Edda Wind ASA: Private placement successfully placed

Haugesund, 25 June 2024: Reference is made to the stock exchange announcement by
Edda Wind ASA ("Edda Wind" or the "Company") earlier today regarding a
contemplated private placement (the "Private Placement") of new shares. 

The book-building for the Private Placement has been successfully completed,
raising gross proceeds of NOK 399.5 million, through the allocation of
17,000,000 new shares in the Company (the "Offer Shares"), each at a
subscription price of NOK 23.5 per Offer Share (the "Offer Price"). 

Geveran Trading Co Ltd, Wilhelmsen New Energy AS and EPS Ventures Ltd, who had
pre-subscribed for the full Private Placement, were allocated 5,275,100,
5,273,400 and 3,415,300 Offer Shares, respectively, equaling their pro rata
share and resulting in an ownership in the Company following completion of the
Private Placement of approximately 31.03%, 31.02% and 20.09%, respectively. 

Settlement and Dates 

The board of directors (the "Board") has resolved to issue the Offer Shares
allocated in the Private Placement at the Offer Price pursuant to the Board
authorisation to issue new shares (the "Board Authorisation") granted by the
Company's annual general meeting held on 29 May 2024. Delivery versus payment
("DVP") settlement is expected to be facilitated by a pre-funding agreement
between the Company and the Joint Global Coordinators (as defined below)(the
"Pre-funding Agreement"). 

The Offer Shares allocated to applicants in the Private Placement will be
tradable after the announcement by the Company that the share capital increase
pertaining to the Private Placement has been registered with the Norwegian
Register of Business Enterprises (the "NRBE"), which is expected on or about 27
June 2024 (T+1). 

Notices of allocation of Offer Shares are expected to be distributed to the
applicants being allocated Offer Shares in the Private Placement ("Applicants")
on 26 June 2024 (T). Settlement of Offer Shares in the Private Placement is
expected to take place on or about 28 June 2024 (T+2) on a DVP basis. 

Completion of the Private Placement by delivery of the Offer Shares to
applicants is subject to the registration of the share capital increase in NRBE.


Following registration of the share capital increase pertaining to the Offer
Shares, the issued share capital of the Company is expected to be NOK
12,931,448.80 comprising 129,314,488 shares, each with a nominal value of NOK
0.1. 

Equal Treatment 

The Private Placement implies that the shareholders' preferential rights to
subscribe for and being allocated the Offer Shares are set aside. The Board has
considered the structure of the equity raise in light of the equal treatment
obligations under the Norwegian Public Limited Companies Act, the rules on equal
treatment under Euronext Oslo Rule Book Part II and the Oslo Stock Exchange's
Guidelines on the rule of equal treatment. The Board is of the view that it is
in the common interest of the Company and its shareholders to raise equity
through a private placement. A private placement enables the Company to
revitalise its liquidity position following a period of unscheduled offhire and
operational setbacks, and will provide the Company with a liquid and strong
balance sheet enabling the Company to explore further growth and accretive
opportunities. Further, a private placement will reduce execution and completion
risk and allows for the Company to raise capital more quickly, as well as the
ability to utilize current market conditions, raise capital at a lower discount
compared to a rights issue and without the underwriting commissions normally
seen with rights offerings. The Board has considered and concluded that a
subsequent offering towards existing shareholders is not necessary.

Advisors

The Company has appointed ABG Sundal Collier ASA and DNB Markets, a part of DNB
Bank ASA as Joint Global Coordinators and Joint Bookrunners, and Danske Bank and
Sparebank 1 Markets AS as Joint Bookruners (together with the Joint Global
Coordinators, the "Managers"). Advokatfirmaet BAHR AS is acting as legal advisor
to the Company.

For further information, please contact: 
Lars Stubhaug, VP Finance Edda Wind
Phone: [phone]
E-mail: [e-mail]

Herman Hovland Øverlie, CFO Edda Wind 
Phone: [phone]
E-mail: [e-mail]

ABOUT EDDA WIND 
Edda Wind is a leading offshore wind service company headquartered in Haugesund,
Norway. The Company develops, builds, owns and operates purpose-built Service
Operation Vessels ("SOV") and Commissioning Service Operation Vessels ("CSOV")
for offshore wind farms worldwide.  Edda Wind is creating the next generation of
offshore wind service vessels and works closely with partners to develop new
technologies to reduce emissions without compromising operational capabilities
or cost competitiveness. 

As of today, the Company owns and operates two purpose-built offshore wind SOVs
and three CSOVs, and has eight dedicated offshore wind vessels under
construction - one SOV and seven CSOVs. All newbuild vessels are prepared for
zero-emission utilising liquid organic hydrogen carrier and/or methanol as an
energy source. 

Read more: www.eddawind.com 

IMPORTANT NOTICE
The information contained in this announcement is for background purposes only
and does not purport to be full or complete. No reliance may be placed for any
purpose on the information contained in this announcement or its accuracy,
fairness or completeness. None of the Managers or any of their respective
affiliates or any of their respective directors, officers, employees, advisors
or agents accepts any responsibility or liability whatsoever for, or makes any
representation or warranty, express or implied, as to the truth, accuracy or
completeness of the information in this announcement (or whether any information
has been omitted from the announcement) or any other information relating to the
Company, its subsidiaries or associated companies, whether written, oral or in a
visual or electronic form, and howsoever transmitted or made available, or for
any loss howsoever arising from any use of this announcement or its contents or
otherwise arising in connection therewith. This announcement has been prepared
by and is the sole responsibility of the Company.

Neither this announcement nor the information contained herein is for
publication, distribution or release, in whole or in part, directly or
indirectly, in or into or from the United States (including its territories and
possessions, any State of the United States and the District of Columbia),
Australia, Canada, Japan, Hong Kong, South Africa or any other jurisdiction
where to do so would constitute a violation of the relevant laws of such
jurisdiction. The publication, distribution or release of this announcement may
be restricted by law in certain jurisdictions and persons into whose possession
any document or other information referred to herein should inform themselves
about and observe any such restriction. Any failure to comply with these
restrictions may constitute a violation of the securities laws of any such
jurisdiction.

This announcement does not contain or constitute an offer to sell or a
solicitation of any offer to buy or subscribe for any securities referred to in
this announcement to any person in any jurisdiction, including the United
States, Australia, Canada, Japan, Hong Kong or South Africa or any jurisdiction
to whom or in which such offer or solicitation is unlawful.

The securities referred to in this announcement have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the "U.S.
Securities Act"), and may not be offered or sold in the United States absent
registration or an exemption from, or in a transaction not subject to, the
registration requirements of the U.S. Securities Act and in accordance with
applicable U.S. state securities laws. The Company do not intend to register any
securities referred to herein in the United States or to conduct a public
offering of securities in the United States.

Any offering of the securities referred to in this announcement will be made by
means of a set of subscription materials provided to potential investors.
Investors should not subscribe for any securities referred to in this
announcement except on the basis of information contained in the aforementioned
subscription material.

In any EEA Member State, this communication is only addressed to and is only
directed at qualified investors in that Member State within the meaning of the
EU Prospectus Regulation, i.e., only to investors who can receive the offer
without an approved prospectus in such EEA Member State. The expression "EU
Prospectus Regulation" means Regulation (EU) 2017/1129 of the European
Parliament and of the Council of 14 June 2017 (together with any applicable
implementing measures in any Member State).

This communication is only being distributed to and is only directed at persons
in the United Kingdom that are Qualified Investors and that are (i) investment
professionals falling within Article 19(5) of the Financial Services and Markets
Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or (ii) high
net worth entities, and other persons to whom this announcement may lawfully be
communicated, falling within Article 49(2)(a) to (d) of the Order (all such
persons together being referred to as "relevant persons"). This communication
must not be acted on or relied on by persons who are not relevant persons. Any
investment or investment activity to which this communication relates is
available only to relevant persons and will be engaged in only with relevant
persons. Persons distributing this communication must satisfy themselves that it
is lawful to do so.

This announcement is made by, and is the responsibility of, the Company. The
Managers and their affiliates are acting exclusively for the Company and no-one
else in connection with the Private Placement. They will not regard any other
person as their respective clients in relation to the Private Placement and will
not be responsible to anyone other than the Company, for providing the
protections afforded to their respective clients, nor for providing advice in
relation to the Private Placement, the contents of this announcement or any
transaction, arrangement or other matter referred to herein.

In connection with the Private Placement, the Managers and any of their
affiliates, acting as investors for their own accounts, may subscribe for or
purchase shares and in that capacity may retain, purchase, sell, offer to sell
or otherwise deal for their own accounts in such shares and other securities of
the Company or related investments in connection with the Private Placement or
otherwise. Accordingly, references in any subscription materials to the shares
being issued, offered, subscribed, acquired, placed or otherwise dealt in should
be read as including any issue or offer to, or subscription, acquisition,
placing or dealing by, such Managers and any of their affiliates acting as
investors for their own accounts. The Managers do not intend to disclose the
extent of any such investment or transactions otherwise than in accordance with
any legal or regulatory obligations to do so.

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "believe", "aims", "expect",
"anticipate", "intends", "estimate", "will", "may", "continue", "should" and
similar expressions. The forward-looking statements in this release are based
upon various assumptions, many of which are based, in turn, upon further
assumptions. Although the Company believes that these assumptions were
reasonable when made, these assumptions are inherently subject to significant
known and unknown risks, uncertainties, contingencies, and other important
factors which are difficult or impossible to predict and are beyond its control.
Such risks, uncertainties, contingencies, and other important factors could
cause actual events to differ materially from the expectations expressed or
implied in this release by such forward-looking statements. Forward-looking
statements speak only as of the date they are made and cannot be relied upon as
a guide to future performance. The Company, each of the Managers and their
respective affiliates expressly disclaims any obligation or undertaking to
update, review or revise any forward-looking statement contained in this
announcement whether as a result of new information, future developments or
otherwise. The information, opinions and forward-looking statements contained in
this announcement speak only as at its date and are subject to change without
notice.

This announcement is for information purposes only. It does not purport to be
complete, and it is not to be relied upon in substitution for the exercise of
independent judgment. It is not intended as investment advice and under no
circumstances is it to be used or considered as an offer to sell, or a
solicitation of an offer to buy any securities or a recommendation to buy or
sell any securities of the Company. Neither the Managers nor any of their
respective affiliates accepts any liability arising from the use of this
announcement. The Company and the Managers, and their respective affiliates,
expressly disclaims any obligation or undertaking to update, review or revise
any statement contained in this announcement whether as a result of new
information, future developments or otherwise.

The distribution of this announcement and other information may be restricted by
law in certain jurisdictions. Persons into whose possession this announcement or
such other information should come are required to inform themselves about and
to observe any such restrictions. 

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation, and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act.

This stock exchange announcement was published by Lars Stubhaug, VP Finance Edda
Wind ASA on 25 June 2024 at 23:07 (Oslo time).

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