Edda Wind : Updated company presentation, March 2023

Edda Wind

Company presentation

Accelerating fleet growth March 2023

eddawind.com

Disclaimer

Cautionary note regarding forward-looking statements

This presentation, prepared by Edda Wind ASA (the "Company"), may include forward-looking statements relating to the business, financial performance and results of the Edda Wind Group and/or the offshore wind industry. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. Any forward-looking statements contained in this presentation, including assumptions, opinions and views of the Company or cited from third party sources, reflect the current views with respect to future events and are subject to material risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or any of its subsidiary undertakings or any such person's officers or employees provide any assurance as to the correctness of such forward-looking information and statements. The Company assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.

2

Attractive time to expand the fleet

+21%	NOK 47	+24%
increase in	net asset value	increase in
day rates	per share	vessel demand
(since IPO1)	(current2)	(since IPO1)

Acting on an inflection point in the market

Source: Company information; Fearnley Offshore Supply	3
1)	2023 market figures compared to 2021 market figures
2)	NAV calculation as of February 2023 based on newbuild parity with NIBD and remaining capex as of YE 2022. Please see page 7 for further details regarding NAV calculation

Utilising a market opportunity to fortify leading C/SOV market position

The evolution of Edda Wind

Current

1

Frontrunner in a

fast-growing market

• Leverage Østensjø's maritime and offshore position in gangway operations to enter market
• Early mover position, with critical yard and client relationships
• Partnership between Østensjø and Wilhelmsen to fuel growth

2

Pure-play C/SOV

position and platform

• Fleet strategy to play both the long and short-term market
• Increase client foothold and prove track-record
• Expanding fleet by ordering C/SOVs at attractive prices
• Financing platform via IPO with quality offshore investors

3

Strengthen #1 position through fleet expansion

• Further amplified fundamentals in C/SOV market since IPO
• 5 newbuilds expected to come on-stream during 2023
• Harvesting cash generation from secured contracts
• Ordering 4 new vessels (and 4 options) against a strong long- term supply-demand balance

Global leading C/SOV and vessels service provider1

#1

2015-2020		2021-2022		2023

Source: Company information	4
1) Measured by number of vessels

Newbuild program comprising high quality vessels

Attractive delivery schedule in strong market

High calibre fleet with the right configuration

4

CSOV vessels

2+2

CSOV options

EUR 63m2

Yard cost per

vessel

Vard

Yard

Attractive delivery schedule1

'23

'24

'25

'26

Planned

delivery

NB #1

Q1 '25

NB #2

Q1 '25

NB #3

Q2 '25

NB #4

Q1 '26

Vessels to be built at Vard's reputable yards in Norway and Vietnam

Premium accommodation and facilities for 120 persons in 101 cabins

Hull specifically designed for strong seakeeping abilities and low fuel consumption

Active roll reduction tanks and motion compensated gangway and crane

Fuel saving system combined with methanol ready and hydrogen fuel ready design

All newbuilds prepared for helideck and daughter craft integration

Fleet strategy:

Delivering on strategy to act in the long and short-term of the market, balancing long-cash flows with attractive exposure to a tight market

Source: Company information
1)	Delivery schedule for the 4 newbuilds. Does not include option vessels	5
2)	The yard price assumes an instalment structure of 5x20%. Edda Wind ASA has an option to change the instalment structure to 4x10% + 60%, which implies an additional cost of approximately EUR 1.2m per vessel but will be as an alternative to other pre-financing

costs included in the ordinary ready to sea cost. The option is contemplated to be concluded upon Edda Wind ASA Board lifting its reservations