Fincantieri, who Vard’s new client Edda Wind is and what he does
Fincantieri will build 4 ships for the new customer Edda Wind. On the contract, worth 250 million, there is the possibility of doubling. The units will be prepared for zero-emission operations using the liquid organic hydrogen carrier as the energy source
Fincantieri's new client: it is the offshore wind services company Edda Wind which is expanding its fleet.
The naval group of Trieste, through its subsidiary Vard, has signed a contract with a new customer, Edda Wind, for the construction of four Commissioning Service Operation Vessels (CSOV), deep-sea vessels for activities on the high seas which allow construction of platforms and energy plants.
The total value of the order is approximately 250 million euros. In addition, Edda Wind has secured, under the same contractual conditions, the options for additional 2+2 CSOVs which, if exercised, provide for the delivery of the units in 2025 and 2026, specifies the Fincantieri note .
This is the sixth offshore wind contract concluded by Vard in the last three years.
DELIVERIES
The first two vessels will be delivered in the first quarter of 2025, the third in the second quarter of 2025 and the fourth in the first quarter of 2026. The first two vessels will be built in the Vard shipyard in Norway while the remaining two in Vietnam.
THE CHARACTERISTICS OF THE UNITS
As Edda Wind points out , the boats of the Vard 4 25 design were designed exclusively for the Norwegian company in collaboration between the companies. The vessels will be prepared for zero-emission operations based on a liquid organic hydrogen (LOHC) carrier concept as well as being methanol-ready. Indeed, in recent years Fincantieri has been involved, together with research institutions and universities, in the development of ships powered by methanol, ammonia and hydrogen fuel cells.
Just on March 1, the group led by Pierroberto Folgiero inaugurated an innovation and development center in the Isotta Fraschini Motori plant in Bari. Among other things, the Center will deal with the study of new power management systems, which also include renewable energies , including fuel cells; the start of the design of a new engine that meets the need to reduce emissions, with the final goal of the use of hydrogen
WHAT DOES THE NORWEGIAN EDDA WIND DO
With this order, the Edda Wind company is preparing for growth in the wind park support market.
Based in Haugesund in Norway, the company led by Kenneth Walland is the main supplier of Sov and Csov in the offshore wind sector. The addition of the four-unit order brings Newbuild's orders to twelve CSOV/SOVs, five of which are expected to be delivered in 2023, representing a total investment of over €540 million to date.
THE PARTNERS
Furthermore, Edda Wind announces that it intends to finance the ships through a combination of debt and equity. A private placement of NOK 1,200 million will cover the equity portion of the financing. Edda Wind's four largest shareholders, 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 for about NOK 1 billion of the placement.
The company has good relationships with banks and expects vessels to be fully financed well in advance of delivery, Edda Wind said.
FINCANTIERI WITH VARD STRENGTHENS IN THE OFFSHORE RENEWABLES SECTOR
With the order, Fincantieri confirms its prime mover in the construction of vessels to support the offshore wind sector, which is one of the core businesses designated by the Group's new industrial plan.
The vessels for Edda Wind add to the eleven Csov or Service Operation Service (Sov) in the portfolio, along with two cable-laying vessels. Listed on the Singapore stock exchange and controlled by Fincantieri since January 2013, Vard Group is one of the world leaders in the construction of specialized vessels for the offshore market, according to the company website .
THE FOLGIERO STRATEGY
“We are particularly satisfied with this result, which intercepts many directions of our development. It reaffirms the value of the offshore wind sector as the third cornerstone of our core business, alongside cruise and defense, adding a new and ambitious client to our portfolio. Furthermore, the order confirms Fincantieri's role as a technological reference partner for companies intending to strengthen their fleet with cutting-edge products. A double recognition by the market, which reflects the industrial identity that our Group intends to assert with determination” commented Pierroberto Folgiero, Chief Executive Officer of Fincantieri.
As specified in today's note, Fincantieri is ready to seize further opportunities deriving from the increase in total installed capacity expected by 2030 and from the additional need for ships in the wind farms.
And precisely the offshore sector is one of the three “different and integrated” businesses on which Fincantieri is betting, together with the cruise industry, the military sector, Folgiero once again highlighted in an interview with Repubblica . “We are unique in the world” remarked the CEO of Fincantieri: “These three businesses integrated together make us different, unique and industrial enablers of innovation. For us it is an advantage because if you know how to manage these complexities, when there are revolutions underway, such as the digital one and the energy transition, you know how to deal with all the problems in an integrated and transversal way, you are an actor who industrialises and brings innovation from one side to side. In other words, an innovation in the cruise industry can pass into the military sector and vice versa".
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/smartcity/fincantieri-chi-e-e-cosa-fa-il-nuovo-cliente-edda-wind-di-vard/ on Fri, 03 Mar 2023 11:48:25 +0000.