Slide 1: Integrated Wind Solutions Company Presentation March 2022
Integrated Wind Solutions Company Presentation March 2022
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 at a glance
IWS at a glance Emerging leader in integrated service for offshore wind IWS geographical footprint • IWS offer Operation & Maintenance (“O&M”) and consultancy services combined with 4x high-specification vessels under construction, plus 2x vessel options Nantong (CN) • Operations and Asset Managemen
Slide 4: Our vision is to develop IWS into the preferred service partner within offshore wind
Our vision is to develop IWS into the preferred service partner within offshore wind IWS strategy ✓ Build and operate Construction Service Operations Vessels (“CSOVs”) to serve as the platform in our offering ✓ Bundle vessel offering with services, solutions and data that add value for OEMs 1 and ut
Slide 5: A transformative year has positioned IWS for strong growth
A transformative year has positioned IWS for strong growth 2021 was a year of substantial transformation for IWS 2021 Bank loan Dogger Bank Entered into a CSOV charter ProCon Group committed term sheet contract Successful IPO IWS SS acquires 75% for a EUR 56.25m Informed of NOK 704m cash IWS Service
Slide 6: Capabilities to address the entire offshore wind value chain
Capabilities to address the entire offshore wind value chain Installation / Development Turbine supply Balance of plant O&M Decommissioning Commissioning Planning, engineering, Components and assembly All other components of the Installation and O&M of turbines, balance Decommissioning is surveys, i
Slide 7: Offshore wind needs to grow fast to deliver on Net Zero by 2050
Offshore wind needs to grow fast to deliver on Net Zero by 2050… Strong market and regulatory drivers Accelerating renewable generation1 Offshore wind to grow 8x in 10 years2 European renewable generation, Installed offshore wind, global ex. China The European energy mix is set TWh ~5,750 GW for a s
Slide 8: …which will drive rapid growth within the O&M segment
…which will drive rapid growth within the O&M segment Annual O&M spending1,2 Vessel hire represents ~20% of total O&M spending3,4 EURbn 8.0x Vessel hire Other O&M Spending 18.6 ~20% Integrated ~80% services 2.4 ~EUR 200m turnover for each % market 2020E 2030E share in 2030 Sources: 1) BVG Associates
Slide 9: Continued high activity from financial sponsors and IPPs will lead to strong demand
Continued high activity from financial sponsors and IPPs will lead to strong demand for outsourced services Non-energy majors constitute ~70% of the market… …with AUM dedicated to green investments rapidly growing Installed capacity 2010 – 2030E, Copenhagen Infrastructure Partners: Assets under mgmt
Slide 10: IWS operates three business areas covering integrated services and asset management
IWS operates three business areas covering integrated services and asset management Integrated Services Operations and Asset Management 97%1) 100% 30% → 49%2) Engineering, analytics, Owner and operator of and O&M services and high-end CSOVs A leading provider of solutions Operations and Asset Manage
Slide 11: IWS Services
IWS Services Engineering, analytics, Owner and operator of and O&M services and high-end CSOVs A leading provider of solutions Operations and Asset Management 11
Slide 12: IWS Services: Building a bundled service offering
IWS Services: Building a bundled service offering, targeting owners and operators of offshore wind farms Building a one-stop services shop – across several delivery models ✓ IWS thesis that there will be a lot of attractive opportunities in offshore wind 1 2 3 O&M as the market continues to grow IWS
Slide 13: Wide scope of services available to IWS and addressable using CSOV
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 systems Safety Syst
Slide 14: Our acquisition of ProCon provides a strong platform for further growth in services
Our acquisition of ProCon provides a strong platform for further growth in services ProCon at a glance1 Key financials Hornsea II (UK) DKKm Construction, Service 10 850+ EEW, Pict Offshore, Ørsted Revenue by business area (2021) Countries WTGs Delivered 2019-2021 3% Construction 16% Service Changfan
Slide 15: IWS Fleet
IWS Fleet Engineering, analytics, Owner and operator of and O&M services and high-end CSOVs A leading provider of solutions Operations and Asset Management 15
Slide 16: IWS Fleet – premium vessels designed for superior performance and efficiency
IWS Fleet – premium vessels 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 ✓ Equipped with photovoltaic B Dedicat
Slide 17: Tier 1 fleet with significant OPEX advantage and low emissions
Tier 1 fleet with significant OPEX advantage and low emissions Overview of offshore wind service vessels Tier 1 vessels offer OPEX advantage1 • CSOV: Serving both the Commissioning OPEX (EUR/day) ~50% cost and installation phase by gangway, 3d ~19,500 advantage crane, hotel, command center and Tier
Slide 18: Dogger Bank contracts – a stamp of approval for IWS' vessel offering
Dogger Bank contracts – a stamp of approval for IWS’ vessel offering and operational capabilities Commissioning contracts on Dogger Bank Illustration Dogger Bank Wind Farm Dogger ✓ Dogger Bank, the worlds largest offshore windfarm under development Bank ✓ 13MW GE Haliade-X turbines to be installed ✓
Slide 19: Leading newbuilding and option program positions IWS
Leading newbuilding and option program positions IWS to take a leading position in an expected strong market Pipeline of first class vessels built by CMHI Instalment of turbines drives CSOV vessel demand Option Option # of turbines installed base # of CSOV vessels demanded #1 #2 #3 #4 Planned supply
Slide 20: Attractive newbuilding capex and return potential
Attractive newbuilding capex and return potential IWS vessels are IWS fleet attractively priced relative to peers in a Highly attractive yield potential CAPEX1 competitive similar operating environment Newbuilding CAPEX Implied EV/EBITDA at various dayrates Cash yield on equity invested per vessel (
Slide 21: Fleet positioned to benefit from expected strong vessel market
Fleet positioned to benefit from expected strong vessel market 2023 and onwards 2022 2023 2024 2025 2026 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 IWS Dogger Bank A: 273d Dogger Bank B: 273d Dogger Bank C: 331d1 Skywalker + 30d option + 30d option IWS Windwalker Vessel #3 Vessel #4 Ve
Slide 22: PEAK Wind
PEAK Wind Engineering, analytics, Owner and operator of and O&M services and high-end CSOVs A leading provider of 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 Footprint • Market leader within offshore wind operations and asset 7 offices management with presence in main renewables markets 6 countries • Extensive offshore wind experience across technical, ~100 colleagues commercial and fina
Slide 24: Key achievements and client base
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 early • Auc
Slide 25: Strong revenue growth, sustainable margins and high degree of revenue visibility
Strong revenue growth, sustainable margins and high degree of revenue visibility Solid financial performance and strong outlook Revenue by service area DKKm nominal Long-term asset management contracts provide high degree of revenue visibility with contract length 250 Budget between 5 to 15 years Co
Slide 26: Solid, incentivized management team and board
Solid, incentivized management team and board with 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
Slide 27: Key financials – per Q4'2021
Key financials – per Q4’2021 Consolidated income statement – Q4’2021 Consolidated balance sheet – Dec’21 In NOK thousands Q4 2021 FY 2021 In NOK thousands 31.12.2021 31.12.2021 Operating revenue 48 170 49 007 ASSETS EQUITY AND LIABILITIES Share of net profit of associates 1 647 2 346 Non-current ass
Slide 28: IWS | Fully integrated offshore wind solutions provider
IWS | Fully integrated offshore wind solutions provider Positioned through the value chain in 1 market growing by ~8x in 10 years • Offshore wind market ex. China expected to reach ~200 GW of installed capacity by 2030 Developing distinctive services and • IWS to grow into a globally leading solutio
Slide 29: APPENDIX
APPENDIX
Slide 30: Simplified legal structure
Simplified legal structure Management Awilhelmsen Management Integrated Wind Solutions agreement for corporate services AS ASA 97% of share capital, 30%, with 3-year option to increase to 49% 100% 100% of voting shares Awilco IWS Services PEAK Wind Group Technical IWS Fleet AS Services AS A/S ApS Ma
Slide 31: Awilhelmsen: Coupling decades of maritime heritage 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 cos
Slide 32: Founding shareholder Awilhelmsen is the main shareholder through Awilco
Founding shareholder Awilhelmsen is the main shareholder through Awilco Investor Number of shares % of total Type Country AWILCO AS 5 000 000 28.4 COMP NOR SKANDINAVISKA ENSKILDA BANKEN AB 1 286 492 7.3 NOM LUX SUNDT AS 1 250 000 7.1 COMP NOR BNP PARIBAS 1 250 000 7.1 NOM USA DANSKE INVEST NORGE VEK
Slide 33: Thank you
Thank you Address: Beddingen 8 | 0118 Oslo | Norway Email: iws@integratedwind.com https://www.integratedwind.com/