Haugesund, 15 September 2020
The agreement will see Wilhelmsen initially acquire 25% of Østensjø Group’s expanding offshore wind company. Wilhelmsen has also secured an option to buy another 25% before June 2021.
Launched in 2018, Edda Wind owns and operates service vessels supporting the maintenance work conducted during the commissioning and operation of offshore wind parks.
“The Wilhelmsen group’s strategy is very clear, to further expand into renewables, by working together with partners and leveraging our expertise and assets. So, finding an opportunity like this to work with Østensjø and invest in Edda Wind, a growing company, rapidly expanding its fleet with future-focused emission-free vessel technologies is ideal,” says Thomas Wilhelmsen, CEO of the Wilhelmsen group.
Commenting on potential synergies, he adds, ”With our unrivalled global network, decades of in-depth logistical and operational expertise and experience in the renewable space, through our NorSea and Elevon interests, Wilhelmsen is uniquely equipped to help unlock Edda Wind’s enormous potential. We also know a thing or two about hydrogen as a marine fuel, which might come in handy for the future vessels.”
“We are very pleased with having Wilhelmsen as our partner in Edda Wind. During Østensjø’s 50-year long history of advanced offshore operations, we have gained experience and knowledge that has enabled us to become a significant supplier of service operation vessels within offshore wind. Wilhelmsen’s strong brand, competence, and global position, combined with both companies’ ambition to develop new green solutions, will further strengthen Edda Wind’s position to become a world-leading provider of offshore wind services. We have learned to know Wilhelmsen as a solid and knowledgeable company that stands for many of the same values as Østensjø Rederi, which makes me confident that this partnership will be both long-lasting and successful,” says Johannes Østensjø, owner of the Østensjø Group.
Reflecting the rapid development of the offshore wind market, Edda Wind currently has two vessels in service, and four cutting edge, low-emission service vessels on order with yards. Long-term charter agreements are in place for two of the newbuilds ahead of their expected delivery in 2022. Østensjø Rederi will continue to manage the Edda Wind fleet.
Illustration: Salt Ship Design
With clear ambitions to target growth regions such as the US East Coast and Asia, the time was right for Norwegian towage and offshore service vessel owner Østensjø to join forces with a forward looking, experienced global maritime partner like Wilhelmsen, willing and able to play an active role in taking Edda Wind to the next level.
“Having two strong owners like Østensjø and Wilhelmsen will be a huge advantage for Edda Wind, taking into account the growth that is expected in the offshore renewable market over the next years. We look forward to take advantage of the synergies between the two owners and are excited about further expanding our business with Wilhelmsen onboard,” says Kenneth Walland, CEO of Edda Wind and Østensjø Rederi.
The parties have agreed not to disclose any details related to the financial transaction. As part of the shareholder agreement, it has been decided that Håvard Framnes, Johannes Østensjø, Jan-Eyvin Wang and Geir Flæsen will head up the board with two directors from each owner. Kenneth Walland will be Chief Executive Officer and Ervin Horn will be Chief Financial Officer.
Wilhelmsen is a global maritime industry group founded in 1861. We have the biggest maritime network in the world, with a presence in over 2 200 locations globally. We serve over half of the worldwide merchant fleet with products and services, and supply crew and technical management for some of the most complex vessels in the world. We also develop new and daring solutions, shaping the maritime industry for the future. Our investments seek to explore and develop new opportunities within the energy, offshore and maritime industry. With thousands of colleagues in more than 70 countries, we take competence, sustainability, innovation and unparalleled customer experiences one step further. For more information, please visit: www.wilhelmsen.com
About Edda Wind
Edda Wind is a provider of purpose-built Service Operation Vessels (SOV) to the global offshore wind market. The Company owns and operates two SOVs, both working on long-term charters. Edda Wind has a newbuild program of two SOVs and two CSOVs (Commissioning Service Operation Vessels) for delivery in 2022. The vessels will be delivered with low emission technology and are prepared for zero-emission. Long-term charters have been secured for two of the newbuilds. The fleet is managed by Østensjø Rederi AS. Edda Wind is a subsidiary in the Østensjø Group.
Østensjø is a leading provider of offshore services since 1973. The private group owns and operates vessels within offshore wind, terminal towage, offshore oil & gas and offshore accommodation. Østensjø has been operating in the offshore wind market since 2016. Management of the fleet is done by Østensjø Rederi AS. The group also provides crewing services to shipping companies. Østensjø is headquartered in Haugesund, Norway with offices in United Kingdom, Poland and Malta. Read more at www.ostensjo.no.
For further information, contact:
Johannes Østenjø dy AS
Mobile: +47 993 86 430