IWS Services announces a strategic merger of ProCon and Hyndla to strengthen its position as the industry leader for electrical and mechanical solutions in offshore wind

05 Jan 2026 08:30 CET

Integrated Wind Solutions ASA (“IWS”) is pleased to announce that ProCon Group
ApS (“ProCon”), the 75%-owned subsidiary of IWS Services A/S (“IWS Services”),
has today completed an all-share merger with Hyndla AS (“Hyndla”), creating a
premier integrated partner in the global offshore wind supply chain. This
strategic combination brings together ProCon’s expertise in electrical
outfitting and installation with Hyndla’s specialised engineering capabilities
in Low Voltage (“LV”) electrical systems and High Voltage (“HV”) cable
management structures. The parent company will continue to operate under the
ProCon brand. As of today, IWS Services owns 52.5% of the combined entity and
100% of the voting shares.


Strategic Vision

The merger is motivated by a vision to industrialise and streamline the delivery
of critical infrastructure for the offshore wind sector. ProCon is a leading
provider of electrical solutions for Transition Pieces (“TP’s”) and Offshore
Substations (“OSS’s”) within the offshore wind industry. Hyndla specialises in
electrical engineering and cable management designs. The combined entity will
integrate LV electrical engineering and HV cable management with project
management and installation services to offer comprehensive electrical solutions
for TP’s and OSS’s.

The ambition for the combined entity is to more than double its revenues by 2030
compared to 2025, driven by an increased scope and improved market shares in a
growing market.


Client Benefits

This consolidation addresses the growing demand from offshore wind developers
for flexible, scalable, and reliable supply-chain partners. The combined entity
is well-positioned for continued growth in renewable energy by supporting its
clients with optimising project execution timelines, reducing interface risks,
and lowering costs.


Executive Comments

“This merger is transformative for both companies and will release significant
growth for the following years. I am pleased to announce that Henrik Stamer, CEO
of Hyndla, will be appointed Managing Director of the combined entity”, stated
Kristian Ravn, Managing Director of IWS Services.
“By combining our complementary strengths, we are establishing a stronger, more
reliable partner for the industry, capable of delivering end-to-end electrical
and structural solutions for offshore wind Balance-of-Plant that drive
efficiency and reduce risks for our clients, and finally, but not least, a more
exciting workplace for our employees”, Henrik Stamer added.


Outlook for IWS Services

IWS Services mainly consists of ProCon. As stated in the Q3 2025 report, IWS
Services through ProCon has strong performance in its core transition piece
business, whilst the entry into offshore substation services has led to
loss-making contracts, due to size and complexity, that will still impact the
financials into H1 2026.
Based on market-leading offerings and increased competitiveness, we expect a
return to revenue growth and improved earnings in H2 2026. For FY 2026, we
expect a flat sequential top line for the combined company.



For investor relations queries, contact

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

For press queries, please contact

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

About IWS:
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. The
Company owns approximately 75% of IWS Fleet, which owns six Commissioning
Service Operation Vessels. Furthermore, IWS owns the offshore wind supply-chain
service company, IWS Services A/S, and a 49% shareholding in the independent
advisor, consultancy, data intelligence, and wind farm operator firm PEAK Wind
Group.

Integrated Wind Solutions ASA is listed on Euronext Oslo Børs under the ticker
“IWS”.

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

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