IWS ASA - Investor Presentation November 2023

Investor Presentation November 2023

IWS | A fully integrated offshore wind solutions provider

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1) Clarksons 2) 30%* ownership. Fixed price option exercisable by September 2024 to acquire an additional 19%* of the A-shares (*pre-dilution from share-based option program to key employees)

IWS | A fully integrated offshore wind solutions provider

Integrated Services

100%

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Operations & Asset Management

97%1)

30% → 49%2)

1) 97% of share capital; 100% of votes. IWS Services owns 75% of ProCon and 100% of Green Ducklings, 2) Fixed price option exercisable within three years from original share purchase to acquire an additional 19% of shares (pre-dilution from share-based option program to key employees)

Offshore wind | Market observations1

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1) Market observation comments provided by Green Ducklings

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IWS Fleet | Low newbuilding prices → high cash flow yields Newbuilding yard prices1 (EUR million)

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Attractive free equity cash flow yields2 IWS’s favourable capex improves free cash flow yield in a rising market.

-29%

IWS Fleet’s 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.

0%

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IWS Fleet’s yard price is based on about 50% Norwegian equipment and content.

1) Source: Clarksons 2) Assumed for comparison only: 60% loan with 12-year amortisation profile and 6% interest, 90% utilisation, operating expenses of EUR 12k per day and EUR 1k margin on victualling

IWS Fleet | Vessels under construction at CMI shipyard

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IWS Skywalker

In final commissioning

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IWS Windwalker

Late-stage construction and preparing for commissioning

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IWS Seawalker

Launched 30 October

The steel-cut of newbuilding 5 and 6, IWS Moonwalker and IWS Sunwalker, is scheduled to start in Q4 2023 and Q1 2024, respectively

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Source: IWS Fleet. Photos from October/November 2023

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IWS Starwalker

Launched 30 October

IWS Fleet | Well positioned to benefit from a strong market

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Under construction

Firm contracts

1) IWS has the option to nominate which Skywalker class vessel will perform the services

Options

“Skywalker Class” | Premium CSOVs designed for superior performance and efficiency Premium tonnage with several benefits No conversion risk with ‘fit-for-purpose’ design Lower fuel consumption and GHG emissions1 Optimal technical solutions for efficient onboard work-flow

Design highlights A Adjustable motion compensated gangway B Dedicated motion compensated “colibri” crane

Low-carbon footprint of vessels Energysaving technology

C Premium cabin accommodation and catering

D Optimized hull & DP capabilities E Solar cells for low-carbon footprint Plug-in hybrid

First-class suppliers E

C

D

1) Company estimate

✓ Plug-in hybrid solution reducing emissions optimizing fuel consumption

A B

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✓ Equipped with photovoltaic cells (solar) and largest battery pack in the industry to achieve lower emissions

Optionality for zeroemission

✓ Conversion to a fully zero-emission vessel at competitive cost ✓ Ready for all-electric operation using supercharging, solar cells and battery

Tier 1 vessels | Significant cost and emission advantage Tier 1 vessels offer OPEX advantage1

Overview of offshore wind service vessels • Tier 1: CSOV/ SOV

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Tier 2: Converted offshore vessels

CSOV: Serving both the Commissioning and installation phase by gangway, 3d crane, hotel, command center and warehousing SOV: Serving the continuous maintenance of an operating wind farm phase by gangway, hotel, command center and warehousing

OPEX (EUR/day)

~55% cost advantage

Vessels originally intended for Oil & Gas industry but converted by installing fixed gangways

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IWS vessels with market leading CO2 emissions1 Tons CO2 per year

• Tier 3: Temporary gangway

Various PSV’s MPSV’s and subsea support vessels with cranes, ROV’s, etc. intended for Oil & Gas segment but interchangeably working in offshore wind segment

~60-65% reduced emissions

2

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1) Company estimate. MGO fuel price €1,000 / ton, CO2 ETS price €100 / ton 2) Current fleet

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The Skywalker class CSOV’s

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IWS Skywalker | Galley and Lounge at the Viking Panorama Deck

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Photos from IWS Skywalker, November 2023

IWS Skywalker | Dining facilities

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Photos from IWS Skywalker, November 2023

IWS Skywalker | Client office and conference room

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Photos from IWS Skywalker, November 2023

IWS Skywalker | Recreational facilities

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Photos from IWS Skywalker, November 2023

IWS Services | Building a “one-stop shop” by integrating several service offerings 2

1 The portfolio companies as standalone services

Service Co 3 Service Co 4 Service Co …

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3 IWS Services as bundled services

IWS Fleet & IWS Services as a full service offering

Service Co 3 Service Co 4 Service Co …

1) O&M = Operation & Maintenance 2) IWS Services owns 75% of the share capital in ProCon, but 100% of the voting shares

IWS Services | Wide scope of services available to IWS and addressable by using CSOV Target segments

WTG Services

OSS Services

Scheduled and periodic IMR

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

Topside Structures Electrical Systems Safety System

Transformers Utility Systems Crane

FOU substructures • Primary Structures • Secondary Structures • Tertiary Structures

BoP1 – Above Water Line Services Scheduled and periodic IMR Navaid2) Utility cranes Air-condition MV Electrical2) Lighting2) Earthing2) Fire Protection Telecoms

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Corrosion Protection2) Hydraulic Hoists LV Electrical2) CMS Fire fighting equipment Safety Bolt tensioning

1) Balance of Plant 2) Service offered by ProCon today

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

Cable Burial depth Cable diagnostics Cable retrieval

BoP – Below Water Line Services

PEAK Wind | Renewable energy specialist delivering advisory, intelligence and asset management services Key value proposition

Main business areas

We have a unique understanding of your asset Combining our financial, commercial & technical competencies means we gain unique and indepth insights across an entire project so can quickly uncover areas for improvement

We view the project from the asset-owner perspective Our experience in project ownership means our focus is on providing services that maximise shareholder equity returns.

Our focused O&M expertise means lower risk & higher ROI We use our knowledge of the O&M phase to lower risk and optimise returns throughout the project lifecycle.

2)

We deliver bankable services PEAK Wind’s asset & operations management services have been confirmed bankable by several sponsors, some of the biggest international banks, tax equity investors, and Export Credit Agencies, so we are ready to go on your project.

10 offices

7 countries +180 colleagues 28+ countries PW delivers offshore wind advisory to

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1)

20+ GW offshore & onshore wind, PV assets using PW advisory

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

Outlook

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Appendix

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Key financials | Q3 2023

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Key financials | Q3 2023

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IWS Fleet | Capex & 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