Stock Photo: Edda Wind's Edda Breeze at the Port of Emden on March 10, 2024. Photo: Shutterstock/MartinLueke
John Fredriksen, through his company Geveran Trading Co. Limited, has become the largest shareholder of Norwegian offshore wind service company, Edda Wind.
In connection with the sale of 21,300,000 shares in Edda Wind by Østensjø Wind AS announced Thursday, Fredriksen-controlled Geveran Trading Co. Limited agreed to acquire 10,283,869 shares, increasing its total holdings to 34,850,000 shares, which represents 31.03% of Edda Wind’s issued shares and votes.
The previous largest shareholder, Wilhelmsen New Energy AS, a subsidiary of Wilh. Wilhelmsen Holding AS, purchased 6,340,000 shares, whereas EPS Ventures Ltd secured 4,676,131 shares. Wilhelmsen now holds 31.02% of Edda Wind’s shares and votes, while EPS owns 20.09%.
The shares were bought at a price of NOK 24.50 per share, with a total transaction value of NOK 521,850,000 (~USD $47.5 million).
Geveran Trading is indirectly controlled by trusts established by John Fredriksen for the benefit of his immediate family.
According to Edda Wind, the transaction reflects the shareholders’ strong belief in the company’s future and will help simplify the company’s ownership structure.
Edda Wind, headquartered in Haugesund, Norway, is a leading pure-play offshore wind service company that specializes in the development, construction, ownership, and operation of Service Operation Vessels (SOV) and Commissioning Service Operation Vessels (CSOV) for offshore wind farms worldwide. The company currently owns and operates six vessels and has eight more under construction.
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