Integrated Wind Solutions Asa · DUS:9UG1
Integrated Wind Solutions Asa — Investor Presentation (November 2022)
37 slides from Integrated Wind Solutions Asa's investor presentation, November 2022
Slide 1: Investor Presentation November 2022
Investor Presentation November 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) 30% ownership. Fixed price option exercisable within three years from original share purchase to acquire an additional 19% of 3 shares (pre-dilution 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 time since IPO has positioned IWS for strong growth
Timeline | A transformative time since IPO has positioned IWS for strong growth Bank loan Dogger Bank Successful ProCon Group CSOV charter IPO Entered into a IWS Services2 IWS Services contract Vessels committed term sheet NOK 704m acquires 75% Informed of Establish new for a EUR 56.25m Launch of IW
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 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, engineering, Components a
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: Offshore Wind Market Update
OFFSHORE WIND MARKET UPDATE European countries continue to increase offshore wind targets A quarterly 6 GW increase of the 2030 capacity forecast to a total of 142GW (from 133GW in QT and 136GW in Q2) European 2030 capacity forecast (GW) Market updates 142 142 * The European market forecast is incre
Slide 11: 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 11
Slide 12: IWS Skywalker | Commissioning Service Operation Vessel
IWS Skywalker | Commissioning Service Operation Vessel (“CSOV”) 12
Slide 13: IWS Skywalker | Launched November 2022
IWS SKYWALKER | LAUNCHED 8 NOVEMBER 2022 13
Slide 14: CSOV market | Favourable market dynamics
CSOV market | Favourable market dynamics Growth in offshore wind turbines (# ‘000)* Vessel supply & demand (#) “Tier 3 swing-tonnage” Gap filled by High oil & gas prices have led to a resurgence in oil & gas work for vessels that have used the wind market as a temporary source of employment during t
Slide 15: 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. Standard Chinese yard prices. IWS orders have included additional equipment and feature adding about EUR 4-7m to standard yard prices. 15 1) Sou
Slide 16: 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 16 1) The contract will be effective when contractual documentation is completed, expected in Q4 2022.
Slide 17: 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. 17 Key assumptions: Utilization of 97.5%, expenses of USD 3.9m p.a. (OPEX and
Slide 18: 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 19: 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 20: 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 21: 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 21
Slide 22: 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 23: 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 24: 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 25: 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 25
Slide 26: 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 27: 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 28: 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 29: 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 30: Appendix
Appendix 30
Slide 31: 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 32: 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 33: 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 34: 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 35: 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 36: Ownership | Solid institutional shareholder structure
Ownership | Solid institutional shareholder structure 36 Shareholder list as per 4 November 2022
Slide 37: iws@integratedwind.com integratedwind.com
iws@integratedwind.com integratedwind.com
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