MILAN, Mar 3 (Class Editori) — Fincantieri will build four ships for its new client Edda Wind. The shipbuilding company, through its subsidiary Vard, announced that it has signed a contract with Edda Wind, an offshore wind services company based in Haugesund, Norway, to build four Commissioning Service Operation Vessels (CSOVs).
Options for four more vessels
In particular, 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 contract has a total value of about 250 million euros. However, Edda Wind has secured, under the same contract terms, options for four additional CSOVs. If exercised, they estimate a time delivery of the units in 2025 and 2026. The order is worth about 30% of Equita SIM’s estimated order intake for the offshore division in 2023, or 4% of Fincantieri’s total order intake.
The order reaffirms the value of the offshore wind sector
“We are particularly pleased with this result, which intercepts numerous 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,” Fincantieri’s CEO Pierroberto Folgiero commented.
In addition, the order confirms Fincantieri’s role as a technological reference partner for companies wanting to strengthen their fleets with cutting-edge products. “A double recognition by the market, which reflects the industrial identity that our Group intends to assert with determination,” Folgiero remarked.
More opportunities ahead
With this order, Fincantieri confirms itself as a prime mover in building ships 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 join the eleven CSOVs or Service Operation Vessels (SOVs) in the portfolio, along with two cable-laying vessels. Fincantieri has assured that it will seize additional opportunities arising from the increase in total installed capacity expected by 2030 and the additional need for ships in wind farms.
Capital increase only as an option in case of an acquisition
Among other things, Folgiero told La Repubblica that in the plan to be presented to the market next Tuesday, measures will be taken for organic strengthening without recourse to a capital increase, which could instead become an option in case of eventual acquisitions. The top manager ruled out the sale of Fincantieri Infrastructure. The Group’s Board of Directors will meet on March 7 to analyze 2022 accounts. The stock has put up +10.43% on the Milan Stock Exchange over the last three months. Today, March 3, it jumps 5.17% to 0.6405 euros. Equita SIM reiterated its hold rating and target price at 0.49 euros on the stock, while Banca Akros remained neutral with a target price of 0.50 euros, admitting that the new contract “is clearly good news, confirming that the offshore wind sector can be a positive driver for the company”.
(Source:Class Editori)
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