14 November 2023 -Edda Wind's activities are gradually increasing with Edda Boreas starting her operations at Dogger Wind farm fromJuly 2023 . During Q3,Edda Wind has had five vessels in operation and the company delivered consolidated revenue ofEUR 11.8m , representing 59% growth vs. Q3 2022 and the best quarter since its inception. In addition, Edda Nordri was delivered from the yard inSeptember 2023 and will be ready for operations in Q4. Selected key developments in Q3 2023 and after balance sheet date: o Revenue ofEUR 11.8m (+59% growth vs. Q3-22) o EBITDA ofEUR 4.8m (+241% growth vs. Q3-22) o Profit ofEUR 1.8m (+364% growth vs. Q3-22) o First quarter with Edda Boreas in operation (long-term contract atDogger Bank ) o Edda Nordri delivered from yard in September and will be ready for operations in Q4-23 Post Q3 2023 events: o SiemensGamesa contract commenced beginning of October o Edda Passat commenced new short-term contract end of October oEdda Wind taking title over C416 to secure delivery in Q1-24 With a fleet to count fourteen vessels, including vessels under construction,Edda Wind is the leading C/SOV-operator in the market.Edda Wind is experiencing a favorable demand outlook for C/SOV despite announced delays and setbacks within the supply chain.Edda Wind also notes that delays and unscheduled work at the wind farms result in additional work for CSOVs. There is a limited amount of available vessels, including vessels under construction in the coming years, and vessel demand is estimated to significantly outgrow supply.Edda Wind has built up strong relations with the key operators in the market and is always invited to participate in the actual tenders and vessel requirements being issued. The contract backlog wasEUR 415m at the end of the quarter. This, combined with several newbuilds uncommitted and able to secure work in a market with great demand for this type of vessels, positionsEdda Wind to capitalise on the expected growth in the quarters and years to come. Presentation of the results:Kenneth Walland (CEO) andTom Johan Austrheim (CFO) will present the Q3 2023 results in a webcast at08:30 CET today, 14 November. The presentation will be held in English and will be virtual. The presentation can be followed through a live webcast from our website www.eddawind.com, or https://channel.royalcast.com/landingpage/hegnarmedia/20231114_2/ ABOUTEDDA WIND Edda Wind is a leading offshore wind service company headquartered in Haugesund,Norway . The Company develops, builds, owns and operates purpose-built Service Operation Vessels ("SOV") and Commissioning Service Operation Vessels ("CSOV") for offshore wind farms worldwide.Edda Wind is creating the next generation of offshore wind service vessels and works closely with partners to develop new technologies to reduce emissions without compromising operational capabilities or cost competitiveness. The Company owns and operates three purpose-built offshore wind SOVs and two CSOV and has nine dedicated offshore wind vessels under construction - one SOV and eight CSOVs. All newbuild vessels are prepared for zero-emission utilising liquid organic hydrogen carrier and/or methanol as an energy source. Read more: www.eddawind.com For further information, please contact: Lars Stubhaug, VP Finance Edda Wind Phone: +47 917 42 725 E-mail: lars.stubhaug@eddawind.comTom Johan Austrheim , CFO Edda Wind Phone: +47 982 09 873 E-mail: tom.johan.austrheim@eddawind.com
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