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IWS bolsters fleet despite supply chain issues

By: Tom Russell 24/01/2023 Integrated Wind Solutions ASA

General Vessels

Integrated Wind Solutions ASA (IWS) announced that it has, through its fully owned subsidiary, IWS Fleet AS, entered into shipbuilding contracts for the construction of two additional Walk-to-Work Commissioning Service Operations Vessels (CSOV).

IWS Fleet AS exercised options and entered into construction contracts with China Merchants Industry Holdings Co., Ltd. (CMI) for the acquisition of two additional Walk-to-Work Commissioning Service Operations Vessels (CSOV). The two newbuilds are scheduled for delivery in Q2 2025. The firm yard price is about €52.5 million per vessel.

After delivery, IWS will have a fleet of six identical Skywalker class vessels designed specifically to support commissioning works during the construction of wind farms, as well as supporting operations and maintenance during the lifetime of offshore wind farms, bottom fixed and floating.

These hybrid powered vessels are said to be among the first vessels in the industry capable of zero-emission operations. The vessels are designed by Kongsberg Maritime and equipped with fully compensated gangways and 3d crane.

IWS claims the vessels have several “industry firsts”, such as the largest battery pack with solar panels for additional charging, hull and propulsion design increasing operability and reducing emissions, and an energy consumption estimated to be 20% lower than comparable CSOVs currently under construction. The vessels are also the first in the industry to have the “DNV SILENT” notation, which focuses on minimising the impact on marine life below water.

IWS has also secured options for an additional two Skywalker class CSOVs from the shipyard CMI.

“We are pleased to order two additional CSOVs and increase our fleet to six identical sister vessels. Our fleet will be uniquely positioned for a strong and growing offshore wind market with the first vessel commencing the charter contract to the Dogger Bank Offshore Wind Farm later this year. We see increased interest in our vessels and the integrated services IWS provides through its subsidiary IWS Services A/S.

"This newbuilding order is in line with the communicated strategy and business plan and is a further step towards our ambition of providing efficient services to the offshore wind industry” said Lars-Henrik Røren, CEO of Integrated Wind Solutions ASA.

The company also confirmed that is has been afflicted by global supply chain issues affecting the delivery of the walk to work gangway system for its first two vessels (#1 and #2). The Company expects changes to the delivery schedule of the first two vessels and it has been agreed with the charterer of the first vessel, IWS Skywalker, that it will commence its contract in Q4 2023. The Company expects the second vessel, IWS Windwalker to be ready for commercial operations in early Q1 2024.

IWS provided an operational update in which it revealed that in December 2022, the Dogger Bank consortium and IWS Fleet AS signed the final, binding contract for the charter party for Dogger Bank C, with a start-up in 2025 and a duration of 304 days.

Furthermore, the company has received a term sheet for a Green Senior Secured Credit Facility from Skandinaviska Enskilda Banken AB and SpareBank 1 SR-Bank ASA for the debt financing of IWS Seawalker and IWS Starwalker (vessels #3 and #4).

IWS also revealed a contemplated private placement of new shares in order to raise gross proceeds of NOK 350 million. The proceeds from the Private Placement will be used to finance yard payments for the construction of the company's CSOVs and general corporate purposes.

Completion of the private placement is subject to necessary corporate resolutions by the board required, including final approval by the Board of the Private Placement and issuance of Offer Shares. The bookbuilding period in the Private Placement will commence today, 24 January 2023, at 16:30 hours CET and close on 25 January 2023 at 08:00 hours CET.

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IWS bolsters fleet despite supply chain issues

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