36 slides from Integrated Wind Solutions Asa's investor presentation, September 2022
Slide 1: Investor Presentation September 2022
Investor Presentation September 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 | A fully integrated offshore wind solutions provider
IWS | A fully integrated offshore wind solutions provider 1) Fixed price option exercisable within three years from original share purchase to acquire an additional 19% of shares (pre-dilution 3 from share-based option program to key employees)
Slide 4: IWS business areas | Covering integrated services and asset management
IWS business areas | Covering integrated services and asset management Integrated Services Operations and Asset Management 97%1) 100% 30% → 49%2) Electrical engineering & Owner and operator of services and strategic high-end CSOVs A leading provider of advisory Operations and Asset Management 1) 97%
Slide 5: Timeline | A transformative year has positioned IWS for strong growth
Timeline | A transformative year has positioned IWS for strong growth 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 Services2 stake in Danish wind Green Senior Secured int
Slide 6: 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 6 Source: PEAK Wind
Slide 7: Green Deal | The complete value chain
Green Deal | The complete value chain 7 Source: PEAK-Wind
Slide 8: IWS | Capabilities to address the entire offshore wind value chain
IWS | 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 Operations & Maintenance Decommissioning is surv
Slide 9: 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 European 2030 capacity forecast (GW) European renewable generation, TWh ~5,750 The European energy mix is set for a significant change in the coming decades in ord
Slide 10: IWS Fleet | Owner and operator of high-end CSOVs
IWS Fleet | Owner and operator of high-end CSOVs Engineering, analytics, Owner and operator of and O&M services and high-end CSOVs A leading provider of solutions Operations and Asset Management 10
Slide 11: IWS Skywalker | Commissioning Service Operation Vessel newbuilding 1
IWS Skywalker | Commissioning Service Operation Vessel (“CSOV”) newbuilding 1 11
Slide 12: CSOV market | Favourable market dynamics
CSOV market | Favourable market dynamics Growth in offshore wind turbines (# ‘000) Vessel supply & demand (#) “Tier 3” vessels Gap filled by Source: Clarksons 12 *SPS = “Special Purpose Ships”, which are vessels that carry special personnel who are neither crew members nor passengers *W2W = “Walk to
Slide 13: IWS Fleet | CSOVs contracted at attractive prices
IWS Fleet | CSOVs contracted at attractive prices Newbuilding yard prices1 (EUR million) Four CSOVs ordered at an attractive average yard price of EUR 46m + two options at attractive 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 1) The contract will be effective when contractual documentation is completed, expected in H2 2022.
Slide 15: Returns | Low newbuilding capex provides attractive return potential relative to peers
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. 15 Key assumptions: Utilization of 97.5%, expenses of USD 3.9m p.a. (OPEX and
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) ~55% cost and installation phase by gangway, 3d advantage crane, hotel, command center and 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 Engineering, analytics, Owner and operator of and O&M services and high-end CSOVs A leading provider of 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: 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 22: ProCon | Strong platform for further growth in services
ProCon | Strong platform for further growth in services ProCon at a glance1 Selected customers Hornsea II (UK) Construction, Service 10 850+ EEW, Pict Offshore, Ørsted Countries WTGs Delivered 2019-2021 Changfang & Xiado Engineering, Construction 75+ 500,000+ Bladt, Century WP, CIP Projects Hours wo
Slide 23: PEAK Wind | Enabling developers to maximize project returns
PEAK Wind | Enabling developers to maximize project returns Engineering, analytics, Owner and operator of and O&M services and high-end CSOVs A leading provider of 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 +150 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: 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 27: Summary
Summary Highly positive outlook for offshore wind industry - now expanding to become an industry with global footprint. Well-positioned to take part in the industry growth by providing CSOVs (IWS Fleet) and supply chain services (IWS Services). IWS will become a fully integrated provider of offshore
Slide 28: Appendix
Appendix 28
Slide 29: Key financials | Q2 2022
Key financials | Q2 2022 Income statem (NOK Q2 2022 Q1 2022 Operating revenue 54,861 49,591 PEAK Wind share of net profit of NOK 2.2m, remaining related to Share of net profit of associates © 4,302 1,278 the amortisation of intangible assets and accounting amendments Total revenue 56,163, 50,869 -57
Slide 30: Key financials | Q2 2022
Key financials | Q2 2022 lance sheet (NOK '000) 22022 © Q1 2022 Q22022 © Q1 2022 Vessels under construction 376,227 330,179 Share capital 57,076 52,802 Intangible assets 67,846 65,065 Share premium reserve 970,687 907,006 Investments, equity method (PEAK Wind) 133,321 123,877 Retained earnings -20,5
Slide 31: Incentivized management team and board with a track record of creating shareholder value
Incentivized management team and board 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 legal structure
IWS | Simplified legal structure Management Awilhelmsen Management Integrated Wind Solutions agreement for corporate services AS ASA until Q2’23 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 Serv
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: Shareholders | Awilhelmsen is the main shareholder through Awilco AS
Shareholders | Awilhelmsen is the main shareholder through Awilco AS 34 Shareholder list as per 8 August 2022
Slide 35: Notes
Notes 35
Slide 36: iws@integratedwind.com integratedwind.com
iws@integratedwind.com integratedwind.com