News

2020 September 16 17:05

Wilhelmsen and Østensjø join forces to fast track growth of renewable energy company Edda Wind

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, the company said in its release.

Launched in 2018, Edda Wind owns and operates service vessels supporting the maintenance work conducted during the commissioning and operation of offshore wind parks.

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.”

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.

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.

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 Flæsenwill 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.