Investor Presentation February 2024
IWS | A fully integrated offshore wind solutions provider
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)
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IWS | A fully integrated offshore wind solutions provider
Integrated Services Operations & Asset Management
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 September 2024 to acquire an additional 19% of shares (pre-dilution from share-based option program to key employees)
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100% 97%1) 30% → 49%2)
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: Q4 2023 Green Ducklings analysis
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IWS Fleet | Low newbuilding prices → high cash flow yields
Newbuilding yard prices1 (EUR million)
Attractive free equity cash flow yields2 ►
IWS’s favoura l cap x improves free cash flow yield in a rising market.
IWS l t’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.
IWS l t’s yard pric is as d 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 13k per day and EUR 1k net margin on victualling
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IWS Fleet | Strong revenue backlog1 to tier 1 clients
1) Project startup based on management estimates. Revenues include mobilisation and demobilisation fees, gross victualling income of EUR 5,000 per day, and zero inflation adjustments.
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IWS Skywalker class | Overview
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1) Total vessel days available. Firm days assume management estimates on the start-up of charter contracts
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“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
First-class suppliers
Design highlights
Adjustable motion compensated gangway
Premium cabin accommodation and catering
Optimized hull & DP capabilities
Solar cells for low-carbon footprint
Low-carbon footprint of vessels
Energysaving technology
Plug-in hybrid ✓ Plug-in hybrid solution reducing emissions optimizing fuel consumption
Optionality for zeroemission
✓ Conversion to a fully zero-emission vessel at competitive cost
✓ Ready for all-electric operation using supercharging, solar cells and battery
✓ Equipped with photovoltaic cells (solar) and largest battery pack in the industry to achieve lower emissions 1)
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A E C D B
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A B C D E
Company
estimate
The Skywalker class CSOV’s
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IWS Skywalker class | Vessel overview
10 Source: IWS Fleet
IWS Windwalker
2
In late commissioning
IWS Seawalker
3
Under construction
Final mobilisation
1
IWS Skywalker
IWS Starwalker
4
Under construction
First steel-cut in Dec’23
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IWS Sunwalker
IWS Moonwalker
23 5
First steel-cut in Dec’
IWS Skywalker Hanstholm Harbour, February 2024
IWS Skywalker Hanstholm Harbour, February 2024
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IWS Skywalker, November 2023
Photos from
IWS Skywalker | Galley and Lounge at the Viking Panorama Deck
IWS Skywalker | Dining facilities
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2023
Photos from IWS Skywalker, November
IWS Skywalker | Recreational facilities
15 Photos from IWS Skywalker, November 2023
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O&M = Operation & Maintenance
IWS Services owns 75% of the share capital in ProCon, but 100% of the voting shares IWS Services | Building a “one-stop shop” by integrating several service offerings IWS Services as bundled services 2 Service Co 3 Service Co 4 Service Co … The portfolio companies as standalone services
Service Co 3 Service Co 4 Service Co … IWS Fleet & IWS Services as a full service offering 3
1)
2)
1
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
BoP1 – 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
Cable
Burial depth
Cable diagnostics
Cable retrieval
BoP – Below Water Line Services
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Balance of Plant
Service offered by ProCon today
1)
2)
IWS Services | Wide scope of services available to IWS and addressable by using CSOV
PEAK Wind | Renewable energy specialist delivering advisory, intelligence and asset management services
At a glance
30
10 offices
8 countries
1)
2)
Main
business areas
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PEAK Wind s shareholding in Hybrid Greentech is 20% with the option to increase to 30%
PEAK Wind owns a 50% share in Sea Impact
~190 colleagues 1) 2)
delivers offshore wind advisory to
countries PW
offshore & onshore wind, PV assets using PW advisory
20+ GW
GW offshore wind under asset management
1.9+
Outlook
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Appendix
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Key financials | Q4 2023
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Key financials | Q4 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