Integrated Wind Solutions Asa · DUS:9UG1
Integrated Wind Solutions Asa — Investor Presentation (January 2023)
35 slides from Integrated Wind Solutions Asa's investor presentation, January 2023
Slide 1: Investor Presentation
Investor Presentation January 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 | A fully integrated offshore wind solutions provider
IWS | A fully 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 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: Offshore Wind Market Update
OFFSHORE WIND MARKET UPDATE Europe continues ambitious renewable energy transition rollout, but with deployment bottlenecks looming on the horizon A quarterly 17 GW decrease of the 2030 capacity forecast to a total of 125GW (from 142GW in Q3) European 2030 capacity forecast (GW) Market updates 125 1
Slide 8: IWS business areas | Covering integrated services and asset management
IWS business areas | Covering integrated services and asset management Integrated Services Operations and Asset Management 100% 97%1) 30% → 49%2) Owner and operator of high- Electrical engineering & end CSOVs services and strategic A leading provider of advisory Operations and Asset Management 1) 97
Slide 9: 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 10: 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 10
Slide 11: IWS Skywalker | Commissioning Service Operation Vessel
IWS Skywalker | Commissioning Service Operation Vessel (“CSOV”) January 2023 January 2023 January 2023 11
Slide 12: IWS Skywalker, IWS Windwalker
IWS Skywalker IWS Windwalker 12
Slide 13: CSOV market | Favourable market dynamics
CSOV market | Favourable market dynamics Growth in offshore wind turbines (# ‘000)* Vessel supply & demand (#) CSOV dayrate development 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 Oct-2022 Apr-2021 Apr-2022 Jul-2020 Jul-2021 Jul-2022 Jan-
Slide 14: IWS Fleet | CSOVs contracted at attractive prices
IWS Fleet | CSOVs contracted at attractive prices Newbuilding yard prices1 (EUR million) Six CSOVs were ordered at an attractive average yard price of EUR ~48m per vessel Standard Chinese yard prices. IWS orders have included additional equipment and feature adding about EUR 5m to standard yard pric
Slide 15: 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 15
Slide 16: Returns | Low newbuilding capex provides attractive return potential
Returns | Low newbuilding capex provides attractive return potential relative to peers Implied EV / EBITDA Cash yield on equity invested Sources: 1) IWS; Clarksons Platou Offshore Renewables. CAPEX includes yard cost only. 16 Key assumptions: Utilization of 97.5%, expenses of USD 3.9m p.a. (OPEX and
Slide 17: Skywalker Class | Premium CSOVs designed for superior performance
“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 18: 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 19: 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 20: 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 20
Slide 21: IWS Services | Building a one-stop shop
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 22: IWS Services | Wide scope of services available
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 23: 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 23
Slide 24: 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 25: 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 26: Outlook
Outlook Highly positive outlook for the offshore wind industry. 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 farms prov
Slide 27: Appendix
Appendix 27
Slide 28: Key financials | Q3 2022
Key financials | Q3 2022 Income statem (NOK Q3 2022 Q2 2022 PEAK Wind share of net profit of NOK 1.5m less NOK 0.9m Operating revenue 98,388. 54,861 amortisation of acquisition-related intangible assets. Share of net profit of associates i 605 1,302 Total revenue 58,993 56,163 Operating expenses © -
Slide 29: Key financials | Q3 2022
Key financials | Q3 2022 lance sheet (NOK '000) Q32022 © Q2 2022 Q3 2022 —Q2. 2022 Vessels under construction 384,648 376,227 Share capital 57,076 57,076 Intangible assets 68,233 67,846 Share premium reserve 970,687 970,687 Investments, equity method (PEAK Wind) 137,034 133,321 Retained earnings -15
Slide 30: IWS Fleet | CSOVs contracted at attractive prices
IWS Fleet | CSOVs contracted at attractive prices 30
Slide 31: Management and BoD | Incentivized team with a track record
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 32: 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 Awilco Technical IWS Services PEAK Wind Group IWS Fleet AS Services A
Slide 33: 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 co
Slide 34: Ownership | Solid institutional shareholder structure
Ownership | Solid institutional shareholder structure 34 Shareholder list as per 18 January 2023
Slide 35: iws@integratedwind.com
iws@integratedwind.com integratedwind.com
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