Østensjø divesting ownership stake in offshore Edda Wind

Norway’s Østensjø Wind AS, a subsidiary of ship manager and owner of vessels within offshore and towage services Østensjø, is divesting ownership stake in Edda Wind.

In a 2 May 2024 announcement, Østensjø said it had agreed to sell 21,300,000 shares in Edda Wind ASA at a price of NOK 24.50 per share. Following the transaction, Østensjø does not hold any shares or rights to shares in Edda Wind ASA. 

Edda Wind was founded by Østensjø and has become a market leader in providing service operation vessels and commissioning service operation vessels to the offshore wind industry. In doing so, it has raised capital from other investors, reducing Østensjø’s ownership to 19%, prior to the divestment. 

Håvard Framnes, chief executive of Johannes Østensjø dy AS, said: “Edda Wind has been a major part of our business since 2015 and is an important part of our history and identity.

“Edda Wind was shaped in an Østensjø mold, and we are proud of the journey they have embarked on and what the company has accomplished. It is therefore with mixed feelings we have decided to sell our shares.”

To remind, Østensjø Rederi AS has managed Edda Wind’s fleet of vessels since the ordering of the first two purpose-built service operation vessels in 2015.

As the company now claims in its announcement, “Edda Wind will take over the full management of its growing fleet from 1 January 2025.”

“As Edda Wind continues to grow and expand, it is not only a strategic decision but also a natural next step for Østensjø to divest its ownership stake in the company. Nevertheless, we strongly believe in Edda Wind’s further successful development in a growing market”, Framnes added.