Integrated Wind Solutions ASA Q3 2022 Financial Report & Presentation

15 Nov 2022 07:00 CET

Integrated Wind Solutions ASA (“IWS”) has today published its Q3 2022 Financial
Report and Presentation.

HIGHLIGHTS
•Total revenue of NOK 59 million for Q3 2022 compared with NOK 56 million in the
previous quarter.
•EBITDA of NOK -4 million for Q3 2022 compared with NOK -3 million in the
previous quarter.
•The Dogger Bank consortium intends to charter one CSOV for Dogger Bank C for
commissioning and construction work with commencement in mid-2025. IWS has
already secured contract work for Dogger Bank A and B. The intended new charter
contract is under documentation, with expected signing in Q4 2022.
•The EUR 56.25 million senior secured credit facility for the financing of the
two first CSOVs has been classified as Green under the bank’s green financing
framework. The reclassification highlights IWS’s commitment to ESG and
sustainability.
•Good progress on the CSOVs under construction at China Merchants Industry
Holdings Co., Ltd (“CMI”) with an expected delivery of the first vessel during
the second half of Q2 2023. The launch of IWS Skywalker was successfully
completed on 8 November and the first steel cut on IWS Seawalker and IWS
Starwalker was completed on 9 November.
•The 30% owned PEAK Wind continues the strong growth with an increase in Q3 2022
net revenues of 47% year over year to NOK 47 million. The number of employees
has increased by more than 50% since year-end 2021.
•IWS Services continues to develop with an increase in Q3 2022 revenues of 7%
versus Q2 2022, explained by ProCon and Green Ducklings.
•Continued strong market for CSOVs with increased charter rates year-over-year
and higher newbuilding prices, improving the first-mover advantage of early
market entrants.

Company contacts:
Lars-Henrik Røren
CEO Integrated Wind Solutions
Phone: +47 98 22 85 06
E-mail: lhr@integratedwind.com

Marius Magelie
CFO Integrated Wind Solutions
Phone: +47 920 27 419
E-mail: mm@integratedwind.com

About:
Integrated Wind Solutions ASA offers a fleet of state-of-the-art service vessels
to the offshore wind industry combined with a suite of adhering services to
reduce the levelised cost of energy (“LCOE”) for offshore wind. The Company has
four Commissioning Service Operation Vessels (“CSOVs”) under construction with
delivery in 2023 and 2024, and options for up to two additional sister vessels.
Furthermore, IWS owns the offshore wind supply-chain service company, IWS
Services A/S and has a 30% ownership in the independent advisor, consultancy,
data intelligence and wind farm operator firm PEAK-Wind Group.

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

More information:
Access the news on Oslo Bors NewsWeb site

575715_Integrated Wind Solutions ASA Q3 2022 Financial Report.pdf
575715_Integrated Wind Solutions ASA Q3 2022 Presentation.pdf