First of Four Windward Offshore CSOVs Launched, Company Secures EUR 182 Million Post-Delivery Financing

February 19, 2025, by Adrijana Buljan

The first of four commissioning service operation vessels (CSOVs) that Windward Offshore ordered at Vard was launched earlier this month. On 18 February, the German shipowner, a joint venture between multiple partners, said that it had secured a senior loan facility for the post-delivery financing of the four CSOVs.

In October 2023, Windward Offshore – established by SeaRenergy Group, Blue Star Group, Diana Shipping, and SeraVerse – ordered two hybrid CSOVs from Vard to serve the offshore wind industry. In January 2024, the company exercised its option to acquire two additional vessels of the same design.

Windward Offshore Orders Two More Hybrid CSOVs at Vard

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All four vessels are designed by Vard Design in Ålesund, Norway. For two vessels, the hulls are being built in Vard’s shipyards in Romania, while the final outfitting, commissioning, and delivery will be carried out by one of Vard’s shipyards in Norway. The other two hulls will be delivered from Vard’s shipyard in Vietnam.

The first of the four CSOVs, Windward Athens, was launched at Vard’s Tulcea shipyard in Romania on 10 February.

A photo of the Windward Athens CSOV in the water — Windward Athens; Photo source: Windward Offshore

Windward Athens is scheduled for delivery in the second half of 2025, while the remaining vessels will follow in the course of 2026.

Windward Offshore has signed a financing agreement with Crédit Agricole Corporate and Investment Bank (Crédit Agricole) and Export Finance Norway (Eksfin) that includes a facility amount of up to EUR 182 million. The loan, signed at the end of last year, will be drawn in tranches upon the delivery of each vessel, the company said on 18 February.