14 November 2023 - Edda Wind's activities are gradually increasing with Edda
Boreas starting her operations at Dogger Wind farm from July 2023. During Q3,
Edda Wind has had five vessels in operation and the company delivered
consolidated revenue of EUR 11.8m, representing 59% growth vs. Q3 2022 and the
best quarter since its inception. In addition, Edda Nordri was delivered from
the yard in September 2023 and will be ready for operations in Q4. 

Selected key developments in Q3 2023 and after balance sheet date:

o	Revenue of EUR 11.8m (+59% growth vs. Q3-22)
o	EBITDA of EUR 4.8m (+241% growth vs. Q3-22)
o	Profit of EUR 1.8m (+364% growth vs. Q3-22)
o	First quarter with Edda Boreas in operation (long-term contract at Dogger
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
o	Edda 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 was EUR 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,
positions Edda Wind to capitalise on the expected growth in the quarters and
years to come.

Presentation of the results:

Kenneth Walland (CEO) and Tom Johan Austrheim (CFO) will present the Q3 2023
results in a webcast at 08:30 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/

ABOUT EDDA 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.com 

Tom Johan Austrheim, CFO Edda Wind 
Phone: +47 982 09 873
E-mail: tom.johan.austrheim@eddawind.com