Italian shipbuilder Fincantieri, through its subsidiary Vard, has signed a contract with offshore wind vessel operator Edda Wind, for the construction of four Commissioning Service Operation Vessels (CSOV).
The first two vessels are expected to be delivered in Q1 2025, the third in Q2 2025, and the fourth in Q1 2026. The contract has a total value of approximately $250 million, Fincantieri said.
Edda Wind has also secured options for 2+2 additional CSOVs at the same contract prices, with deliveries in 2025 and 2026, if declared.
The first two vessels will be delivered from Vard's Norwegian yards. The third and the fourth vessels will be both delivered from Vard's Vung Tau yard in Vietnam
The vessels will function as mother vessels for wind turbine technicians as they perform commissioning and maintenance work on the wind turbines.
According to Edda Wind, 101 comfortable cabins and high standard common areas will be able to accommodate up to 95 technicians and 25 marine crew onboard.
"Anti-heeling and roll reduction systems will provide good working conditions onboard. The motion compensated gangway system with an adjustable pedestal will ensure safe and optimal connections to the turbines, even in harsh weather conditions. The design is optimised for fuel efficiency and efficient logistical operation for the turbine technicians," Edda Wind said.
The vessels of Vard 4 25 design have been designed exclusively for Edda Wind in collaboration between the companies. The vessels will be prepared for zero-emission operations based on a Liquid Organic Hydrogen Carrier (LOHC) concept in addition to being methanol ready.
"Edda Wind intends to finance the vessels through a combination of debt and equity. A private placement of NOK 1.200 million will cover the equity part of the financing. The four largest shareholders of Edda Wind, Østensjø Wind AS NOK 120 million, Wilhelmsen New Energy AS NOK 300 million, Geveran Trading Co Ltd NOK 275 million and EPS Ventures Ltd NOK 275 million, have already committed to about NOK 1 billion of the placement. The company has good relations with its banks and expects the vessels to be fully financed well in advance of delivery," the vessel owner added.
Edda Wind currently has two vessels in operation, with five more expected to start operations in 2023.