NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, JAPAN, HONG KONG, SOUTH AFRICA OR THE
UNITED STATES, OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR
DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER
OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Haugesund, 2 March 2023: Edda Wind ASA (the "Edda Wind" or the "Company") today
announces that it has (through subsidiaries) agreed contracts with Vard for four
commissioning service operation vessels (CSOV) newbuilds to be constructed, the
first two of which are expected to be delivered in Q1 2025, the third in Q2
2025, and the fourth in Q1 2026. The contract price is EUR 63 million per new
vessel based on 5x20% installment milestone structure, in addition to
owner-furnished equipment and building supervision costs. The Company has also
secured options for 2+2 additional CSOV vessels, with expected delivery dates in
2025 and 2026 (if declared).

With delivery of these additional newbuilds, Edda Wind will become the leading
offshore wind service vessel provider.
	
The Company has had good access to debt financing and expects to secure debt
financing for the four newbuilds ahead of delivery. The Company has secured
financing for nine of its ten pre-existing newbuilds at attractive terms,
including a recently announced green loan facility for the pre- and postdelivery
financing of four vessels under construction, for a minimum - maximum amount of
EUR 100 to EUR 120 million and term of six years from delivery. Following this
agreement, nine of the ten pre-existing vessels in the fleet have secured long
term financing. 

Edda Wind is regularly tendering and negotiating with clients for new contracts.
Currently, Edda Wind is in an advanced stage of negotiations with an industry
major in relation to contracts for about 750 firm trading days in 2023 and 2024
at rates above historical levels and in the range as forecasted by analysts. No
assurance can be made that any such agreement will be entered into.

The Company intends to raise gross proceeds of NOK 1,200,000,000 through issuing
of new ordinary shares (the "New Shares") in the Company (the "Private
Placement"), and it expects to use the net proceeds from the Private Placement
to fully finance the equity portion of the currently estimated total
construction costs relating to the contracts for four CSOV newbuilds and general
corporate purposes.

The Private Placement 

The Private Placement is directed towards investors subject to, and in
compliance with, applicable exemptions from relevant prospectus or registration
requirements. The Company has retained ABG Sundal Collier ASA, Arctic Securities
AS, DNB Markets, a part of DNB Bank ASA, Fearnley Securities AS and Pareto
Securities AS (together, the "Managers") as Joint Bookrunners in the Private
Placement. 
 
The subscription price for the New Shares (the "Subscription Price") is set at a
fixed price of NOK 25 per New Share by the Board of Directors in Edda Wind ASA
(the "Board").

The Company's four largest shareholders (the "Pre-committed Investors") have
pre-committed to subscribe for New Shares as follows: 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. 

The Private Placement will be directed towards selected Norwegian and
international investors (a) outside the United States, subject to applicable
exemptions from any prospectus and registration requirements and in reliance on
Regulation S. under the U.S, Securities Act 1933, as amended (the "Securities
Act"), and (b) to investors in the United States who are QIBs as defined in Rule
144A under the Securities Act, and to "major U.S. institutional investors" as
defined in SEC Rule 15a-6 under the United States Exchange Act of 1934, in each
case subject to an exemption being available from offer prospectus requirements
and any other filing or registration requirements in the applicable
jurisdictions, including the EU Prospectus Regulation (Regulation (EU) 2017/1129
of the European Parliament and of the Council of 14 June 2017 (the "Prospectus
Regulation", and subject to other selling restrictions. The minimum application
and allocation amount has been set to the NOK equivalent of EUR 100,000 per
investor. The Company may, however, at its sole discretion, allocate New Shares
for an amount below EUR 100,000 to the extent applicable exemptions from the
prospectus requirement pursuant to the Norwegian Securities Trading Act, the
Prospectus Regulation and ancillary regulations are available. Further selling
restrictions and transaction terms will apply.

The application period for the Private Placement will commence today, 2 March
2023 at 16:30 hours CET and is expected to close on or before 3 March 2023 at
08:00 hours CET. The Company, after consultation with the Managers, reserves the
right to, at any time and in its sole discretion and for any reason, close or
extend the application period or to cancel the Private Placement in its entirety
on short or without notice. If the application period is shortened or extended,
any other dates referred to herein may be amended accordingly. 

Allocation of the New Shares will be determined after the expiry of the
application period at the Board's sole discretion, in consultation with the
Managers, based on criteria such as, but not limited to, pre-commitments,
existing ownership in the Company, available exemptions from the obligations to
prepare a prospectus, timeliness of the application, price leadership, relative
order size, sector knowledge, investment history, perceived investor quality and
investment horizon.

The allocation of New Shares and completion of the Private Placement by delivery
of New Shares to the applicants will be divided in two Tranches. Tranche 1 is
expected to consist of 6,431,448 New Shares ("Tranche 1") and is subject to
approval by the Board pursuant to an authorisation to the Board to issue shares
as granted by the ordinary general meeting held 6 May 2022 (the "Board
Authorisation"), and is expected to be delivered Delivery Versus Payment ("DVP")
on a T+2 basis on or about 7 March 2023. Tranche 2 will consist of a number of
New Shares that are required to raise the gross proceeds in the Private
Placement ("Tranche 2") and is subject to approval by the Board and approval by
an extraordinary general meeting of the Company (the "EGM") expected to be held
on or about 24 March 2023, and the New Shares in Tranche 2 (other than to the
Pre-committed Investors) are expected to be delivered DVP on a T+2 basis
following (and subject to approval by) the EGM on or about 28 March 2023. Each
of Tranche 1 and Tranche 2 is subject to the SLA (as defined below) remaining
unmodified and in full force and effect.

The Pre-committed Investors have agreed to receive New Shares allocated in
Tranche 2 on a separate ISIN pending approval and publication by the Company of
a listing prospectus pertaining to the New Shares in Tranche 2 (the
"Prospectus"). As such, all other applicants will receive their pro rata
allocation of Offer Shares in Tranche 1 and Tranche 2 based on their overall
allocation in the Private Placement. The Company and the Managers reserve the
right to deviate from this principle to the extent any applicants accept to
receive a larger portion of their allocated shares in the form of New Shares
issued in Tranche 2.

Applicants being allocated New Shares in the Private Placement and who hold
shares in the Company as of the date of the EGM will undertake to vote at the
EGM in favour of, or give a voting proxy to be used in favour of, the share
capital increase and issuance of the New Shares in Tranche 2 of the Private
Placement, as well as the possible share capital increase and issuance of shares
in a Subsequent Offering (as defined below) if so proposed by the Board. Tranche
1 is not conditional upon completion of Tranche 2 (including not conditional
upon EGM approval), and acquisition of New Shares in Tranche 1 will remain final
and binding and cannot be revoked or terminated by the respective applicants if
Tranche 2 is not completed. If Tranche 2 is not completed (e.g. due to
non-approval by the EGM), applicants will not be delivered New Shares in Tranche
2 and the Company will only receive the gross proceeds for the issue of the
6,431,448 New Shares under the Board Authorisation in Tranche 1. 

The New Shares (other than allocated shares to the Pre-committed Investors) are
expected to be settled with existing and unencumbered shares in the Company that
are already listed on Oslo Børs, pursuant to a share lending agreement expected
to be entered into between the Company, Wilhelmsen New Energy AS as share
lender, and DNB Markets, a part of DNB Bank ASA (on behalf of the Managers) (the
"SLA") in order to facilitate delivery of listed shares in the Company to
applicants on a DVP basis. DNB Markets, a part of DNB Bank ASA shall settle the
share loan with new shares following the registrations of the share capital
increases pertaining to the New Shares in Tranche 1 and Tranche 2. The new
shares to be re-delivered to the share lender in Tranche 2 and allocated to the
Pre-committed Investors will be issued on a separate ISIN and will not be
tradable on Oslo Børs until the Prospectus has been issued by the Company and
approved by the Norwegian Financial Supervisory Authority, expected on or about
ultimo March 2023. It is expected that the Managers will pre-fund the gross
proceeds for Tranche 1 on behalf of investors being allocated New Shares in
Tranche 1.

Subject to successful completion of the application process for the Private
Placement, the Company will announce the final number of New Shares placed in
the Private Placement in a stock exchange announcement expected to be published
before opening of trading on Oslo Børs tomorrow, 3 March 2023.

The Subsequent Offering

Subject to inter alia (i) completion of the Private Placement, (ii) relevant
corporate resolutions including approval of a Subsequent Offering by the Board
and the EGM, (iii) prevailing market price of the Company's shares being higher
than the Subscription Price, and (iv) approval of a prospectus for the listing
and offering of the new shares in the Subsequent Offering by the Norwegian
Financial Supervisory Authority, the Company will consider carrying out a
subsequent offering (the "Subsequent Offering") of new shares in the Company. A
Subsequent Offering will, if made, be directed towards existing shareholders in
the Company as of 2 March 2023, as registered in the Company's register of
shareholders with Euronext Securities Oslo on 6 March 2023, and who (i) are not
allocated New Shares in the Private Placement, and (ii) are not resident in a
jurisdiction where such offering would be unlawful or, for jurisdictions other
than Norway, would require any prospectus, filing, registration or similar
action (the "Eligible Shareholders"). The Eligible Shareholders are expected to
be granted non-tradable subscription rights. If carried out, the subscription
period in a Subsequent Offering is expected to commence shortly after
publication of the prospectus, and the subscription price in the Subsequent
Offering will be equal to the Subscription Price in the Private Placement. The
Company will issue a separate stock exchange notice with further details on the
Subsequent Offering if and when finally resolved.

Equal treatment

The contemplated Private Placement involves that the shareholders' preferential
rights to subscribe for and being allocated the New 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 secure equity financing to accommodate the initial payment structure
for the four newbuilds. Further, a private placement will reduce execution and
completion risk and allows for the Company to raise capital more quickly, which
is particularly important in light of the newbuilds' payment structure, 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.

Further, the Subsequent Offering, if implemented, will secure that Eligible
Shareholders will receive the opportunity to subscribe for new shares at the
same subscription price as that applied in the Private Placement.

On this basis the Board has considered the proposed transaction structure to be
in the common interest of the Company and its shareholders.

An updated Company presentation is available at the Company's webpage:
www.eddawind.com.

Advokatfirmaet BAHR AS is acting as legal advisor to the Company in connection
with the Private Placement and Subsequent Offering, and Advokatfirmaet Wiersholm
AS is acting as legal advisor to the Managers.

For further information, please contact: 
Kenneth Walland, CEO Edda Wind
Phone: +47 916 93 418
E-mail: kenneth.walland@eddawind.com

Tom Johan Austrheim, CFO Edda Wind 
Phone: +47 982 09 873
E-mail: tom.johan.austrheim@eddawind.com

ABOUT EDDA WIND 

Edda Wind is a leading pure play 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,
operates one chartered frontrunner, and has eight dedicated offshore wind
vessels under construction prior to the ordering of new CSOVs as described
above. All newbuild vessels are prepared for zero-emission utilising liquid
organic hydrogen carrier as an energy source. 

Read more: www.eddawind.com 

IMPORTANT NOTICE

This announcement is not and does not form a part of any offer to sell, or a
solicitation of an offer to purchase, any securities of Edda Wind ASA. The
distribution of this announcement and other information may be restricted by law
in certain jurisdictions. Copies of this announcement are not being made and may
not be distributed or sent into any jurisdiction in which such distribution
would be unlawful or would require registration or other measures. Persons into
whose possession this announcement or such other information should come are
required to inform themselves about and to observe any such restrictions.

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 "Securities
Act"), and accordingly may not be offered or sold in the United States absent
registration or an applicable exemption from the registration requirements of
the Securities Act and in accordance with applicable U.S. state securities laws.
The Company does not intend to register any part of the offering or their
securities in the United States or to conduct a public offering of securities in
the United States. Any sale in the United States of the securities mentioned in
this announcement will be made solely to "qualified institutional buyers" as
defined in Rule 144A under the Securities Act and "major U.S. institutional
investors" as defined in SEC Rule 15a-6 under the United States Exchange Act of
1934.

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
Prospectus Regulation, i.e., only to investors who can receive the offer without
an approved prospectus in such EEA Member State. The expression "Prospectus
Regulation" means Regulation 2017/1129, as amended, 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 (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 for
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.

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", "expect", "anticipate",
"strategy", "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.

Actual events may differ significantly from any anticipated development due to a
number of  factors, including without limitation, changes in investment levels
and need for the Company's services, changes in the  general economic, political
and market conditions in the markets in which the Company operate, the Company's
ability to attract, retain and motivate qualified personnel, changes in the
Company's ability to engage in commercially acceptable acquisitions and
strategic investments, and changes  in laws and regulation and the potential
impact of legal proceedings and actions. 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. The Company does not provide any guarantees that the
assumptions underlying the forward-looking statements in this announcement are
free from errors nor does it accept any responsibility for the future accuracy
of the opinions expressed in this announcement or any obligation to update or
revise the statements in this announcement to reflect subsequent events. You
should not place undue reliance on the forward-looking statements in this
document.

The information, opinions and forward-looking statements contained in this
announcement speak only as at its date, and are subject to change without
notice. The Company does not undertake any obligation to review, update,
confirm, or to release publicly any revisions to any forward-looking statements
to reflect events that occur or circumstances that arise in relation to the
content of this announcement.

Neither the Managers nor any of their respective affiliates makes any
representation as to the accuracy or completeness of this announcement and none
of them accepts any responsibility for the contents of this announcement or any
matters referred to herein.

This announcement is for information purposes only and 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 in the Company. Neither the
Managers nor any of their respective affiliates accepts any liability arising
from the use of this announcement.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation (MAR) and is subject to the disclosure requirements
pursuant to MAR article 17 and Section 5-12 the Norwegian Securities Trading
Act. This stock exchange announcement was published by Tom Johan Austrheim at
Edda Wind ASA on the time and date provided.