Norwegian offshore wind support vessel company Edda Wind has kickstarted the sale of its entire offshore wind fleet.
The fleet comprises six operational commissioning service operation vessels (CSOVs) and one operational service operation vessel (SOV), with another three CSOVs on order.
According to one of its owners, Wilhelmsen New Energy, the fleet will be split and sold to North Star and Navigare Capital Partners, following completion of inspections and certain conditions.
For a company whose name is synonymous with offshore wind, the sale of all its ships may seem contradictory, but the decision reflects broader trends of smaller operators being swallowed up by larger ones.
Large offshore wind developers increasingly demand operators with multiple vessels, flexible coverage and the ability to provide back-up across multiple sites. It leaves smaller owners, no matter how specialised, struggling to compete for long-term charters.
North Star has made its intentions clear on its own website, quoting chief financial officer Fraser Dobbie after the company closed a NatWest financing deal: “This £425 million strategic investment highlights the attraction of our robust business model and ESG transition journey as we push to become the leading player in Europe’s SOV sector.
“The infusion of capital from a combination of institutional and bank investors secures access to the capital required to support our continued growth, and provides validation from the lender market of the excellent progress we have made on our strategic journey to build our business for sustainable, long-term success in the offshore wind market.”
Danish fleet owner Esvagt seemingly began the purchase of vessels from Edda Wind, picking up two SOVs last December. With about 13 SOVs it is considered the largest operator in the world – for the moment.
Another example is CMB.Tech, which bought Windcat Workboats from Seacor Marine in 2021, plunging it into offshore wind. Windcat/CMB.Tech owns and operates almost 60 Crew Transfer Vessels (CTVs), is adding six CSOVs (already ordered) and is planning a multi-purpose advanced service vessel.
If the sale of Edda Wind’s assets goes ahead, it is not clear what the company’s role will be.
A spokesperson from North Star told Maritime Journal: “We can confirm that North Star has signed an agreement with a view to purchase certain vessels from Edda Wind. The transaction is subject to customary inspections, due diligence and approvals, and has not yet completed. Once finalised, this step advances North Star’s ambition to become the world’s largest integrated SOV owner-operator by fleet size and charter backlog. Futher information will be announced once the deal is concluded.”
Edda Wind has also been approached for comment.
