Integrated Wind Solutions Asa · DUS:9UG1
Integrated Wind Solutions Asa — Investor Presentation (March 2023)
34 slides from Integrated Wind Solutions Asa's investor presentation, March 2023
Slide 1: Investor Presentation
Investor Presentation March 2023
Slide 2: Disclaimer
Disclaimer This presentation (the "Presentation") has been prepared by Integrated Wind Solutions ASA (the "Company" and together with its subsidiaries the "Group") for information purposes. This Presentation does not constitute an offer to sell or a solicitation of an offer to buy, or a recommendati
Slide 3: IWS | An integrated offshore wind solutions provider
IWS | An integrated offshore wind solutions provider 1) Clarksons 3 2) 30% ownership. 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)
Slide 4: Timeline | A transformative time since IPO has positioned IWS for strong growth
Timeline | A transformative time since IPO has positioned IWS for strong growth ProCon Group Bank loan Dogger Bank Successful IWS Services CSOV charter IPO Entered into a IWS Services2 acquires 75% committed term sheet contract Vessels Fleet NOK 704m stake in Danish for a EUR 56.25m Informed of expa
Slide 5: The BIG challenge | ~6% of global energy supply is from renewable sources
The BIG challenge | ~6% of global energy supply is coming from renewable sources → push to decarbonize 5 Source: PEAK Wind
Slide 6: Green Deal | The complete value chain
Green Deal | The complete value chain 6 Source: PEAK Wind
Slide 7: IWS | An integrated offshore wind solutions provider
IWS | An integrated offshore wind solutions provider Integrated Services Operations and Asset Management 100% 97%1) 30% → 49%2) Owner and operator of Electrical installation & high-end CSOVs services and strategic A leading provider of wind advisory farm consultancy, operations and asset management
Slide 8: IWS | Capabilities to address the entire offshore wind value chain
IWS | Capabilities to address the entire offshore wind value chain Share of offshore windfarm lifetime cost1 (1GW wind farm with 10MW turbines) Installation / Development Turbine supply Balance of plant O&M Decommissioning Commissioning 4%1 30%1 18%1 28%1 2%1 19%1 Planning, Components and All other
Slide 9: IWS Fleet | Owner and operator of high-end CSOVs
IWS Fleet | Owner and operator of high-end CSOVs Owner and operator of Engineering, analytics, high-end CSOVs A leading provider of and O&M services and solutions Operations and Asset Management 9
Slide 10: The IWS Skywalker class CSOV's
The IWS Skywalker class CSOV’s 10
Slide 11: IWS Skywalker
IWS Skywalker January 2023 January 2023 January 2023 11
Slide 12: CSOV market | Favourable market dynamics
CSOV market | Favourable market dynamics Growth in offshore wind turbines (# ‘000)* Vessel supply & demand (#) CSOV rate development (EUR/day) 70,000 60,000 “Tier 3 swing-tonnage” Gap filled by 50,000 40,000 30,000 20,000 10,000 0 Oct-2020 Oct-2021 Apr-2022 Oct-2022 Apr-2021 Jul-2020 Jul-2021 Jul-20
Slide 13: IWS Fleet | CSOVs contracted at attractive prices
IWS Fleet | CSOVs contracted at attractive prices Newbuilding yard prices1 (EUR million) Six CSOVs ordered at an attractive average yard price of EUR ~48m per vessel, which includes additional equipment and features that would add EUR ~5m to standard yard prices. 13 1) Source: Clarksons
Slide 14: IWS Fleet | Well positioned to benefit from a strong market
IWS Fleet | Well positioned to benefit from a strong market Under construction Firm contracts Options 14
Slide 15: IWS Fleet | Strong earnings potential from a fleet of six CSOVs
IWS Fleet | Strong earnings potential from a fleet of six CSOVs Annualized EBITDA from six CSOVs (EURm) Implied EV / EBITDA Key assumptions: Vessel opex of EUR 11,500/d per vessel and G&A of EUR 1,500/d per vessel. The total EV of EUR 314m is based on an average yard 15 price of EUR 48.2m per vessel
Slide 16: Skywalker Class | Premium CSOVs designed for superior performance and efficiency
“Skywalker Class” | Premium CSOVs designed for superior performance and efficiency Premium tonnage with several benefits Design highlights Low-carbon footprint of vessels No conversion risk with ‘fit-for-purpose’ A Adjustable motion compensated gangway Energy- design saving ✓ Equipped with photovolt
Slide 17: Tier 1 vessels | Significant cost and emission advantage
Tier 1 vessels | Significant cost and emission advantage Overview of offshore wind service vessels Tier 1 vessels offer OPEX advantage1 • CSOV: Serving both the Commissioning OPEX (EUR/day) and installation phase by gangway, 3d ~55% cost crane, hotel, command center and advantage Tier 1: warehousing
Slide 18: Dogger Bank | Contracts give the stamp of approval
Dogger Bank | Contracts give the stamp of approval Commissioning contracts on Dogger Bank Illustration Dogger Bank Wind Farm ✓ Dogger Bank, the worlds largest offshore windfarm under Dogger development Bank ✓ 13MW GE Haliade-X turbines to be installed ✓ Owned and operated by Equinor, SSE and ENI - a
Slide 19: IWS Services | An integrated service offering
IWS Services | An integrated service offering Owner and operator of Engineering, analytics, high-end CSOVs A leading provider of and O&M services and solutions Operations and Asset Management 19
Slide 20: IWS Services | Building a one-stop shop by integrating several service offerings
IWS Services | Building a “one-stop shop” by integrating several service offerings 1 2 3 The portfolio IWS Fleet & IWS IWS Services as companies as stand- Services as a full bundled services alone services service offering Service Co 3 Service Co 3 Service Co 4 Service Co 4 Service Co … Service Co …
Slide 21: IWS Services | Wide scope of services available to IWS
IWS Services | Wide scope of services available to IWS and addressable (only) using CSOV Target segments WTG Services OSS Services Scheduled and periodic IMR Scheduled and periodic IMR Blade inspections Topside Structures Transformers Bolt tensioning Electrical Systems Utility Systems Hydraulic syst
Slide 22: PEAK Wind | Enabling developers to maximize project returns
PEAK Wind | Enabling developers to maximize project returns Owner and operator of Engineering, analytics, high-end CSOVs A leading provider of and O&M services and solutions Operations and Asset Management 22
Slide 23: PEAK Wind | Enabling developers to maximize project returns
PEAK Wind | Enabling developers to maximize project returns Overview Global footprint 8 offices 6 countries +160 colleagues 13+ countries PW delivers offshore wind advisory to 20+ GW offshore & onshore wind, PV assets using PW advisory Business areas CONSULTANCY ASSET PERFORMANCE & POWER TO X STORAG
Slide 24: PEAK Wind | Key achievements and client base
PEAK Wind | Key achievements and client base World’s first 3rd party Large-scale operator Global O&M / Asset Independent Project Live Performance offshore operator onshore Mgmt. Consulting Development Reporting & Analytics • +15Y operator agreement • Ongoing project: 5Y full • One-stop-shop O&M from
Slide 25: Outlook
Outlook Continued positive outlook for the offshore wind industry. IWS is well-positioned to take part in the industry growth by providing CSOVs, electrical works (ProCon), offshore wind consultancy (Green Ducklings), and the consultancy & advisory and operations & asset management services of wind
Slide 26: Appendix
Appendix 26
Slide 27: Key financials | Q4 2022
Key financials | Q4 2022 Income statement (NOK )) Q3 2022 Q4 2022 Operating revenue 58,388 52,726 PEAK Wind share of net profit of NOK 1.4m less NOK 0.9m Share of net profit of associates 605 500 amortisation of acquisition-related intangible assets. Total revenue 58,993 53,226 Operating expenses -6
Slide 28: Key financials | Q4 2022
Key financials | Q4 2022 lance sheet (NOK '000) Q3 2022 a42022 Q3 2022 Q4.2022 Vessels under construction 384,648 © 532,776 Share capital 57,076 57,076 Other fixed assets 1,736 2,681 Share premium reserve 970,687 969,244 Intangible assets 68,233, 66,611 Retained earnings -15,024 —-28,440 Investments
Slide 29: IWS Fleet | Capex & financing
IWS Fleet | Capex & financing ~ ~ 1) Debt facility signed for IWS Skywalker & IWS Windwalker for up to EUR 56.25m. Term sheet for bank financing of IWS 29 Seawalker & IWS Starwalker received for up to EUR 62.4m. The bank financing for IWS Moonwalker & IWS Sunwalker is expected to be secured in 2024.
Slide 30: Management and BoD | Incentivized team with a track record of creating shareholder value
Management and BoD | Incentivized team with a track record of creating shareholder value Management team Board of Directors Lars-Henrik Røren – CEO Sigurd Einar Thorvildsen – Chairman of the Board ▪ +30 years experience from Investment Banking and Asset ▪ CEO of the Awilhelmsen Group Management Indu
Slide 31: IWS | Simplified structure
IWS | Simplified structure Management agreement for Awilhelmsen Integrated Wind Solutions corporate services Management AS ASA until Q2’23 30%, with 3-year option to increase to 49% 100% 100% of voting shares, 97% of share capital IWS Services PEAK Wind Group IWS Fleet AS A/S ApS 100% 100% 100% IWS
Slide 32: Awilhelmsen | Coupling decades of maritime heritage and knowledge with offshore wind competencies
Awilhelmsen | Coupling decades of maritime heritage and knowledge with offshore wind competencies Long track-record within shipping and offshore + Strong in-house capabilities Extensive experience in successfully delivering on 1939 Awilco AS is established newbuilding projects in Asia on time and co
Slide 33: Ownership | Solid institutional shareholder structure
Ownership | Solid institutional shareholder structure 33 Shareholder list as per 28 February 2023
Slide 34: iws@integratedwind.com integratedwind.com
iws@integratedwind.com integratedwind.com
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