for newbuilds amount
to EUR 90 million. No impairment was recognized on
vessels and newbuilds. Management classified each
vessel and newbuild as separate cash generating
units (“CGUs”). Management measured the
recoverable amounts of vessels and newbuilds by
comparing the carrying amount and remaining
instalments of each CGU to the highest of fair value
less costs to sell and their value in use. Key
assumptions for the fair value less cost to sell were
based on broker valuation reports. Management
supported these brokers valuation reports by
comparing broker values to recent sales of vessels
in the Group. To further support the assessments
management performed value in use calculations.
Key assumptions for the value-in-use calculations
were forecasted day-rates, operating costs,
utilization, estimated useful life of the vessels and
discount rates. Considering the extent of estimates
and assumptions applied in the impairment
evaluation, and management’s involvement and
significant judgement in establishing them, we
assess the impairment assessment of vessels and
newbuilds as a key audit matter.
Our audit response
We evaluated the appropriateness of management’s
identification of the Group’s CGUs. We assessed
the fair value less costs to sell estimates and
compared these with third party broker valuation
reports. In addition, we compared the net sales
value of recent sales of two vessels in the Group to
historical and current broker valuation reports. For
the value in use calculation, we compared day-rates
in the firm contracts and estimated future rates to
historical spot rates and future market expectations
from third parties for the SOV and CSOV market.
Operating costs have been compared to approved
budgets, historical expenses and future expectations
from third parties. Estimated useful lives of the
vessels have been compared to industry practice
and plans for docking and maintenance. We
involved an internal specialist in testing the
mathematical accuracy of the value-in-use
calculations, in the assessment of the model and the
discount rate applied.
We refer to note 4 of the consolidated
financial statements.
Other information
The Board of Directors and the Managing Director (management) are responsible for the information in the
Board of Directors’ report and the other information presented with the financial statements. The other
information comprises annual report and statements on Corporate Governance. Our opinion on the financial
statements does not cover the information in the Board of Directors’ report and the other information presented
with the financial statements.
Independent auditor's report - Edda Wind ASA 2024
Strategic
Report
Board of
Directors’ Report
Governance
Report
Financial
Statements
73 Auditor’s Report continued
Edda Wind ASA – Annual Report 2024
Auditor’s Report continued
In connection with our audit of the financial statements, our responsibility is to read the information in the Board
of Directors’ report and for the other information presented with the financial statements. The purpose is to
consider if there is material inconsistency between the information in the Board of Directors’ report and the other
information presented with the financial statements and the financial statements or our knowledge obtained in
the audit, or otherwise the information in the Board of Directors’ report and for the other information presented
with the financial statements otherwise appears to be materially misstated. We are required to report if there is a
material misstatement in the Board of Directors’ report and the other information presented with the financial
statements. We have nothing to report in this regard
Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report
• is consistent with the financial statements and
• contains the information required by applicable statutory requirements.
Our statement on the Board of Directors’ report applies correspondingly for the statement on Corporate
Governance.
Responsibilities of management for the financial statements
Management is responsible for the preparation of the financial statements of the Company that give a true and
fair view in accordance with the Norwegian Accounting Act and accounting standards and practices generally
accepted in Norway, and for the preparation of the consolidated financial statements of the Group that give a
true and fair view in accordance with IFRS Accounting Standards as adopted by the EU. Management is
responsible for such internal control as management determines is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s and the Group’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless management either intends to liquidate the Company or the Group, or
to cease operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the basis of these financial
statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional
scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company’s and the Group’s internal control.
Independent auditor's report - Edda Wind ASA 2024
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company’s and the Group’s ability to continue as a
going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our
auditor’s report to the related disclosures in the financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the
date of our auditor’s report. However, future events or conditions may cause the Company and the
Group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the consolidated financial statements. We
are responsible for the direction, supervision and performance of the group audit. We remain solely
responsible for our audit opinion.
We communicate with the board of directors regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that we identify
during our audit.
We also provide the audit committee with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the board of directors, we determine those matters that were of most
significance in the audit of the financial statements of the current period and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.
Report on other legal and regulatory requirement
Report on compliance with regulation on European Single Electronic Format (ESEF)
Opinion
As part of the audit of the financial statements of Edda Wind ASA we have performed an assurance
engagement to obtain reasonable assurance about whether the financial statements included in the annual
report, with the file name 5493005YFWCZLN6Q2I28-2024-12-31-0-en, have been prepared, in all material
respects, in compliance with the requirements of the Commission Delegated Regulation (EU) 2019/815 on the
European Single Electronic Format (the ESEF Regulation) and regulation pursuant to Section 5-5 of the
Norwegian Securities Trading Act, which includes requirements related to the preparation of the annual report in
XHTML format and iXBRL tagging of the consolidated financial statements.
In our opinion, the financial statements, included in the annual report, have been prepared, in all material
respects, in compliance with the ESEF Regulation.
Independent auditor's report - Edda Wind ASA 2024
Strategic
Report
Board of
Directors’ Report
Governance
Report
Financial
Statements
74 Auditor’s Report continued
Edda Wind ASA – Annual Report 2024
Auditor’s Report continued
Management’s responsibilities
Management is responsible for the preparation of the annual report in compliance with the ESEF
Regulation. This responsibility comprises an adequate process and such internal control as management
determines is necessary.
Auditor’s responsibilities
Our responsibility, based on audit evidence obtained, is to express an opinion on whether, in all material
respects, the financial statements included in the annual report have been prepared in accordance with the
ESEF Regulation. We conduct our work in accordance with the International Standard for Assurance
Engagements (ISAE) 3000 – “Assurance engagements other than audits or reviews of historical financial
information”. The standard requires us to plan and perform procedures to obtain reasonable assurance
about whether the financial statements included in the annual report have been prepared in accordance
with the ESEF Regulation.
As part of our work, we perform procedures to obtain an understanding of the company’s processes for
preparing the financial statements in accordance with the ESEF Regulation. We test whether the financial
statements are presented in XHTML-format. We evaluate the completeness and accuracy of the iXBRL
tagging of the consolidated financial statements and assess management’s use of judgement. Our
procedures include reconciliation of the iXBRL tagged data with the audited financial statements in human-
readable format. We believe that the evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
Bergen, 23 April 2025
ERNST & YOUNG AS
Øyvind Nore
State Authorised Public Accountant (Norway)
Remuneration Report
Statsautoriserte revisorer
Ernst & Young AS
Thormøhlens gate 53 D, 5006 Bergen
Postboks 6163, 5892 Bergen
Foretaksregisteret: NO 976 389 387 MVA
Tlf: +47 24 00 24 00
www.ey.no
Medlemmer av Den norske Revisorforening
To the General Meeting of Edda Wind ASA
INDEPENDENT AUDITOR’S ASSURANCE REPORT ON REMUNERATION REPORT FOR EDDA
WIND ASA FOR THE FINANCIAL YEAR 2024
Opinion
We have performed an assurance engagement to obtain reasonable assurance that Edda Wind’s report on
salary and other remuneration to directors (the remuneration report) for the financial year ended 31 December
2024 has been prepared in accordance with section 6-16 b of the Norwegian Public Limited Liability Companies
Act and the accompanying regulation.
In our opinion, the remuneration report has been prepared, in all material respects, in accordance with section 6-
16 b of the Norwegian Public Limited Liability Companies Act and the accompanying regulation.
Board of directors’ responsibilities
The board of directors is responsible for the preparation of the remuneration report and that it contains the
information required in section 6-16 b of the Norwegian Public Limited Liability Companies Act and the
accompanying regulation and for such internal control as the board of directors determines is necessary for the
preparation of a remuneration report that is free from material misstatements, whether due to fraud or error.
Our independence and quality control
We are independent of the company in accordance with the requirements of the relevant laws and regulations in
Norway and the International Ethics Standards Board for Accountants’ International Code of Ethics for
Professional Accountants (including International Independence Standards) (IESBA Code), and we have fulfilled
our other ethical responsibilities in accordance with these requirements. The firm applies International Standard
on Quality Management, which requires the firm to design, implement and operate a system of quality
management including policies or procedures regarding compliance with ethical requirements, professional
standards and applicable legal and regulatory requirements.
Auditor’s responsibilities
Our responsibility is to express an opinion on whether the remuneration report contains the information required
in section 6-16 b of the Norwegian Public Limited Liability Companies Act and the accompanying regulation and
that the information in the remuneration report is free from material misstatements. We conducted our work in
accordance with the International Standard for Assurance Engagements (ISAE) 3000 – “Assurance
engagements other than audits or reviews of historical financial information”.
We obtained an understanding of the remuneration policy approved by the general meeting. Our procedures
included obtaining an understanding of the internal control relevant to the preparation of the remuneration report
in order to design procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the company’s internal control. Further we performed procedures to ensure
completeness and accuracy of the information provided in the remuneration report, including whether it contains
the information required by the law and accompanying regulation. We believe that the evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Bergen, 23 April 2025
ERNST & YOUNG AS
Øyvind Nore
State Authorised Public Accountant (Norway)
Strategic
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