Integrated Wind Solutions ASA (“IWS”) has today published its Q1 2023 Financial Report and Presentation.
HIGHLIGHTS
•Total revenue of NOK 64m for Q1 2023, an increase of 25% from Q1 2022.
•IWS Services revenue of NOK 61.7m in Q1 2023, an increase of 24% from Q1 2022.
•PEAK Wind revenue in Q1 2023 increased by more than 40% compared with Q1 2022. The Group’s share of the net profit in PEAK Wind in Q1 2023 was NOK 2.7m, before NOK -0.9m amortisation of acquisition-related intangible assets (NOK 2.1m before -0.8m amortisation of intangibles in Q1 2022).
•Total EBITDA of NOK -11m for Q1 2023 compared with NOK -7m in Q1 2022, reflecting the higher activity level of an organisation with six vessels on order (four vessels on order at the end of Q1 2022).
•Entered into newbuilding contracts with China Merchants Industry Holdings Co. for the construction of two additional CSOVs with a firm yard price of EUR 52.5m and with scheduled delivery in Q2 2025. IWS will have a fleet of six identical Skywalker class vessels when delivered. The Group has also secured options for two additional vessels.
•Successfully completed a private placement of NOK 350m in January 2023 by issuing 10,606,060 shares at a subscription price of NOK 33 per share.
•The Company agreed on a term sheet for a Green Senior Secured Credit Facility with Skandinaviska Enskilda Banken AB (“SEB”), SpareBank 1 SR-Bank ASA (“SR Bank”) and Export Finance Norway (“Eksfin”) for the debt financing of IWS Seawalker and IWS Starwalker. Upon signing, the first four vessels will have secured bank financing.
•Continued strong market for CSOVs with increased charter rates and 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 six Commissioning Service Operation Vessels (“CSOVs”) under construction with delivery in 2023, 2024 and 2025 in addition to options for two additional 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.