Investor Presentation
June 2024
IWS | A fully integrated offshore wind solutions provider
2 1) Clarksons 2) 30%* ownership. Fixed price option exercisable by September 2024 to acquire an additional 19%* of shares (*pre-dilution from share-based option program to key employees)
IWS | A fully integrated offshore wind solutions provider
Integrated Services Operations & Asset Management
1) Subject to closing of transaction, expected in June, 2) 97% of share capital; 100% of votes. IWS Services owns 75% of ProCon and 100% of Green Ducklings, 3) Fixed price option exercisable within September 2024 to acquire an additional 19% of shares (predilution from share-based option program to key employees)
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74.62% 97%2) 30% → 49%3) 25.38%1)
Global offshore wind ambitions | ~800 GW (excl. China)
*Offshore wind not specifically mentioned, but implicit in ambitions
**Calculated as EU target of 300 GW by 2050, UK Climate Change Committee estimates of up to 125 GW by 2050, and Norway aim to allocate 30 GW by 2040
*** China targets are not included in this report (e.g. 54.85 GW by 2025)
Source: Q1 2024 Green Ducklings analysis
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Sumitomo Corporation | IWS Fleet strategic partnership
5 1) As of 29 May 2024, JPY/USD = 0.006355
74.62% 25.38%
Havfram Fleet Management | A strategic joint venture
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IWS Fleet | Favourable yard prices → attractive cash flow yields
Source: Clarksons
’ improves free cash flow yield in a rising market.
’ six CSOVs ordered at an attractive average fixed yard price of EUR 48m per vessel, which includes additional equipment and features that would add EUR ~5m to standard yard prices.
on about 50% Norwegian equipment and content.
7 1)
2) Assumed for comparison only: 60% loan with 12-year amortisation profile and 6% interest, 90% utilisation, operating expenses of EUR 13k per day and EUR 1k net margin on victualling
’
Newbuilding yard prices1 (EUR million) Attractive free equity cash flow yields2 ►
IWS Fleet | Strong revenue backlog
8 1) Project startup based on management estimates, gross victualling income of EUR 5,000 per day and zero inflation adjustments.
1 to tier 1 clients
IWS Skywalker class | Overview
9 1)
Total vessel days available. Firm days assume management estimates on the start-up of charter contracts
IWS Windwalker | Port of Hanstholm, Denmark
27/05/2024
Photo: Frederik Lambrecht
IWS Skywalker class | Vessel overview
11 Source: IWS Fleet
IWS Windwalker Soon in operation 2 IWS Seawalker In commissioning 3 Operating at Dogger Bank IWS Skywalker 1 IWS Starwalker Soon ready for sea trials 4 Keel laying in April ’24 IWS Sunwalker 6 IWS Moonwalker Keel laying in April ’24 5
IWS Windwalker | North Sea
Skywalker Class | Galley and Lounge
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Photos from IWS Skywalker, November 2023
Skywalker Class | Dining facilities
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Photos from IWS Skywalker, November 2023
Skywalker Class | Recreational facilities
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Photos from IWS Skywalker, November 2023
16 1) O&M = Operation & Maintenance 2) IWS Services owns 75% of the share capital in ProCon, but 100% of the voting shares IWS Services | B “ - ” several service offerings IWS Services as bundled services 2 Service Co 3 Service Co 4 C … The portfolio companies as standalone services 1 Service Co 3 Service Co 4 C … IWS Fleet & IWS Services as a full service offering 3
IWS Services | Wide scope of services available to IWS and addressable by using CSOV
Target segments
WTG Services
Scheduled and periodic IMR
Blade inspections
Bolt tensioning
Hydraulic systems
Oil & grease replacement
Electrical systems check
Statutory safety equipment and hoisting testing
Tower inspection and repair
1 – Above Water Line Services
Scheduled and periodic IMR
Navaid2) Corrosion Protection2)
Utility cranes Hydraulic
Air-condition Hoists
MV Electrical2) LV Electrical2)
Lighting2) CMS
Earthing2) Fire fighting equipment
Fire Protection Safety
Telecoms Bolt tensioning
Scheduled and periodic IMR
ROV operations
Scour survey
Debris identification
ICCP inspection
IAC exit/entry inspection
Foundation Connection
corrosion protection systems
IAC cable entry/exits
NDT testing
Marine growth measurements
Debris removal
Confined space diving
OSS Services
Scheduled and periodic IMR
Topside Structures Transformers
Electrical Systems Utility Systems
Safety System Crane BoP – Below Water Line Services
Cable
Burial depth
Cable diagnostics
Cable retrieval
17 1) Balance of Plant 2) Service offered by ProCon today
BoP
PEAK Wind | Renewable energy specialist delivering
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advisory, intelligence
1) PEAK Wind’s shareholding in Hybrid Greentech is 20% with the option to increase to 30% 2) PEAK Wind owns a 50% share in Sea Impact At a glance Main business areas 10 offices 8 countries ~190 colleagues 1) 2) 30 countries PW delivers offshore wind advisory to 20+ GW offshore & onshore wind, PV assets using PW advisory 1.9+ GW offshore wind under asset management
and asset management services
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Outlook
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Appendix
Key financials | Q1 2024
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Key financials | Q1 2024
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IWS Fleet | Yard payments & financing
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1) Debt facility signed for IWS Skywalker, IWS Windwalker, IWS Seawalker and IWS Starwalker for up to EUR 118.65m. 2) The bank financing for IWS Moonwalker and IWS Sunwalker is expected to be secured in 2024.
iws@integratedwind.com
integratedwind.com