Integrated Wind Solutions ASA (“IWS”) has today published its Q2 2022 Financial Report and Presentation.
HIGHLIGHTS
•Total revenue of NOK 56 million for Q2 2022 compared with NOK 51 million in the previous quarter.
•EBITDA of NOK -3 million for Q2 2022 compared with NOK -7 million in the previous quarter.
•Entered a strategic partnership with Bourbon to address the French commissioning and maintenance market of offshore wind farms.
•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 H2 2022.
•Signed the EUR 56.25 million senior secured credit facility for the financing of the two first CSOVs.
•Good progress on the first two CSOVs under construction at China Merchants Industry Holdings Co., Ltd (“CMI”) with an expected delivery of the first vessel during Q2 2023.
•Received NOK 68 million in proceeds from tranche 2 of the NOK 350 million private placement that was completed in March.
•The 30% owned PEAK Wind continues the strong growth with an increase in Q2 2022 net revenues of 19% quarter over quarter (“QoQ”) and 79% year over year (“YoY”). The number of employees has increased by 30% since year-end 2021.
•IWS Services continues to develop with an increase in Q2 2022 revenues of 10% versus Q1 2022 explained by ProCon.
•Strong market for CSOVs with increased charter rates and newbuilding prices.
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 levelized 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.