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TABLE OF CONTENTS
Table of contents .................................................................................................................................................................................................... 3
About IWS .................................................................................................................................................................................................................. 4
Organisation .............................................................................................................................................................................................................. 5
Shareholder Information ...................................................................................................................................................................................... 7
Letter from the CEO ............................................................................................................................................................................................... 8
Board of Directors’ Report ................................................................................................................................................................................ 12
Statement of Responsibility by the Board and the CEO of Integrated Wind Solutions ASA ............................................... 17
Consolidated Income Statement .................................................................................................................................................................... 19
Consolidated Statement of Comprehensive Income ............................................................................................................................. 19
Consolidated Statement of Financial Position .......................................................................................................................................... 20
Consolidated Cash Flow Statement .............................................................................................................................................................. 21
Consolidated Statement of Changes in Equity ......................................................................................................................................... 22
Notes to the Consolidated Financial Statements .................................................................................................................................... 24
Parent Company Income Statement ............................................................................................................................................................. 50
Parent Company Statement of Financial Position ................................................................................................................................... 51
Parent Company Cash Flow Statement ....................................................................................................................................................... 52
Parent Company Statement of Changes in Equity .................................................................................................................................. 52
Parent Company Notes to the Financial Statements ............................................................................................................................. 54
Auditor’s Report .................................................................................................................................................................................................... 62
Environmental, Social and Governance (ESG) ........................................................................................................................................... 67
Corporate Governance........................................................................................................................................................................................ 72
Alternative Performance Measures ............................................................................................................................................................... 75
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ABOUT IWS
Integrated Wind Solutions ASA (“IWS”, “Company” or
“Parent Company”) is a leading offshore wind service
Euronext Growth (Oslo) on 25 March 2021, and uplisted
to Euronext Oslo Børs on 3 February 2025.
IWS aims to integrate purpose-built walk-to-work
vessels with complementary engineering and
manpower services in the construction and operations
phase of offshore wind farms. By diversifying its
offerings, the Group aims to position itself as a broad
service provider within the offshore wind industry,
driving long-term growth and value by enhancing the
earnings potential through the bundling of services. The
Group is therefore actively developing a comprehensive
service offering alongside its vessel operations,
IWS operates through two primary business areas,
IWS Fleet and IWS Services, as well as an associated
company, PEAK Wind.
The Group has a global geographical footprint, with
IWS Fleet’s operations primarily focused on Europe,
while IWS Services extends its coverage to Europe, Asia–
Pacific and the US.
IWS FLEET
IWS Fleet owns and operates purpose-built
Commissioning Service Operation Vessels (CSOVs)
specifically designed for offshore wind farms. IWS owns
75% of the company after entering into a strategic
partnership with Sumitomo Corporation, which acquired
25% of IWS Fleet in May 2024 based on a pre-money
valuation of EUR 176 million, raising gross proceeds of
EUR 60 million.
The Group focuses on a diverse range of clients for its
fleet, primarily large-scale energy operators who seek
state-of-the-art assets and a reliable, experienced
partner for vessel operations. IWS aims to pursue a
portfolio strategy that combines short-to-medium-term
contracts in the commissioning phase, thereby
achieving earnings visibility while securing higher rates.
IWS SERVICES
IWS Services specialises in electrical and technical
solutions for the global wind industry and offshore wind
consulting, which enables IWS Services to deliver a
comprehensive range of solutions to meet client needs.
IWS acquired the previous 3% non-controlling interest
in IWS Services in 2024. IWS Services owns 75% of the
subsidiary ProCon.
PEAK WIND
IWS owns 49% of PEAK Wind, having increased its
ownership stake from 30% in 2024. PEAK Wind is a
renewable energy specialist offering advisory,
intelligence, operations, and asset management
services.
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ORGANISATION
MANAGEMENT
Lars-Henrik Røren
Chief Executive Officer
Mr. Røren has been the CEO in
Integrated Wind Solutions ASA since
March 2021. He has 30 years of
experience from the Investment Banking and Asset
Management Industry with a particular focus on Energy
Markets. He has previously held several senior positions,
latest as Head of Equities in Formue AS, Head of Equity
Capital Markets and Head of E&P research in SEB
Markets, Investment Director in SEB Wealth
Management Norway, and Chair of the Board of Nordic
Aquafarms AS. He holds an MSc in Economics from
Copenhagen Business School. Mr. Røren is a Norwegian
citizen.
Christopher Andersen Heidenreich
Chief Operating Officer
Mr. Heidenreich has 20 years of
experience from managing offshore
and shipping assets. He was part of
the founding team of Fred. Olsen
Windcarrier in 2008 and was heavily involved in the
development of the offshore wind segment until 2014
when he took the position as Managing Director at
Awilco Technical Services. He also has experience from
Knutsen OAS and V.Ships. Mr. Heidenreich holds an
MSc in Naval Architecture and Marine Engineering from
Norwegian University of Science and Technology
(NTNU). Mr. Heidenreich is a Norwegian citizen.
Marius Magelie
Chief Financial Officer
Mr. Magelie has been the CFO in
Integrated Wind Solutions since
February 2022. He has 17 years of
experience from ship-leasing and
investment banking. He held several senior positions
and most recently served as Senior Vice President
Finance & Investor Relations at Ocean Yield, where he
was employed since 2014. Prior to Ocean Yield, Mr.
Magelie was Partner in the Nordic investment bank ABG
Sundal Collier. He has a Master of Science degree in
Financial Economics from BI Norwegian Business
School. Mr. Magelie is a Norwegian citizen.
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BOARD OF DIRECTORS
Sigurd E. Thorvildsen
Chair and Non-Executive Director /
Remuneration Committee
Mr. Thorvildsen is the CEO of the
Awilhelmsen Group. He has more
than 30 years of experience from the shipping and
offshore industry. He has previously held several senior
positions, among them the position as CEO of Awilco
AS. Mr. Thorvildsen is the Chair of the Board of
Directors of AWC AS (Industrial Investments), Linstow
AS (Real Estate), and Awilco Drilling PLC (shipping and
offshore). He holds an MSc in Business and Economics
from the Norwegian School of Management. Mr.
Thorvildsen is a Norwegian citizen.
Jens-Julius R. Nygaard
Non-Executive Director /
Audit Committee
Mr. Nygaard is the CEO of Awilco
AS. He has close to 20 years of
experience from shipping and investment companies
through various positions in the Awilco group of
companies and is a member of the board of Awilco LNG
ASA. Mr. Nygaard has a BA Honours in Finance from
Strathclyde University and an MSc in Shipping, Trade &
Finance from Bayes Business School. Mr. Nygaard is a
Norwegian citizen.
Cathrine Haavind
Non-Executive Director /
Remuneration Committee
Mrs. Haavind is Head of Strategic
Planning and Corporate
Communications in the Awilhelmsen Group. She has
more than 15 years of experience with strategy
processes, stock exchange rules for listed companies,
board work and investor relations. Before joining the
Awilhelmsen Group in 2010, she was investor relations
manager of Awilco Offshore ASA and worked 10 years
as a management consultant at PWC Consulting and
IBM. Mrs. Haavind holds an MSc in BA from Université
de Fribourg, Switzerland. Mrs. Haavind is a Norwegian
citizen.
Daniel Gold
Independent Non-Executive Director
/ Remuneration Committee
Mr. Gold is the founder and CEO of
QVT Financial LP (“QVT”), an asset
management company with offices
in New York and New Delhi. QVT, through its managed
funds, is an experienced global investor in the shipping
and offshore industries. Mr. Gold is a board member of
Awilco Drilling Plc. Mr. Gold holds an AB in Physics from
Harvard College. Mr. Gold is an American citizen.
Synne Syrrist
Independent Non-Executive Director
/ Audit Committee
Mrs. Syrrist has experience as an
independent consultant for
Norwegian companies and as financial analyst for Elcon
Securities ASA and First Securities ASA. She has
extensive non-executive experience from both listed
and private companies and is among others currently a
member of the boards of Awilco LNG ASA, Naxs AB and
ABL Group ASA. Mrs. Syrrist holds an MSc from NTNU
and is a Certified Financial Analyst (AFA) from NHH.
Mrs. Syrrist is a Norwegian citizen.
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SHAREHOLDER INFORMATION
20 LARGEST SHAREHOLDERS (AS PER 31.03.2025)
Shareholder
Number
of shares
Ownership
(in %)
Awilco AS
15 430 999
38.6
Clearstream Banking S.A.
10 553 200
26.4
State Street Bank and Trust Company
2 780 021
7.0
Skandinaviska Enskilda Banken AB
2 100 000
5.3
J.P. Morgan SE
1 957 844
4.9
J.P. Morgan SE
1 510 802
3.8
Danske Invest Norge Vekst
1 308 664
3.3
Must Invest AS
705 405
1.8
Skeie Kapital AS
535 303
1.3
Wieco AS
380 465
1.0
Verdipapirfondet Storebrand Norge
348 668
0.9
Millennium Falcon AS
156 250
0.4
Fondsfinans Pensjonskasse
135 858
0.3
Emkay Invest AS
135 606
0.3
J.P. Morgan SE
112 500
0.3
J.P. Morgan SE
107 774
0.2
Røren Invest
93 750
0.2
Nordnet Bank AB
82 249
0.2
JJ & MH Holding AS
75 000
0.2
Xfile AS
65 776
0.2
Sub-total
38 576 134
96.5
Other shareholders
1 378 924
3.5
Total
39 955 058
100.0
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LETTER FROM THE CEO
A TRANSFORMATIVE YEAR
2024 has been a pivotal year for IWS with significant
milestones that have both transformed us as a group as
well as strengthened our position for further growth.
Some of the key highlights include:
• Successful fleet expansion: IWS Fleet took
delivery of three additional Skywalker-class
CSOVs, thus transitioning into a fully
operational company.
• Industry-first agreement: Signed a frame-
term agreement with Siemens Gamesa.
• Strategic partnership: We welcomed
Sumitomo Corporation as a 25% owner of IWS
Fleet, strengthening our growth potential and
financial position.
• Investment in PEAK Wind: Exercised our
option to increase our ownership from 30% to
49%.
• Green senior secured credit facility:
Increased the green senior secured credit
facility to EUR 186.9m to include debt
financing for all six vessels.
IWS FLEET – FROM VISION TO REALITY
At the beginning of the year, IWS Skywalker, was
already making its way around the Cape of Good Hope,
and preparing to commence operations. Against that
backdrop, one of the most significant milestones of
2024 has been IWS Fleet’s transformation from a
company “under construction” without vessels on
charter to a fully operational business.
Throughout the year, we successfully took delivery of
three additional Skywalker-class CSOVs, marking a
major step in our journey. In March, we deployed IWS
Skywalker to Dogger Bank Wind Farm, the world’s
largest offshore wind farm in the late-stage
construction and commissioning phase. Just two
months later, IWS Windwalker began its contract
supporting maintenance work on offshore substations
off the coast of the Netherlands. To end an eventful
year, IWS Seawalker joined IWS Skywalker at Dogger
Bank in November, while we simultaneously welcomed
our fourth vessel, IWS Starwalker, from the yard.
Since going on contract, our vessels have been
performing exceptionally well, achieving high
commercial uptime and demonstrating reliability where
it matters most - out at sea. The feedback from both
our clients and crew has been positive, which is a true
testament to the quality of our vessels and the work our
team has put in. It’s a situation we take great pride in
and a strong validation of our brand.
2024 was the year we turned our vision into reality -
delivering state-of-the-art vessels to our clients, backed
by top-tier in-house vessel management. We look
forward to continuing our fleet expansion in 2025, when
we expect to charter out our two remaining
newbuildings before the end of the year.
FRAME AGREEMENT WITH SIEMENS GAMESA
– AN INDUSTRY-FIRST
Securing a frame-term charter agreement with Siemens
Gamesa Renewable Energy was another significant
milestone for IWS Fleet in 2024. Over the next three
years, this partnership will see our Skywalker-class
CSOVs supporting offshore turbine commissioning
across multiple European projects, mainly in the
northern part. With a minimum commitment at signing
of approximately 1,300 vessel days and a revenue
backlog of EUR 51-55 million, this frame agreement is
truly an industry-first in the CSOV market. Furthermore,
the agreement provided long-term earnings visibility for
IWS Fleet, and therefore strengthened our Group’s
financial position.
This agreement also strongly confirms the quality,
flexibility, and high operability of our fleet. Siemens
Gamesa is one of the world’s leading offshore wind
turbine manufacturers, and being chosen as the
preferred partner for such a commitment showcases the
trust they place in our vessels and our team. The signing
of this agreement also verifies the value of our strategy
of building a fleet of identical, interchangeable vessels.
SUMITOMO CORPORATION – A STRATEGIC
PARTNERSHIP
In May, IWS Fleet entered a strategic partnership
agreement with the Japanese Sumitomo Corporation.
Welcoming Sumitomo Corporation as a strategic
partner was a defining achievement for IWS Fleet,
strengthening the company’s financial position with
EUR 60 million of new equity at a pre-money valuation
of EUR 176 million. Beyond the capital, the partnership
brought on board a globally recognised giant that
shares our long-term vision for the future of offshore
wind. Sumitomo Corporation’s deep experience across
infrastructure, shipping, and energy, combined with a
long-term commitment to the offshore wind industry,
makes them an invaluable partner as we continue to
explore future growth opportunities.
This partnership is built on a shared belief in the future
of a rapidly developing market. With Sumitomo
Corporation by our side, IWS is well-positioned in a
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high-growth segment with multiple business
opportunities. Refer to the Consolidated Statement of
Changes in Equity and Note 21 to the consolidated
accounts for additional details.
PEAK WIND – AN EXCITING JOURNEY
As part of IWS’ initial investment in PEAK Wind in
September 2021, we secured a fixed-price option to
increase our ownership from 30% to 49%. We
confidently exercised this option, in September,
knowing it was value-accretive, backed by PEAK Wind’s
impressive performance.
Since our initial investment, PEAK Wind has experienced
remarkable growth, evolving into a truly global
participant in the renewable energy sector. The
company has expanded from a relatively small but
ambitious team into an international organisation with
about 200 employees across 10 countries, proudly
serving a prestigious and expanding client base. Today,
PEAK Wind is one of the largest independent offshore
wind farm operators, matched only by major utilities.
The expertise extends beyond asset management,
covering the entire renewable energy value chain - from
consultancy and advisory services and data intelligence
to Power Generation and Power-to-X solutions.
It’s been an incredible journey so far. With PEAK Wind’s
strong position and industry-leading expertise in a
rapidly growing renewable energy market, we are
confident that the most exciting chapters are still ahead.
However, it is also worth remembering that even PEAK
Wind is not immune to temporary delays related to
investment decisions and the start-up of new offshore
wind farms that can possibly slow short-term growth.
However, the long-term outlook for further value
generation looks strong and drives IWS’s expansive
business plans.
Photo: Flying Focus
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IWS SERVICES – GROWTH IN A CHALLENGING
BUSINESS ENVIRONMENT
IWS Services' revenue increased significantly in 2024,
and the result developed in the right direction. Despite
a demanding market for companies operating in the
fabrication and outfitting in the OEM supply chain, we
performed satisfactorily because we entered the year
with a strong order backlog. In the second half of 2024,
we maintained a similar focus on building backlog for
2025, a year in which we foresee some industry
challenges mainly related to delays at some of the
significant offshore wind developments. IWS Services is
not immune to these complexities, and its contract
backlog for 2025 includes new market segments, such
as electrical and mechanical works on offshore
substations, where execution and margin risks are
higher. We therefore prepare for a more challenging
year with moderate revenue growth. The long-term
prospects are, however, strong, and we expect multi-
year growth in activity and margin expansion from 2026
and beyond.
OFFSHORE WIND MARKET DEVELOPMENTS
Looking at the broader offshore wind industry, 2024
was a year of steady activity, with more than 45 GW of
capacity auctioned across key markets, excluding China.
While some auctions faced challenges due to
unfavourable conditions, we witnessed governments
responding swiftly by improving terms to secure future
projects. Looking ahead, 2025 is expected to set new
records in terms of the number of projects and total
capacity auctioned, reinforcing the sector’s strong long-
term growth trajectory.
On the geopolitical side, one of the most significant
events was the re-election of President Trump as the
47th President of the United States. This development
sent waves through many industries, including offshore
wind, introducing uncertainty around future U.S. market
policies. However, this is a long-term industry that aims
to address critical energy and environmental-related
challenges. While short-term policy shifts may cause
turbulence, the global momentum behind offshore wind
remains strong. It is also important to note that as a
Group, we are not directly impacted by developments in
the U.S. market. In IWS, we remain committed to
supporting the broader expansion of offshore wind, as
it remains one of the most effective solutions for scaling
up the much-needed production of energy – and it’s
green.
LOOKING AHEAD
As we move forward, we focus on delivering excellence
to our clients and partners. With our fleet nearing full
deployment, IWS is well-positioned to play a pivotal
role in the industry’s growth. Beyond vessel operations,
we will continue strengthening IWS Services and our
exciting journey with PEAK Wind.
2024 was a transformative year. 2025 will be no less
transformative. This will be the year we will have our
entire fleet delivered and further develop our other
businesses. IWS will generate significant revenue and
earnings growth for the current year. We approached
2025 optimistically and looked forward to exploring the
many business opportunities that lie as “real options”
surrounding our many solid businesses. However, the
global economic situation changed at the beginning of
2025, with escalating uncertainty related to trade
policies and markets. We are not directly impacted, but
having project-driven business models, we are exposed
to the risk of project disturbances driven by market
turbulence.
We are committed to creating and demonstrating value
to our owners. While the market turbulence and short-
term stock market performance are beyond our control,
we focus on generating underlying value.
We often refer to ourselves as a quality growth
company. To live up to that label, we must continue to
reflect this in the reported financial performance as we
move forward. If we can do that, IWS will undoubtedly
be a success.
Best regards,
Lars-Henrik Røren
Chief Executive Officer
Oslo, 28 April 2025
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BOARD OF DIRECTORS’ REPORT
BUSINESS SUMMARY
Offshore wind
The expectedly high offshore wind tender activity
highlights the continued growth in government
ambitions for offshore wind expansion, with Europe
remaining at the forefront. The EU and governments
work actively towards adjusting tender structures to
improve viability and ensure future project success. This
sustained commitment to offshore wind development
continues to drive vessel demand both in the short and
long term. According to estimates from Green
Ducklings, the global offshore wind outlook (excluding
China) is expected to grow installed capacity from ~45
GW at the end of 2024 to 118 GW by 2030, of which
Final Investment Decision (“FIDs”) have already been
taken on 27 GW. Europe remains dominant, accounting
for over 75% of total capacity.
While offshore wind capacity will continue to grow, the
gap between political ambitions and market realities
underscores the need for strong policy support and
supply chain investments to improve visibility and
reduce capital requirements.
In 2024, over 45 GW of offshore wind capacity was
auctioned across key markets, including the
Netherlands, France, Germany, and the U.S. Auction
interest varied, with mainly strong interest in the UK and
Germany. Record auctions for offshore wind volumes
are projected for 2025, both in terms of number of sites
and installed capacity.
However, there have also been auctions that have failed
to attract relevant bids due to unattractive terms. This is
a market risk, and governments have, in the past,
addressed failed auctions by improving terms. This was
recently seen in the UK auction round 6 after auction
round 5 failed to meet the UK government’s target.
Owners and developers of offshore wind farms have
become more disciplined when terms are not
sufficiently attractive. This impacts the demand for
related services in the short term. However, we expect
this to improve as the development of projects with
problematic financials is completed, some after
significant write-downs.
Final Investment Decisions (“FIDs”) are expected to
increase sharply from 7.6 GW in 2024 to levels
exceeding 12 GW in 2025, which would be a new annual
record for FIDs.
The surge in FID activity has yielded beneficial
outcomes, especially by stimulating investments in
supply chain development. This enhancement in the
supply chain is expected to enable further growth by
relieving existing constraints and facilitating smoother
operations.
Considering the industry's development, marked by a
rise in both the complexity and quantity of projects,
supply-chain companies and service providers are
favourably positioned. Within this segment, IWS stands
out with its comprehensive service offering, including a
fleet of state-of-the art CSOVs, the extensive expertise
of IWS Services, as well as the advisory and asset
management services provided by PEAK Wind.
Operations
For IWS Fleet, three additional vessels were delivered in
2024, IWS Windwalker, IWS Seawalker and IWS
Starwalker. IWS Skywalker, IWS Windwalker and IWS
Seawalker commenced operations during 2024 and IWS
Starwalker commenced operations in mid-February
2025. At the year-end 2024, the remaining two CSOV
newbuildings, IWS Moonwalker and IWS Sunwalker
were under construction at the shipyard, with expected
delivery in late Q2 and late Q3 2025, respectively. IWS
has a full site team in place to ensure quality control
and satisfactory progress.
IWS Services has continued to strengthen its presence
in key offshore wind markets across Europe, including
the Benelux region, the UK, and Poland, and has
entered new market segments, such as electrical- and
mechanical works on offshore substations, which
involved higher execution and margin risk, but where
the long-term prospects are strong.
PEAK Wind, in which the Company has increased its
ownership from 30% to 49% ownership stake, is
growing strongly. PEAK Wind is a leading independent
provider of operatorship and asset management
advisory and consultancy services for offshore wind
globally and supplements IWS’ strategy of offering a
broad range of services to the offshore wind industry.
CONSOLIDATED FINANCIAL STATEMENTS
Corporate information
Integrated Wind Solutions ASA was incorporated
23 July 2020 and has its registered office at Støperigata
2, 0250 Oslo, Norway. The Parent Company and its
subsidiaries make up Integrated Wind Solutions Group
(collectively “IWS” or the “Group”).
Operating revenue, operating expenses, and
depreciation charges
Total revenue for the Group in 2024 was EUR 56.4
million (EUR 23.0 million in 2023), of which IWS Fleet
contributed EUR 25.5 million (EUR 0.2 million in 2023),
IWS Services contributed EUR 30.0 million (EUR 22.2
million in 2023) and IWS’ share of net profit in PEAK
Wind contributed EUR 0.7 million (EUR 0.4 million in
PAGE 13/76 – IWS ANNUAL REPORT 2024
2023). The main reason for the increase is that IWS Fleet
has taken delivery of vessels and commenced charter
contracts.
Operating expenses for 2024 totalled EUR 47.1 million
(2023: EUR 25.6 million), giving EBITDA for the year EUR
9.3 million (EUR -2.6 million in 2023). The group has
incurred higher operating expenses due to operating a
larger fleet, which has also increased revenue and
EBITDA.
Depreciation and amortisation of EUR 3.4 million in
2024 (EUR 0.6 million in 2023) includes depreciation of
right-of-use assets and amortisation of acquisition-
related intangible assets. The increase in depreciation
expenses is attributed to the delivery of vessels, with the
accompanying commencement of depreciation in IWS
Fleet.
Financial items
Full-year net financial income for 2024 was EUR 1.3
million (EUR 2.2 million in 2023) and includes interest
income of EUR 1.7 million (2023: EUR 1.0 million), and
finance expenses of EUR 0.7 million (2023: 0.2 million).
The net foreign currency exchange gains of EUR 0.2
million (2023: EUR 0.2 million) are caused by bank
deposits, accounts receivable and accounts payable
denominated currencies other than the functional
currency. Other financial items include, in 2023 only, a
EUR 1.2 million fair value gain on the PEAK Wind option,
which was exercised in 2024.
Net gain on foreign currency hedges is reported under
Other comprehensive income and totals EUR 0.2 million
net of tax effects for 2024 (EUR 1.6 million in 2023).
Tax expense, net result and earnings per share
Total tax expense for the year was EUR 0.8 million (EUR
0.2 million in 2023) and relates primarily to taxation of
foreign exchange gains and interest income, as well as
the Group’s activities in Denmark.
Net profit for the full year was EUR 6.3 million (EUR -1.2
million in 2023).
Earnings per share was EUR 0.11 for the year (2023: EUR
-0.03).
Financial position
The carrying value of vessels increased to EUR 145.6
million at year-end (2023: nil). The increase is a result of
IWS Skywalker, IWS Windwalker, and IWS Seawalker
becoming ready for operation in the year.
The carrying value of vessels under construction is EUR
79.9 million at year-end (2023: EUR 95.7 million) and
includes yard instalments and accumulated directly
attributable project costs and borrowing costs during
the construction period for the remaining three vessels
under construction. Details on the payment structure of
the newbuilding contracts are found in Note 9 of the
financial statements.
Other fixed assets of EUR 1.4 million include office and
vehicle leases (2023: EUR 1.7 million).
Intangible assets of EUR 6.0 million at year-end
comprise goodwill and other acquisition-related
intangible assets (EUR 6.2 million at the previous year-
end).
Equity-accounted investees of EUR 24.3 million (2023:
EUR 13.1 million) relates to the Group’s 49% investment
in PEAK Wind, and its 50% investment in Havfram Fleet
Management AS. Further details about the group’s
equity-accounted investees and the increase in the
carrying amount are found in Note 11 to the financial
statements.
Other non-current assets of EUR 0.7 million (EUR 0.9
million in 2023) relate to borrowing costs, paid on the
Green Senior Secured Credit Facility, that are amortised
over the term of the facility and capitalised as
borrowing costs during the period of construction of
the vessels.
Contract assets and trade receivables of EUR 4.5 million
and EUR 18.5 million, respectively (EUR 4.4 million and
EUR 5.1 million for 2023), consist mainly of work in
progress and trade receivables related to construction
contracts in IWS Services, and increasingly also IWS
Fleet, and movement is primarily the result of having
three additional vessels in operation and the timing of
invoicing.
Total cash and cash equivalents amounted to EUR 32.5
million at year-end, up from EUR 31.0 million at the
previous year-end. The net increase is, in addition to the
profit for the year and changes in working capital,
explained primarily by investments in vessels under
construction of EUR 132.8 million and the investment of
EUR 9.5 million to increase the ownership of PEAK Wind,
financed in part by proceeds of EUR 60.0 million from
Sumitomo Corporation’s investment in IWS Fleet, and
partly by the net drawdown of 84.7 million debt to
finance the delivery of the Group’s second, third and
fourth vessel. The Group has also received government
grants of EUR 1.1 million (EUR 0.5 million in 2023).
Non-current and current interest-bearing debt includes
the Green Senior Secured Credit Facility, which amounts
to EUR 111.0 million (2023: EUR 27.8 million). The
increase is primarily due to the drawdown of debt and
loan repayments. It also includes lease liabilities of EUR
1.2 million (2023: EUR 1.5 million), and a bank overdraft
balance in IWS Services of EUR 1.2 million (2023: 0.6
million).
Other current liabilities include the liability for
government grants received but not recognised as a
reduction in the cost price of vessels.
PAGE 14/76 – IWS ANNUAL REPORT 2024
Book equity on 31 December 2024 was EUR 189.0
million, and total assets were EUR 317.3 million, giving
an equity ratio of 60% at year-end (EUR 123.1 million,
EUR 160.2 million and 77%, respectively, as of 31
December 2023).
Cash flow and liquidity
The Group, despite achieving a net profit for the year,
had a negative cash flow from operating activities of
EUR 0.8 million in 2024 (EUR 0.7 million in 2023),
primarily due to higher working capital commitments
resulting from the commencement of vessel operations.
Net cash used in investing activities was EUR 142.5
million (EUR 49.0 million in 2023). Cash outflow related
to the purchase of property, plant and equipment,
including CSOVs under construction, was EUR 133.0
million (EUR 49.1 million in 2023), and the cash outflow
related to the increase in ownership of PEAK Wind was
EUR 9.5 million (2023: nil).
Net cash from financing activities was EUR 144.8 million
(2023: 57.2 million). IWS raised EUR 60.0 million from
Sumitomo Corporation’s investment in IWS Fleet, and
the Group has drawn down three further tranches of the
Green Senior Secured Credit Facility, while also starting
repayments on the facility; refer to Note 15.
At year-end 2024, total cash and cash equivalents
amounted to EUR 32.5 million (EUR 31.0 million on
31 December 2023), excluding overdrafts.
PARENT COMPANY FINANCIAL STATEMENTS
The Parent Company’s operating revenue for 2024 was
NOK 30.1 million (NOK 14.6 million in 2023) and
operating expenses for the year were NOK 60.2 million
(NOK 43.5 million in 2023)
Net finance income amounted to NOK 45.6 million
(NOK 67.0 million in 2023), out of which currency gains
constituted NOK 11.9 million (NOK 34.1 million in 2023),
interest income from group companies constituted NOK
11.0 million (NOK 21.6 million in 2023), and the
realisation of the option to acquire additional shares in
PEAK Wind was NOK 14.1 million (2023: nil).
Profit for the year was NOK 13.6 million (NOK 36.4
million loss in 2023).
The Board of Directors proposes that the Parent
Company’s profit for the period of NOK 13.6 million is
transferred to retained earnings.
Dividends
The Board will propose to the General Meeting by the
end of Q2 2025, that no dividend be distributed for the
fiscal year 2024.
PRESENTATION OF ANNUAL ACCOUNTS
The Group’s consolidated financial statements have
been prepared in accordance with IFRS Accounting
Standards as adopted by the European Union and the
additional requirements of the Norwegian Accounting
Act as of 31 December 2024, and are presented in EUR.
The financial statements of the Parent Company have
been prepared and presented in accordance with the
Norwegian Accounting Act, and are presented in NOK.
GOING CONCERN ASSUMPTION
It is in the opinion of the Board of Directors that the
consolidated financial statements for IWS provide a true
and fair view of the Group’s financial performance for
PAGE 15/76 – IWS ANNUAL REPORT 2024
2024 and 2023 and its financial position on 31
December 2024 and 2023.
According to section 3–3 of the Norwegian Accounting
Act, the Board of Directors confirms that the financial
statements of the Parent Company and the Group have
been prepared based on the going concern assumption,
and that it is appropriate to make that assumption.
RISK FACTORS
IWS operates as a service provider to the offshore wind
industry. For the industry to continue to grow,
authorities must allow the development of offshore
wind farms. For the CSOVs, the charter market has
historically been cyclical, and as a result, financial results
will vary significantly from year to year.
The key risk factors can be categorised into three
primary components: market risk, operational risk, and
financial risk.
Market risk
Supply and demand risk
The demand for offshore wind services could be
affected by delays in offshore wind farm development
activities or success in other areas of renewable energy,
such as solar, hydro, nuclear and wave and tidal power,
as offshore wind and renewable energy generally
experience frequent changes and developments in
technology and business models.
Developers of offshore wind farms are also experiencing
cost inflation, which can impact the overall economics
and appetite for developing new wind farms in the
medium to long term.
The number of vessels supplying the market and the
number of companies supplying such vessels can vary,
and there is a risk that future additional vessels could
create an oversupply in the market, which may increase
price pressure and thereby have a negative impact on
future rates.
Climate risk
Climate change may impact the Group’s business
through changes in the operating environment,
changes in demand for services, or regulatory changes.
The vessels are equipped to handle harsh weather
conditions. However, an increased frequency of extreme
weather conditions may increase the risk of personal
injury or property damage.
Regulatory changes may include taxation of CO
2
emissions or other requirements that would increase
the operating costs of the Group or impact the offshore
wind market by favouring other green energy sources.
Operational risk
Charter contract risk
The Group’s ability to obtain charter contracts depends
on the prevailing market conditions in the industry. If
the Group is unable to employ its vessels, revenue will
be substantially reduced.
Newbuilding risk
The Group’s newbuildings under construction at the
China Merchants Industry Holdings Co., Ltd. Shipyard in
China are subject to risks that may cause delays at the
yard or among sub-suppliers, leading to increased
costs. Political conflicts can impact the supply chain for
raw materials and components required in the
construction of vessels, as well as the availability of safe
shipping routes, thereby causing delays.
Construction contract risk
The Group’s construction activities are dependent on
maintaining an adequate order book, which depends on
prevailing market conditions in the industry. If the
Group is unable to continue to secure additional
contracts with customers, revenue will be substantially
reduced.
Employees
The Group’s success depends on its ability to recruit,
retain and develop skilled personnel for its business and
crew for the vessels. With the expected strong growth in
the offshore wind industry and the global fleet during
this decade, there is a risk that IWS will not be able to
attract qualified personnel for its operations.
Laws and regulations
The operations and vessels are subject to international
laws and regulations, which have become stricter.
Changes to laws and regulations may expose the
Company to new risks.
War, piracy, and cyber risk
The risk of war, piracy attacks, or various forms of
cyber-attacks could affect the trading and earnings
generated by vessels or the income generated by other
services.
Financial risk
Financing risk and liquidity risk
IWS is exposed to financing and liquidity risk to finance
its commitments. The Group is continuously exploring
alternatives to finance its commitments in the most
cost-efficient way. This includes, but is not limited to,
bank financing, lease financing, bond financing, and
equity financing. The Group will raise external debt on a
regular basis for a portion of its investments in vessels,
either in the bank market or the bond market. The
Group is exposed to the risk of not being able to access
external financing.
IWS monitors monthly liquidity forecasts based on
expected cash flows and aims to ensure it has sufficient
PAGE 16/76 – IWS ANNUAL REPORT 2024
liquidity and undrawn committed credit facilities at all
times to meet its short- and medium-term obligations.
Currency risk
The most prominent companies in the Group have EUR
and DKK as their functional currencies. Currency risks
arise in connection with transactions denominated in
currencies other than functional currencies.
The Group may use financial derivatives to reduce the
currency risk. No financial derivatives were used for
currency risk hedging at year-end 2024.
Interest rate risk
The Group has raised financing from debt, and will
continue to raise additional debt financing that will
increase the Group’s exposure to interest rate
fluctuations. The Group’s Green Senior Secured Credit
Facility consists of a commercial facility with a variable
interest rate and an Eksfin facility with a fixed rate.
Tax risk
The complexity and ongoing development of local and
international tax rules and their interpretation may
expose the Group to financial and reputational risks.
Counterparty- / credit risk
IWS has inherent credit risk as counterparties may not
be able to meet their obligations under construction
contracts and long-term charter contracts. To mitigate
this risk, the Group assesses the creditworthiness of all
significant counterparties and will charter out the
vessels and sign material construction contracts with
internationally recognised companies.
The Group’s cash funds are only deposited with
internationally recognised financial institutions which
have a high credit rating.
HEALTH, SAFETY AND ENVIRONMENT
Based on the goal of environmental excellence, IWS will
continuously strive to minimise the environmental
impact of its rendered services and vessel operations.
The Group has zero tolerance for environmental spills,
emissions of ozone-depleting substances, or
unauthorised disposal of any type of garbage or waste
in the marine environment.
There is currently no female representation among
management in IWS. The Group is aware of this
imbalance and aims to improve this ratio in the future.
The Company's Board of Directors has two female
directors, representing 40% of the Board.
Absence due to illness for employees in the Parent
Company was 10% in 2024 (3% in 2023) primarily due
to one instance of long-term illness.
Please see the ESG section later in this report for further
information about the Company’s policies concerning
health, safety, and the environment.
BOARD LIABILITY INSURANCE
The Group has a directors and officers (D&O) liability
insurance for its non-executive directors and CEO
signed with a reputable insurance company.
CORPORATE GOVERNANCE
IWS strives to protect and enhance shareholder equity
through openness, integrity, and equal shareholder
treatment. Sound corporate governance is a key
element in the Group’s strategy.
The corporate governance principles of the Company
are adopted by the Board of Directors.
Reference is also made to the corporate governance
section later in this report.
OUTLOOK
The offshore wind market remains strong, with a
pipeline of development projects, auctions, and political
ambitions. The IWS group of companies is well-
positioned to participate in this growth.
IWS Fleet will continue to ramp up activity, with
additional vessels entering operation in 2025. The
current charter backlog provides solid visibility for 2025
and 2026, and we expect continued high commercial
utilisation.
However, in the short term, we expect a significant
number of newbuildings will enter the market in 2025
and 2026. This may impact the competitive landscape
for vessel owners, but IWS Fleet is well-positioned for
this coming market, where opportunities to act as a
consolidator may arise.
The construction and engineering subsidiary of IWS
Servies mainly works on long-lead contracts secured 3-
12 months in advance. Based on the order backlog for
the first half of the year, IWS Services expects continued
revenue growth in 2025, whilst entering new market
segments may increase execution and margin risks.
PEAK Wind is well-positioned to expand its
geographical scope and offerings. However, the market
for consultancy services in offshore wind will, in 2025,
not be immune to the underlying business environment.
Nonetheless, PEAK Wind expects continued revenue
growth in 2025.
PAGE 17/76 – IWS ANNUAL REPORT 2024
STATEMENT OF RESPONSIBILITY BY THE BOARD
AND THE CEO OF INTEGRATED WIND SOLUTIONS ASA
The Board of Directors and the CEO have today
considered and approved the Parent Company’s and
the Group’s financial statements for 2024.
The consolidated financial statements of IWS have been
prepared in accordance with IFRS Accounting Standards
as adopted by the European Union and the additional
applicable disclosure requirements of the Norwegian
Accounting Act. The Parent Company's financial
statements have been prepared in accordance with the
Norwegian Accounting Act and generally accepted
accounting practice in Norway.
We confirm to the best of our knowledge that:
- The 2024 financial statements for the Parent
Company and the Group have been prepared in
accordance with applicable accounting standards.
- The information in the financial statements gives a
true and fair view of the Parent Company’s and the
Group’s assets, liabilities, financial position and
result as of 31 December 2024.
- The information in the Board of Directors’ Report
includes a true and fair review of the development
and performance of the business and the position
of the Parent Company and the Group, together
with a description of the principal risks and
uncertainties that they face.
Oslo, 28 April 2025
Sigurd E. Thorvildsen
Chair of the Board
Jens-Julius Ramdahl Nygaard
Board member
Synne Syrrist
Board member
Cathrine Haavind
Board member
Daniel Gold
Board member
Lars-Henrik Røren
CEO
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CONSOLIDATED INCOME STATEMENT
In EUR thousand
Note
2024
2023
Operating revenue
5
Share of net profit of equity-accounted investees
11
Total revenue and other income
Payroll and remuneration
6
-14 560
-10 938
Other operating expenses
7
-32 557
-14 680
Earnings before interest, taxes and depreciation (EBITDA)
-2 648
Depreciation and amortisation
9/10
-3 384
-557
Earnings before interest and taxes (EBIT)
-3 205
Finance income
8
Finance expenses
-652
-229
Net foreign currency exchange gains
Net finance income
8
Profit/(loss) before taxes
-1 021
Income tax expense
12
-841
-159
Profit/(loss) for the period
-1 180
Attributable to shareholders of the Company
-1 299
Attributable to non-controlling interests
Basic and diluted earnings per share (EUR)
16
-0.03
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
In EUR thousand
Note
2024
2023
Profit/(loss) for the period
-1 180
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Cash flow hedge, net of tax effect
19
Exchange differences on translation
-8
-5 593
Total other comprehensive income/(expense)
-3 950
Total comprehensive income/(loss)
-5 130
Attributable to shareholders of the Company
-5 329
Attributable to non-controlling interests
PAGE 20/76 – IWS ANNUAL REPORT 2024
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
In EUR thousand
Note
31.12.2024
31.12.2023
ASSETS
Non-current assets
Vessels
9
Vessels under construction
9
Other fixed assets
9
Intangible assets
10
Equity-accounted investees
11
Deferred tax assets
12
Other non-current assets
Total non-current assets
Current assets
Contract assets
5
Trade receivables
13
Other current assets
13
Cash and cash equivalents
14
Total current assets
Total assets
EQUITY AND LIABILITIES
Equity
Share capital
16
Share premium reserve
16
Retained earnings
-14 551
Non-controlling interests
Total equity
Non-current liabilities
Non-current interest-bearing debt
15
Deferred tax liability
12
Other non-current liabilities
Total non-current liabilities
Current liabilities
Trade payables
19
Current interest-bearing debt
15
Other current liabilities
17
Total current liabilities
Total equity and liabilities
PAGE 21/76 – IWS ANNUAL REPORT 2024
CONSOLIDATED CASH FLOW STATEMENT
In EUR thousand
Note
2024
2023
Cash flow from operating activities
Profit/(loss) before tax
-1 021
Depreciation and amortisation
9/10
Gain on disposal of property, plant and equipment
-40
Share of net profit of equity-accounted investees
11
-661
-370
Fair value gain on financial instruments
8
-1 200
Increase (-)/decrease (+) in trade and other receivables
-16 014
Increase (+)/decrease (-) in trade and other payables
Taxes paid
-128
-165
Net cash flow from operating activities
-778
-694
Cash flow from investing activities
Purchase of property, plant and equipment
9
-132 962
-49 059
Proceeds from sale of property, plant and equipment
Investment in equity-accounted investees
11
-9 532
Net cash flow from investing activities
-142 494
-49 006
Cash flow from financing activities
Proceeds from the issue of share capital/minority shareholder
21/16
Equity issue costs
16
-829
Proceeds from loans
Repayment of loans
-8 519
Fees related to credit facilities
-636
-1 635
Government grants
Payment of lease liabilities
-416
-274
Net cash flow from financing activities
Cash and cash equivalents at the beginning of the period
Net increase/(decrease) in cash and cash equivalents
Exchange rate effects
-54
-69
Cash and cash equivalents at the end of the period
14
PAGE 22/76 – IWS ANNUAL REPORT 2024
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Attributable to owners of the Company
In EUR thousand
Note
Share
capital
Share
premium
reserve
Hedging
reserve
Translation
reserve
Retained
earnings
Total
Non-
controlling
interest
Total equity
Total equity at 01.01.2023
-5 050
-4 408
Profit/(loss) for the period
-1 299
-1 299
-1 180
Other comprehensive income
-5 539
-4 030
-3 950
Transfer to vessels under construction
9
-878
-878
-878
Impact of functional currency change
1
-1 593
Equity issue
16
Equity issue costs
16
-829
-
-829
-829
Total equity at 31.12.2023
-8 996
-5 707
Total equity at 01.01.2024
-8 996
-5 707
Profit/(loss) for the period
Other comprehensive income
-8
Impact/correction of functional currency
change
1
-293
Transactions with non-controlling interests
2
21
Total equity at 31.12.2024
-8 711
1) The Company and IWS Fleet subsidiaries changed their functional currency from NOK to EUR on 1 October 2023. Upon
completion of cash flow hedge accounting in Q3 2024, an incorrect allocation between components of equity from the change
of functional currency was identified and corrected.
2) IWS Fleet AS raised EUR 60.0 million in equity in a private placement to Sumitomo Corporation for 25.38% ownership in June
2024. The transaction is a change in ownership interest without a loss of control. Furthermore, IWS Services agreed to acquire
the 3% non-controlling interest in IWS Services in December 2024 for EUR 0.6 million. The difference between the relative
interest of the non-controlling interest and the fair value of the consideration is attributed to the owners of the parent.
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
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PARENT COMPANY INCOME STATEMENT
In NOK thousand
Note
2024
2023
Operating revenue
8
30 076
14 584
Payroll and remuneration
3
-42 009
-31 010
Other operating expenses
4
-18 045
-12 444
Depreciation and amortisation
-177
-45
Earnings before interest and taxes (EBIT)
-30 155
-28 915
Finance income
33 807
32 927
Finance expenses
-69
-52
Net foreign currency exchange gains/losses
11 857
34 148
Net finance income/(expense)
5
45 595
67 023
Profit/(loss) before taxes
15 440
38 108
Income tax expense
6
- 1 798
-1 665
Profit/(loss) for the period
13 642
36 443
Allocations/transfers of profit/(loss) for the period:
Allocated to/(transferred from) retained earnings
13 642
36 443
Total allocations and transfers
13 642
36 443
PAGE 51/76 – IWS ANNUAL REPORT 2024
PARENT COMPANY STATEMENT OF FINANCIAL POSITION
In NOK thousand
Note
31.12.2024
31.12.2023
ASSETS
Non-current assets
Shares in subsidiaries
7
1 022 503
821 243
Shares in associates
7
254 975
128 605
Property, plant and equipment
423
310
Intercompany receivables and loans
8
92 753
199 751
Total non-current assets
1 370 654
1 149 599
Current assets
Intercompany receivables and loans
8
9 140
11 555
Trade receivables
3 213
790
Other current assets
3 406
2 575
Cash and cash equivalents
9
68 704
262 783
Total current assets
84 463
277 703
Total assets
1 455 117
1 427 612
EQUITY AND LIABILITIES
Equity
Share capital
78 289
78 289
Share premium reserve
1 288 976
1 288 976
Retained earnings
47 620
33 978
Total equity
10
1 414 885
1 401 243
Non-current liabilities
Non-current interest-bearing debt
-
-
Pension liabilities
3
4 282
2 832
Deferred tax liability
6
-
-
Other non-current liabilities
16 857
8 271
Total non-current liabilities
21 139
11 103
Current liabilities
Current interest-bearing debt
-
-
Intercompany payables
8
7 217
10 292
Trade payables
2 997
1 178
Other current liabilities
8 879
3 797
Total current liabilities
19 093
15 267
Total equity and liabilities
1 455 117
1 427 612
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PARENT COMPANY CASH FLOW STATEMENT
In NOK thousand
Note
2024
2023
Cash flow from operating activities
Profit/(loss) before tax
15 440
38 108
Depreciation and amortisation
177
45
Foreign currency exchange gains/(losses)
-25 987
-34 148
(Increase)/decrease in trade and other receivables
-839
-2 435
Increase/(decrease) in trade and other payables
13 862
8 766
Net cash flow from operating activities
2 653
10 336
Cash flow from investing activities
Purchase of property, plant and equipment
-231
-356
Invested in subsidiaries and associates
7
-112 240
-300 000
Loans to group companies
8
-94 262
-19 140
Net cash flow from investing activities
-206 733
-319 496
Cash flow from financing activities
Paid-in equity
10
-
350 000
Equity issue costs
10
-
-9 055
Repayment of borrowings
-
-
Net cash flow from financing activities
-
340 945
Cash and cash equivalents at the beginning of the period
9
262 783
198 447
Net increase/(decrease) in cash and cash equivalents
-204 080
31 785
Exchange rate effects
10 001
32 551
Cash and cash equivalents at the end of the period
9
68 074
262 783
PARENT COMPANY STATEMENT OF CHANGES IN EQUITY
In NOK thousand
Note
Share
capital
Share
premium
reserve
Retained
earnings
Total
equity
Total equity at 01.01.2023
57 076
969 244
-2 465
1 023 855
Share issue
10
21 213
328 787
-
350 000
Share issue costs
10
-
-9 055
-
-9 055
Total comprehensive income 2023
-
-
36 443
36 443
Total equity at 31.12.2023
78 289
1 288 976
33 978
1 401 243
Total equity at 01.01.2024
78 289
1 288 976
33 978
1 401 243
Total comprehensive income 2024
-
-
13 642
13 642
Total equity at 31.12.2024
78 289
1 288 976
47 620
1 414 885
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PARENT COMPANY NOTES TO THE FINANCIAL STATEMENTS
NOTE 1 CORPORATE INFORMATION
Integrated Wind Solutions ASA (the “Company” or the
“Parent Company”) is domiciled in Norway and has its
registered office at Støperigata 2, 0250 Oslo. The
Company was incorporated 23 July 2020 as a limited
liability company and converted to a public limited
liability company at the extraordinary general meeting
held 10 February 2022. The Company is listed on
Euronext Oslo Børs at with the ticker IWS.
Integrated Wind Solutions ASA is, through its
subsidiaries, engaged in the offshore wind industry.
NOTE 2 SUMMARY OF SIGNIFICANT
ACCOUNTING POLICIES
Basis for preparation
The financial statements of Integrated Wind Solutions
ASA have been prepared in accordance with the
Norwegian Accounting Act and generally accepted
accounting principles in Norway. The financial
statements are presented in Norwegian kroner (NOK),
which is also the Company’s accounting currency,
rounded off to the nearest thousand, except as
otherwise indicated. The Company’s functional currency
is Euro (EUR). The financial statements are prepared in
English, as approved by the Norwegian Directorate of
Taxes.
The principal accounting policies applied in the
preparation of these financial statements are set out
below.
Subsidiaries and investment in associates
Subsidiaries and investments in associates are held at
cost in the company accounts. The investment is valued
as the cost of the shares in the subsidiary, less any
impairment losses. An impairment loss is recognised if
the impairment is not considered temporary, in
accordance with generally accepted accounting
principles. Impairment losses are reversed if the reason
for the impairment loss disappears in a subsequent
period.
Dividends, group contributions and other distributions
from subsidiaries are recognised in the same year as
they are recognised in the financial statement of the
provider. If dividends or group contributions exceed the
withheld profits after the acquisition date, the excess
amount represents a repayment of invested capital, and
the distribution will be deducted from the recorded
value of the acquisition in the balance sheet of the
parent company.
Foreign currency translation
Foreign currency transactions are translated into the
accounting currency using the exchange rates prevailing
at the date of the transactions. Monetary assets and
liabilities denominated in currencies other than the
accounting currency are translated at the exchange rate
applicable as of the balance sheet date. Foreign
exchange gains and losses resulting from the settlement
of transactions and from the translation at period-end
exchange rates are recognised in the income statement
as financial income or expense.
Recognition of revenue and expenses
Revenue from the sale of services is recognised in the
income statement in the period that services are
rendered at rates established in the relevant contracts.
Costs are expensed in the same period as related
revenue.
Property, plant and equipment
Property, plant and equipment are stated at cost less
accumulated depreciation. The cost of an asset
comprises its purchase price and the directly
attributable cost of bringing the asset to its working
condition. When it can be clearly demonstrated that
expenditures have resulted in an increase in future
economic benefits expected to be obtained from the
use of the assets beyond its initially assessed standard
of performance, the expenditure is capitalised as an
additional cost of the asset. Any component of an asset
with a cost that is significant in relation to the total cost
of the asset is depreciated separately. Components with
similar depreciation schedules and useful lives are
grouped together.
Depreciation is calculated using the straight-line
method for each asset over its expected useful lives
after taking into account the estimated residual value.
Components of fixed assets with different economic
useful lives are depreciated over their respective useful
lives. No depreciation charge is recorded until the asset
is available for its intended use.
Property, plant and equipment is assessed for
impairment when events or circumstances indicate that
the carrying amount of the assets may not be
recoverable. When such indicators are present, the
carrying values of the assets are tested for
recoverability. If the carrying amount exceeds the
recoverable amount for the asset, an impairment loss is
recognised, and the asset is written down to its
recoverable amount. The impairment is reversed when
the basis for the write-down no longer exists.
PAGE 55/76 – IWS ANNUAL REPORT 2024
Cash and cash equivalents
Cash represents cash on hand and deposits at bank that
are repayable on demand. Cash equivalents represent
short-term, highly liquid investments which are readily
convertible into known amounts of cash with original
maturities of three months or less and which are subject
to an insignificant risk of change in value. The cash flow
statement for the Company is presented using the
indirect method.
Accounts receivable
Accounts receivables are carried at amortised cost. The
interest element is disregarded if it is insignificant.
Should there be objective evidence of a fall in value, the
difference between the carrying amount and the
present value of future cash flow is recognised as a loss,
discounted by the receivable amount’s effective interest
rate.
Share capital and dividends
Ordinary shares are classified as equity. Costs directly
attributable to the issue of new shares or options are
recognised as a reduction of equity, net of tax if
deductible, from the proceeds.
Proposed dividend payments from the Company are
recognised as a liability in the financial statements on
the balance sheet date.
Non-current interest-bearing debt
All borrowings are initially recognised at fair value, net
of transaction costs incurred. Borrowings are
subsequently stated at amortised cost using the
effective interest method. Debt repayable within one
year is classified as a current liability.
Pensions
The Company is required to provide a pension plan for
its onshore employees and has implemented a defined
contribution plan on salary up to 12G. Under a defined
contribution plan, the Company is responsible for
making an agreed contribution to the employee’s
pension savings. The Company has no further payment
obligations once the contributions have been paid.
Contributions are recognised as an employee benefit
expense in the income statement when they fall due.
Contributions on salary above 12G are set aside in a
pension scheme administered by the Company.
Tax
The tax expense consists of the tax payable and
changes in deferred tax. Deferred tax is calculated at the
nominal income tax rate of net temporary differences
existing between accounting and tax values, and any
carry forward losses for tax purposes at year-end.
Deferred tax assets are recognised to the extent that it
is probable that future taxable profits will be available
against which the temporary differences can be utilised.
Use of estimates
The preparation of financial statements in accordance
with generally accepted accounting principles requires
management to exercise judgement and to make
estimates and assumptions that affect the application of
policies, reported amounts of revenue, expenses, assets,
liabilities and disclosures. These estimates and
associated assumptions are based on historical
experience and various other factors that are believed
to be reasonable under the circumstances. Actual
results may differ from these estimates.
NOTE 3 PAYROLL AND REMUNERATION
Employee benefits
In NOK thousand
2024
2023
Salary and holiday pay
-34 025
-24 495
Employer’s national insurance contribution
-5 054
-3 781
Pension expenses
-2 430
-2 008
Other personnel expenses
-500
-726
Total employee benefits
-42 009
-31 010
Number of employees at year-end
10
7
Remuneration to Group Management
2024
In NOK thousand
Salary
Bonus
Pension
cost
Long-term
incentives
Other
Total
CEO Lars-Henrik Røren
4 360
2 888
708
3 009
271
11 236
COO Christopher Andersen Heidenreich
3 577
1 908
566
2 331
274
8 656
CFO Marius Magelie
3 216
1 717
476
2 490
52
7 951
Total
11 153
6 513
1 750
7 830
597
27 843
PAGE 56/76 – IWS ANNUAL REPORT 2024
2023
In NOK thousand
Salary
Bonus
Pension
cost
Long-term
incentives
Other
Total
CEO Lars-Henrik Røren
3 485
1 750
639
2 094
252
8 220
COO Christopher Andersen Heidenreich
2 879
1 500
510
1 611
263
6 763
CFO Marius Magelie
2 591
1 350
432
1 232
44
5 649
Total
8 955
4 600
1 581
4 937
559
20 632
Remuneration to the Board of Directors
In NOK thousand
2024
2023
Sigurd E. Thorvildsen
500
500
Jens-Julius Ramdahl Nygaard
400
400
Cathrine Haavind
400
400
Daniel Gold
400
400
Synne Syrrist
400
400
Total
2 100
2 100
Additional information about remuneration to the Board of Directors and to key management is presented in Note 6 to
the consolidated financial statements.
Pension
The Company has a defined contribution plan for its employees, which complies with the requirements of the Mandatory
Occupational Pension Act in Norway (“Lov om obligatorisk tjenestepensjon”). Contributions on salary up until 12G are
administered by a life insurance company, whereas contributions on salary over 12G are set aside in a pension scheme
administered by the Company.
The Company's ordinary retirement age is 70 years. If the Company wishes to terminate the employment due to age, the
Company will notify the employee of this no later than six months prior to the set retirement age.
NOTE 4 OTHER OPERATING EXPENSES
In NOK thousand
2024
2023
Rental and leasing costs
-4 751
-3 235
Travel expenses
-624
-365
Consultancy fees, audit fees, legal and external personnel
-7 450
-2 752
Management fee
-
-1 093
Board of Directors remuneration
-2 100
-2 135
IT/Software expenses
-1 530
-849
Miscellaneous
-1 590
-2 015
Total
-18 045
-12 444
Audit fee
In NOK thousand
2024
2023
Audit services (expensed)
-1 388
-1 133
Other assurance services
-261
-
Tax advisory
-
-
Total fees to auditor, excl. VAT
-1 649
-1 133
PAGE 57/76 – IWS ANNUAL REPORT 2024
NOTE 5 FINANCE INCOME AND EXPENSES
In NOK thousand
2024
2023
Interest income
5 803
11 282
Interest income group companies
11 016
21 645
Dividends and group contributions from subsidiaries and associates
2 858
-
Other finance income
14 130
-
Total financial income
33 807
32 927
Interest expenses
-1
-
Interest expenses group companies
-
-
Other finance expenses
-68
-52
Total financial expenses
-69
-52
Net foreign currency exchange gains/(losses)
11 857
34 148
Net finance income/(expense)
45 595
67 023
Currency gains and losses primarily relate to translation effects from bank accounts and balances with subsidiaries that
are denominated in foreign currencies.
NOTE 6 INCOME TAX
Income tax expense
In NOK thousand
2024
2023
Current income tax
-1 798
-
Changes in deferred tax
-
-
Correction of previous years current income taxes
-
-
Total income tax (expense)/income
-1 798
-
Reconciliation of effective tax rate
In NOK thousand
2024
2023
Pre-tax profit
15 440
38 108
Income taxes calculated at 22%
-3 397
-8 384
Adjustment in respect of current income tax of previous years
-
-
Temporary differences
-2 184
6 313
Tax effect on cash flow hedge
-
-
Non-deductible expenses
46
406
Non-taxable income
3 737
-
Effect of change in tax rate
-
-
Other
-
-
Tax (expense)/income
-1 798
-1 665
Payable tax in the balance
In NOK thousand
2024
2023
Payable tax on this year’s result
1 798
1 665
Payable tax on provided Group contribution
-
-1 665
Total payable tax in the balance
1 798
-
PAGE 58/76 – IWS ANNUAL REPORT 2024
Deferred tax relates to the following
In NOK thousand
2024
2023
Losses available for offsetting against future taxable income
-
-
Property, plant and equipment
30
62
Unrealised gains on long-term receivables in foreign currency
642
-
Not recognised deferred tax asset
-672
-62
Deferred tax asset/(liability)
-
-
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against
which the temporary differences can be utilised.
NOTE 7 SUBSIDIARIES AND ASSOCIATED COMPANIES
Subsidiaries, direct ownership
31.12.2024
31.12.2023
In NOK thousand, unless stated otherwise
Company
Country of incorporation
Ownership
Carrying
value
Ownership
Carrying
value
IWS Fleet AS
Norway
74.6%
892 284
100%
685 120
IWS Services A/S
Denmark
100%
130 219
97%
130 219
Total
1 022 503
815 339
Indirect ownerships in subsidiaries are presented in Note 21 to the consolidated accounts for the Group.
Associated companies and joint ventures
31.12.2024
31.12.2023
In NOK thousand, unless stated otherwise
Company
Country of incorporation
Ownership
Carrying
value
Ownership
Carrying
value
PEAK Wind Group ApS
Denmark
49%
254 975
30 %
128 605
Integrated Wind Solutions ASA increased its ownership in PEAK Wind Group ApS to 49% (pre-dilution), in September
2024, by exercising a fixed-price option. Additional information about the investment in PEAK Wind Group ApS is
disclosed in Note 11 to the consolidated accounts for the Group.
The Company has an indirect investment in the joint venture Havfram Fleet Management AS. Additional information
about the investment in Havfram Fleet Management AS is disclosed in Note 11 to the consolidated accounts for the
Group.
PAGE 59/76 – IWS ANNUAL REPORT 2024
NOTE 8 RELATED PARTY TRANSACTION
Related party loans and receivables/payables
31.12.2024
31.12.2023
In NOK thousand
Receivables/
assets
Payables/
liabilities
Receivables/
assets
Payables/
liabilities
IWS Fleet AS
93 153
7 651
202 111
121
Awind 1 AS
1 419
-
1 360
-
Awind 2 AS
1 719
-
1 360
-
Awind 3 AS
2 238
-
1 904
6
Awind 4 AS
500
-
198
2 587
Awind 5 AS
107
-
25
6
Awind 6 AS
2 244
-
1 904
6
IWS Fleet Management AS
944
-
2 444
-
Awilco LNG Technical Management AS
161
-
321
-
Havfram Fleet Management AS
3 052
-
469
-
Total
105 537
7 651
212 096
2 726
Intercompany interest income and interest expense
2024
2023
In NOK thousand
Income
Expense
Income
Expense
IWS Fleet AS
11 016
-
21 645
-
Total
11 016
-
21 645
-
Intercompany management fee
2024
2023
In NOK thousand
Income
Expense
Income
Expense
IWS Fleet AS
19 162
-
4 721
-
IWS Fleet Management AS
4 603
-
1 535
-
Awind 1 AS
632
-
100
-
Awind 2 AS
632
-
100
-
Awind 3 AS
632
-
75
-
Awind 4 AS
632
-
100
-
Awind 5 AS
632
-
100
-
Awind 6 AS
632
-
75
-
Total
27 557
-
6 806
-
Other related party transactions
2024
2023
In NOK thousand
Income
Expense
Income
Expense
Awilhelmsen Management AS
-
17
-
1 912
Awilco Technical Services AS
-
-
508
46
Awilco LNG Technical Management AS
458
-
295
-
Havfram Fleet Management AS
2 061
-
375
-
IWS Services A/S
-
-
-
5
Green Ducklings A/S
-
-
-
16
Total
2 519
17
1 178
1 979
IWS provides resources to Awilco LNG Technical Management AS for technical management and provides management
services to Havfram Fleet Management AS. The services are provided on arm’s length terms.
PAGE 60/76 – IWS ANNUAL REPORT 2024
NOTE 9 FINANCIAL INSTRUMENTS
Cash and cash equivalents
In NOK thousand
31.12.2024
31.12.2023
Unrestricted cash and cash equivalents
67 557
261 903
Restricted cash and cash equivalents
1 147
880
Total cash and cash equivalents
68 704
262 783
The restricted bank deposits are related to tax deductions on employees’ salaries deposited in separate bank accounts.
NOTE 10 SHARE CAPITAL
In NOK thousand, unless stated otherwise
Number
of shares
Par
value
Share
capital
Paid-in
premium
Total paid-in
capital
Share capital 1 January 2023
28 538 198
NOK 2.00
57 076
969 244
1 026 320
Equity issue 31 January 2023
10 606 060
NOK 2.00
21 213
328 787
350 000
Equity issue costs
-9 055
-9 055
Share capital 31 December 2023
39 144 258
NOK 2.00
78 289
1 288 976
1 367 265
Share capital 1 January 2024
39 144 258
NOK 2.00
78 289
1 288 976
1 367 265
Share capital 31 December 2024
39 144 258
NOK 2.00
78 289
1 288 976
1 367 265
All issued shares have a par value of NOK 2.00 and are of equal rights. The share capital is denominated in NOK.
In January 2025, IWS completed a share issue targeted towards retail investors to ensure compliance with the minimum
number of shareholders required for an uplisting to Euronext Oslo Børs. 810,800 shares were issued with a subscription
price of NOK 37, raising gross proceeds of NOK 30 million.
NOTE 11 FINANCIAL RISK AND MANAGEMENT OBJECTIVES AND POLICIES
General information regarding capital and financial risk management is provided in Note 19 to the consolidated
accounts. The Company presents its financial statement in NOK and is thus exposed to foreign exchange translation risk
on monetary items denominated in foreign currencies.
NOTE 12 EVENTS AFTER THE BALANCE SHEET DATE
Information on events after the reporting date is disclosed in Note 22 to the consolidated accounts.
PAGE 61/76 – IWS ANNUAL REPORT 2024
Statsautoriserte revisorer
Ernst & Young AS
Stortorvet 7, 0155 Oslo
Postboks 1156 Sentrum, 0107 Oslo
Foretaksregisteret: NO 976 389 387 MVA
Tlf: +47 24 00 24 00
www.ey.no
Medlemmer av Den norske Revisorforening
A member firm of Ernst & Young Global Limited
To the General Meeting in Integrated Wind Solutions ASA
INDEPENDENT AUDITOR'S REPORT
Report on the audit of the financial statements
Opinion
We have audited the financial statements of Integrated Wind Solutions ASA (the Company) which
comprise:
The financial statements of the Company, which comprise the balance sheet as at 31 December
2024 and the statement of income, statement of cash flows and statement of changes in equity
for the year then ended and notes to the financial statements, including a summary of significant
accounting policies, and
The financial statements of the Group, which comprise the balance sheet as at 31 December
2024, the statement of income, statement of comprehensive income, statement of cash flows and
statement of changes in equity for the year then ended and notes to the financial statements,
including material accounting policy information.
In our opinion:
the financial statements comply with applicable statutory requirements,
the financial statements give a true and fair view of the financial position of the Company as at 31
December 2024 and its financial performance and cash flows for the year then ended in
accordance with the Norwegian Accounting Act and accounting standards and practices
generally accepted in Norway, and
the consolidated financial statements give a true and fair view of the financial position of the
Group as at 31 December 2024 and its financial performance and cash flows for the year then
ended in accordance with IFRS Accounting Standards as adopted by the EU.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our
responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of
the financial statements section of our report. We are independent of the Company and the Group in
accordance with the requirements of the relevant laws and regulations in Norway and the International
Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants
(including International Independence Standards) (the IESBA Code), and we have fulfilled our other
ethical responsibilities in accordance with these requirements. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our opinion.
Other information
The Board of Directors and Chief Executive Officer (management) are responsible for the information in
the Board of Directors’ report and the other information presented with the financial statements. The other
information comprises annual report, statements on Corporate Governance. Our opinion on the financial
statements does not cover the information in the Board of Directors’ report and the other information
presented with the financial statements.
In connection with our audit of the financial statements, our responsibility is to read the information in the
Board of Directors’ report and for the other information presented with the financial statements. The
purpose is to consider if there is material inconsistency between the information in the Board of Directors’
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Independent auditor's report - Integrated Wind Solutions ASA 2024
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report and the other information presented with the financial statements and the financial statements or
our knowledge obtained in the audit, or otherwise the information in the Board of Directors’ report and for
the other information presented with the financial statements otherwise appears to be materially
misstated. We are required to report if there is a material misstatement in the Board of Directors’ report
and the other information presented with the financial statements.
Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report
is consistent with the financial statements and
contains the information required by applicable statutory requirements.
Our statement on the Board of Directors’ report applies correspondingly for the statement on Corporate
Governance.
Responsibilities of management for the financial statements
Management is responsible for the preparation of the financial statements of the Company that give a
true and fair view in accordance with the Norwegian Accounting Act and accounting standards and
practices generally accepted in Norway, and for the preparation of the consolidated financial statements
of the Group that give a true and fair view in accordance with IFRS Accounting Standards as adopted by
the EU. Management is responsible for such internal control as management determines is necessary to
enable the preparation of financial statements that are free from material misstatement, whether due to
fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s and the
Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless management either intends to liquidate the
Company or the Group, or to cease operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with ISAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional
scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Company’s and the Group’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
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Conclude on the appropriateness of management’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the Company’s and the Group’s ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are required to
draw attention in our auditor’s report to the related disclosures in the financial statements or, if
such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s report. However, future events or conditions
may cause the Company and the Group to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and
events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the consolidated financial
statements. We are responsible for the direction, supervision and performance of the group audit.
We remain solely responsible for our audit opinion.
We communicate with the board of directors regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.
Report on other legal and regulatory requirement
Report on compliance with regulation on European Single Electronic Format (ESEF)
Opinion
As part of the audit of the financial statements of Integrated Wind Solutions ASA we have performed an
assurance engagement to obtain reasonable assurance about whether the financial statements included
in the annual report, with the file name 549300JCAQFRMWSL7M59-2024-12-31-0-en.zip, have been
prepared, in all material respects, in compliance with the requirements of the Commission Delegated
Regulation (EU) 2019/815 on the European Single Electronic Format (the ESEF Regulation) and
regulation pursuant to Section 5-5 of the Norwegian Securities Trading Act, which includes requirements
related to the preparation of the annual report in XHTML format and iXBRL tagging of the consolidated
financial statements.
In our opinion, the financial statements, included in the annual report, have been prepared, in all material
respects, in compliance with the ESEF Regulation.
Management’s responsibilities
Management is responsible for the preparation of the annual report in compliance with the ESEF
Regulation. This responsibility comprises an adequate process and such internal control as management
determines is necessary.
Auditor’s responsibilities
Our responsibility, based on audit evidence obtained, is to express an opinion on whether, in all material
respects, the financial statements included in the annual report have been prepared in accordance with
the ESEF Regulation. We conduct our work in accordance with the International Standard for Assurance
Engagements (ISAE) 3000 – “Assurance engagements other than audits or reviews of historical financial
information”. The standard requires us to plan and perform procedures to obtain reasonable assurance
about whether the financial statements included in the annual report have been prepared in accordance
with the ESEF Regulation.
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As part of our work, we perform procedures to obtain an understanding of the company’s processes for
preparing the financial statements in accordance with the ESEF Regulation. We test whether the financial
statements are presented in XHTML-format. We evaluate the completeness and accuracy of the iXBRL
tagging of the consolidated financial statements and assess management’s use of judgement. Our
procedures include reconciliation of the iXBRL tagged data with the audited financial statements in
human-readable format. We believe that the evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Oslo, 28 April 2025
ERNST & YOUNG AS
The auditor's report is signed electronically
Finn Ole Edstrøm
State Authorised Public Accountant (Norway)
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Edstrøm, Finn Ole Stephansen-Smith
State Authorised Public Accountant (Norway)
On behalf of: Ernst & Young AS
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PAGE 67/76 – IWS ANNUAL REPORT 2024
ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG)
INTRODUCTION
Approach to ESG
Integrated Wind Solutions ASA was established with the
ambition of contributing to the ramp-up of offshore
wind power as a part of the transition to renewable
energy sources. The Company aims to take a leading
role in this transition by providing a suite of services,
ranging from the operation of service vessels to
engineering, construction, and maintenance services, as
well as consultancy for different stages of windfarm
construction and operations.
To a large extent, the services are supplied through the
Company’s subsidiaries, IWS Fleet, IWS Services, and the
associated company, PEAK Wind. This means that the
largest opportunity for IWS to have a significant impact
on environmental, social and governance issues is
through the influence and the requirements provided to
these companies. The below sections outline not only
matters for IWS directly, but also give a summary of
expectations and actions from the individual group
companies.
As a step towards structuring and focusing the work on
social responsibility across all companies in the group,
IWS has implemented a common set of KPIs that are
reported by each group company on a quarterly basis.
The KPIs include information on Social, Environmental,
Quality, and Governance, and will allow comparison and
aggregation to evaluate the status and progress of the
Group in each area. Targets and benchmarking are
based on the initial reporting from 2022.
Stakeholders and material issues
IWS’ main stakeholders are our employees, customers,
suppliers, regulators, lenders and investors. An
assessment of the issues that are important to our
stakeholders guides where we focus our efforts and
what is considered most material for the Group. These
areas also outline where we believe IWS can make a
meaningful contribution toward solving the global
challenges summarised in UN’s Sustainable
Development Goals (SDGs).
Based on the assessment, the primary material issues
for IWS are still the environmental impact of our
operations, in particular greenhouse gas emissions, and
the health and safety of personnel employed by the
group, working on our vessels and at our sites.
These primary issues mentioned align with the UN SDG
No. 7 – Affordable and clean energy, 13 – Climate
action and 14 – Life below water.
In addition, we will strive to contribute toward SDG 8 –
Decent work and economic growth.
Finally, IWS will focus on upholding high ethical
standards and human rights, and prevent potential
issues of human trafficking and modern slavery, both
within the Group and in our supply chain.
ENVIRONMENTAL IMPACTS
The companies in the Group offer services of varying
natures and, therefore, have significantly different
environmental impacts. Environmental goals and
actions are therefore stated separately by
company/segment.
Environmental KPIs for Scope 1 and 2 emissions, as per
the GHG Protocol, energy mix, and company policies
and strategies, are gathered and aggregated for
subsidiaries within the group.
Integrated Wind Solutions ASA
Integrated Wind Solutions ASA operates with a small
number of employees in an office environment, and its
direct negative environmental impacts are primarily
related to energy use and waste for office facilities, as
well as emissions associated with employee travel.
In 2024, there were no recorded Scope 1 emissions for
Integrated Wind Solutions ASA. Scope 2 emissions from
office locations amount to roughly 0.29 tCO
2
e for 2024.
PAGE 68/76 – IWS ANNUAL REPORT 2024
IWS ASA has established an agreement to guarantee
that 100% of the electricity consumed by our office
originates from green energy sources.
Through its role as a leading service provider in the
renewable energy sector, IWS has a significant positive
impact on reductions of greenhouse gas emissions both
directly through the use of modern, low emissions
vessels and equipment, and increased efficiency in the
operation of the wind farms.
IWS aims to be an integrated part of the renewables
industry and does not have any revenue streams from
the exploration, production, or distribution of fossil
fuels.
IWS Fleet
IWS Fleet, as an operator of CSOVs, has environmental
impacts from the construction and operations of the
vessels. The company has a goal of zero emissions to
both sea and land.
At the current stage of operations, the main impacts are
the resource use and emissions related to CSOVs in
operation, as well as the emissions from the
construction of CSOVs that are still under construction.
CSOV operation
IWS Fleet has in place a management system certified
according to ISO 14001 - Environmental management.
The management system and processes in place ensure
that the vessels will be operated in a way that
continuously improves and reduces our environmental
impacts.
The vessels’ design is optimised for high efficiency and
consequently low emissions to the air. Among the
features contributing to the high efficiency are:
- Double-ended design – improving dynamic
positioning (DP) capability and quick turn-
around at wind turbines
- Extended battery capacity, enabling optimised
and part-time zero-emissions operation
- Solar panels
- Energy-saving features for onboard HVAC and
lighting systems
The Norwegian Ministry of Climate and Environment
through Enova granted funding to support the
environmental initiatives on IWS’ CSOVs advanced
technology that helps in reducing annual emissions by
more than 1,300t CO
2
equivalents per vessel. This is
granted for all six sister vessels.
The vessels are the first in the industry to have the
“DNV SILENT” notation, which focuses on minimizing
the impact of noise on marine life below water.
IWS Skywalker, IWS Windwalker and IWS Seawalker
started their client operations in 2024. These three
vessels combined emitted about 9,300 tCO
2
e during
these operations (scope 1). During 2024 the vessels
produced 16,600 kWh of solar power.
CSOV construction
The first CSOV, IWS Skywalker, was delivered at the end
of 2023. IWS Windwalker, IWS Seawalker and IWS
Starwalker were all delivered in 2024, and the final two
CSOVs are in construction. IWS Fleet has conducted an
assessment of the total equivalent GHG emissions
resulting from the construction and mobilisation of
these vessels, and is evaluating the best ways to
compensate for this environmental impact to provide
vessels that are constructed in a carbon-neutral manner.
Based on the assessment, each vessel contributes
approximately 10,900 tons of CO
2
emissions at the time
of delivery from the yard. The aggregated construction
and sailing from CMHI shipyard to Europe for IWS
Windwalker, IWS Seawalker and IWS Starwalker
contributed a total 7,600 tCO
2
e in 2024 (scope 1).
Office operations
Scope 2 emissions for office operations for IWS Fleet
are included in the calculations for IWS ASA, as the
Group shares locations.
IWS Services
IWS Services works with both construction and
consultancy related to offshore wind. The group has a
large focus on sustainability in its work and has positive
impacts as an integral part of the transition to
renewable energy.
The main environmental impacts from the segment
originate from the construction services. This work is
certified according to ISO 14001 - Environmental
management. IWS Services actively works to reduce its
environmental impact by minimising travel,
compensating for unavoidable travel, and choosing
more environmentally friendly company cars, offices,
consumables, and components. Scope 1 and 2
emissions were not reported for IWS Services in the
period.
PAGE 69/76 – IWS ANNUAL REPORT 2024
HEALTH AND SAFETY
The safety and well-being of the employees of IWS and
its subsidiaries are a top priority for the company. Our
objective is to have zero accidents and zero personnel
injuries. We will work towards this goal by fostering a
clear culture of prioritising safety and always taking the
time to perform operations in a safe manner, as well as
by continuously improving through the promotion of
best practices identified through our own operations
and from the rest of the industry.
KPIs on incidents, injuries, near-miss reporting and sick
days are continuously recorded.
Integrated Wind Solutions ASA
The operations of IWS are conducted in a controlled
environment, with risks to a large extent related to
travel and visits to sites of the subsidiaries or suppliers.
There have been no fatalities, personnel injuries, or
accidents in IWS in 2024.
IWS Fleet
The construction of vessels at a shipyard is an activity
with significant hazards for personnel on site, and IWS
Fleet has a high priority for ensuring that the site team
present at the shipyard is experienced, well-trained and
with the proper equipment and safety mindset to
minimise the risk of injuries during the construction
period.
The company’s management system is certified
according to ISO 45001 – Occupational health and
safety and ISO 9001 – Quality management systems,
including project-specific procedures for the
construction project. The procedures include the
identification and reporting of hazardous situations
occurring at the shipyard, integration with the yard
procedures for work planning and risk assessment, and
regular follow-up of any accidents, near misses or non-
conformities that may occur at the yard, with the aim of
identifying lessons that reduce the risk of reoccurrence.
There have been no fatalities in IWS Fleet in 2024. One
Lost Time Injury occurred in the fleet in 2024. The
injured crew member has fully recovered with no long-
term impact and has returned to work. In total, over
600,000 working hours were completed for the offices
and sites of IWS Fleet, including contractors.
IWS Fleet has a strong focus on employing and training
suitable and motivated crew, constructing safe and
effective vessels, and preparing comprehensive, suitable
and safe procedures.
IWS Services
The consultancy operations are conducted in a
controlled environment, with risks largely related to
travel and customer visits.
Through the activities related to engineering, pre-
assembly and installation in the construction services,
IWS Services has significant hazards related to its
operations. To minimise the risk to personnel, this part
of the group has extensive policies and procedures
guiding their safe operations, and their management
system is certified to ISO 9001 – Quality management
systems and ISO 45001 – Occupational health and
safety. There have been no fatalities in IWS Services in
2024. Two Lost Time Injuries occurred at sites in 2024.
Gender equality
The Group strives to ensure equal opportunities and
effective participation in all areas of the organisation.
This includes onboard the vessels, which has
traditionally been a male-dominated area. The current
status for the subsidiaries is set out below. The numbers
include all workers employed on a permanent basis and
on contracts.
Gender balance (percentage of women in the workforce)
Segment
2024
2023
Integrated Wind
Solutions ASA
32 %
14 %
IWS Fleet
10 %
11 %
IWS Services
14 %
12 %
PAGE 70/76 – IWS ANNUAL REPORT 2024
Modern slavery
IWS strictly prohibits the use of forced labour, child
labour, and human trafficking in all company operations
and in our global supply chain.
Suppliers undergo a screening process, with
thoroughness based on the scope of their delivery.
Major suppliers, such as the shipyard constructing
CSOVs for IWS Fleet, are audited for compliance with
the expected standards, and areas of improvement are
followed up with the supplier.
Any employee of IWS and its subsidiaries is expected to
report any concerns regarding modern slavery or
human trafficking as per the company reporting
procedure. There were no reports in 2024.
IWS publishes its Transparency Act Report on the
Group’s website. An updated report for 2024 will be
published on the Group’s website by 30 June 2025.
Anti-corruption
IWS has a zero-tolerance policy towards bribery and
corruption in any form. IWS strives for fair and open
competition in all markets, both domestically and
internationally. Our policy is to comply with all
applicable laws, governmental rules, and regulations in
the countries where we operate.
This policy applies to all entities controlled by the
company and their employees, as well as to workers
and third-party consultants acting on behalf of the
Company, wherever they are located.
The company has guidelines for hospitality, gifts and
entertainment to ensure employees are aware of when
and how such practices may be acceptable.
KPI tracking related to corruption was initiated in 2022
for IWS and its subsidiaries, and continues to be an
ongoing effort as of 2024.
There were no operations in countries with high
corruption risk (bottom 20 according to the TICP index)
in 2024. There were no monetary fines or requested
facilitation payments reported in 2024.
IWS has not become aware of any breaches of the
company’s policy on anti-corruption in 2024.
PAGE 71/76 – IWS ANNUAL REPORT 2024
PAGE 72/76 – IWS ANNUAL REPORT 2024
CORPORATE GOVERNANCE
Integrated Wind Solutions ASA has adopted the
principles of the Norwegian Code of Practice for
Corporate Governance, dated 14 October 2021 (the
«Code of Practice»), as outlined in the sections below.
This description follows the same structure as the Code
of Practice and covers all sections thereof. Expected
deviations from the Code of Practice, if any, are
discussed under the relevant section.
1 IMPLEMENTATION AND REPORTING ON
CORPORATE GOVERNANCE
The Board of Directors shall ensure that appropriate
goals and strategies are adopted, that the adopted
strategies are implemented in practice and that the
results achieved are subject to measurement and
follow-up. The principles shall also contribute to
ensuring that the activities of the Company are subject
to adequate controls. Appropriate distribution of roles
and adequate controls shall contribute to the largest
possible value creation over time for the benefit of the
owners and other stakeholders.
2 THE BUSINESS
According to the Company’s articles of association, its
purpose is to “contract, own and operate vessels for the
offshore wind sector, as well as rendering of services to
the offshore wind sector and everything related to this.”
The Company's principal objectives and strategies are
presented in the annual report and subject to annual
assessments.
The annual report includes a separate section
describing the Company’s social responsibility policy.
3 EQUITY AND DIVIDENDS
The Group’s equity is assessed as appropriate based on
its objectives, strategies and risk profile. Book equity on
31 December 2024 was EUR 189.0 million, and total
assets were EUR 317.3 million, giving an equity ratio of
60% at year-end.
The Group’s long-term objective is to pay a regular
dividend and to maximise return on invested capital.
Any future potential dividends declared will be at the
discretion of the Board of Directors and will depend
upon the Group's financial position, earnings, debt
covenants, capital requirements and other factors.
Dividends will be proposed by the Board for approval
by the General Meeting.
To the extent it is considered desirable, the Company
will raise new equity in the capital markets.
4 EQUAL TREATMENT OF SHAREHOLDERS
AND TRANSACTIONS WITH RELATED PARTIES
The Company has one class of shares, and each share
has one vote at the General Meeting.
Any transactions the Company carries out in its own
shares are carried out through the stock exchange and
at prevailing stock exchange prices.
In the event of any material transactions between the
Company and shareholders, Directors or close
associates thereof, the transactions will be conducted
on arm’s length terms, and the Board of Directors shall
consider arranging for an independent assessment of
the transaction.
5 FREELY NEGOTIABLE SHARES
The shares of the Company are listed on Euronext Oslo
Børs. All issued shares carry equal shareholder rights in
all respects, and there are no restrictions on the transfer
of shares. The articles of association place no
restrictions on voting rights.
6 GENERAL MEETINGS
The Annual General Meeting will normally take place in
the second quarter of each year, and latest by 30 June.
Notice of the meeting will normally be published
through the Oslo Stock Exchange distribution channel
and the Company’s website. Documentation containing
the information necessary for the shareholders to make
decisions on all the items on the agenda will
simultaneously be made available on the Company’s
website and will only be sent to shareholders who
request the documentation on paper.
Registration is made in writing or by e-mail. The Board
wishes to make efforts to enable as many shareholders
as possible to attend. Shareholders who are not able to
attend are invited to meet by proxy, and efforts will be
made for the proxies to relate to each individual item
on the agenda.
The General Meeting will be chaired by the Chair of the
Board unless otherwise agreed by a majority of those
shares represented at the meeting.
PAGE 73/76 – IWS ANNUAL REPORT 2024
7 NOMINATION COMMITTEE
The Company established in 2022 a Nomination
Committee, which has the responsibility of proposing
members to the Board of Directors and members of the
Nomination Committee.
The members of the Nomination committee’s period of
service shall be two years unless the General Meeting
decides otherwise. No member of the company’s board
of directors should be a member of its nomination
committee.
The Nomination Committee is to maintain contact with
shareholder groups, members of the Board of Directors
and the Company’s executive personnel in its work with
proposing members to the Board of Directors.
The current Nomination Committee consists of Eric
Jacobs (Awilhelmsen legal counsel) and Katarina
Hammar (Head of Investment Stewardship at Nordea
Asset Management).
8 THE BOARD OF DIRECTORS; COMPOSITION
AND INDEPENDENCE
The Company’s Board of Directors shall comprise three
to five directors pursuant to the decision of the General
Meeting. The Directors are elected for a period of two
years unless otherwise determined by the General
Meeting. The Board appoints the Chair amongst the
elected Board members.
The composition of the Board of Directors aims to
ensure that the interests of all shareholders are
represented. Currently, two of the five directors are
independent from the principal shareholder of the
Company.
9 THE WORK OF THE BOARD OF DIRECTORS
The Board’s statutory duties include the overall
administration and management of the Company.
The allocation of responsibilities and tasks within the
Board of Directors is regularly discussed and monitored.
The Board is regularly briefed on the Company’s
financial and operational situation, the market situation,
liquidity situation and cash flow forecast, as well as any
changes in the competitive landscape. The Board
performs a yearly evaluation of its work.
Following the conversion to a public limited liability
company in February 2022, the Board established on 7
April 2022 an Audit committee and a Remuneration
committee.
The Audit committee consists of Jens-Julius Ramdahl
Nygaard and Synne Syrrist. The auditor shall participate
in discussions of relevant agenda items in meetings of
the Audit committee. The committee shall hold separate
meetings with the auditor and the CEO at least once a
year.
The Remuneration committee consists of Sigurd E.
Thorvildsen, Cathrine Haavind and Daniel Gold. The
Remuneration committee prepares guidelines and
proposals regarding the remuneration of executive
personnel, which are reviewed and resolved by the
Board of Directors.
10 RISK MANAGEMENT AND INTERNAL
CONTROL
The Board ensures that the Company has satisfactory
internal control procedures to manage its exposure to
risks related to the conduct of its business, including
social responsibility, to ensure compliance with laws and
regulations, and to support the quality of its financial
reporting. Additionally, the Board is regularly briefed on
the Company as described in section 9 above.
The Company has established an Audit committee that
regularly evaluates and discusses the various risk
elements of IWS, and the potential for improvement.
The Audit committee reports to the Board.
The Group’s main goal is the safe and efficient
operation of its vessels and rendering of services, with
no accidents, personal injury, environmental damage, or
damage to equipment. The operation of technical
management and newbuildings is closely monitored
through dedicated supervision and safety reporting
systems.
11 REMUNERATION OF THE BOARD OF
DIRECTORS
The remuneration of the Board shall reflect the Board’s
responsibilities, know-how, time commitment and the
complexity of the business activities. The directors do
not receive profit-related remuneration, share options
or retirement benefits from the Company. More
information about the remuneration of the individual
directors is provided in Note 6 to the consolidated
accounts.
Directors or their related companies shall not undertake
special tasks for the Company in addition to the
directorship.
12 REMUNERATION OF EXECUTIVE
PERSONNEL
The Board has drawn up guidelines for determining
executive compensation, which is based on a base
salary and a bonus program.
PAGE 74/76 – IWS ANNUAL REPORT 2024
For information about remuneration of executive
personnel see Note 6 to the consolidated accounts.
13 INFORMATION AND COMMUNICATION
The Company aims to keep shareholders, analysts,
investors, and other stakeholders continuously updated
on the Company’s operations and performance. The
Company provides information to the market through
quarterly and annual reports, investor- and analyst
presentations open to the media, and by making
operational and financial information available on the
Company’s website. Information of importance is made
available to the stock market through notification to the
Oslo Stock Exchange in accordance with the Stock
Exchange regulations. Information is provided in
English.
All stock exchange announcements and press releases,
including the financial calendar, are made available on
the Company’s website.
14 TAKE-OVER
The Company’s Articles of Association contain no
defence mechanism against the acquisition of shares,
and no other actions have been taken to limit the
opportunity of acquiring shares in the Company.
In the event of a takeover bid, the Board will seek to
comply with the recommendations outlined in item 14
of the Code of Practice. If a bid has been received, the
Board will seek to issue a statement evaluating the offer
and make recommendations as to whether the
shareholders should accept the offer or not. Normally it
will be required to arrange a valuation from an
independent expert. If the Board finds that it is unable
to give a recommendation, the Board will explain the
reason for not giving a recommendation. The statement
should show whether the decision was unanimous, and
if not, the background for why certain Board members
did not adhere to the statement.
If a situation occurs where the Board proposes to
dispose of all or a substantial part of the activities of the
Company such a proposal will be placed before the
General Meeting.
15 AUDITOR
The auditor is appointed by the General Meeting, which
also determines the auditor’s fee. The auditor attends
the Board of Directors’ review and discussion of the
annual accounts. The Board of Directors minimum holds
one annual meeting with the auditor without the CEO
or other members of the executive group being in
attendance.
The Company’s management regularly holds meetings
with the auditor, in which accounting principles and
internal control routines are reviewed and discussed.
The auditor shall annually confirm compliance with the
applicable independence rules and regulations in
legislation and the audit firm’s internal independence
standards. Auditor’s fees are disclosed in Note 7 to the
consolidated accounts.
PAGE 75/76 – IWS ANNUAL REPORT 2024
ALTERNATIVE PERFORMANCE MEASURES
Alternative performance measures (APMs), i.e. financial
performance measures not within the applicable
financial reporting framework, are used by the Group to
provide supplemental information to the stakeholders.
Financial APMs are intended to enhance the
comparability of the results and cash flows from period
to period, and it is the Group’s experience that these are
frequently used by analysts and investors.
The APMs are adjusted IFRS measures that are defined,
calculated, and used consistently over time. Operational
measures such as, but not limited to, volumes and
utilisation are not defined as financial APMs. Financial
APMs should not be considered as a substitute for
measures of performance in accordance with IFRS.
Disclosures of APMs are subject to established internal
control procedures.
The Group’s financial APMs are:
• EBIT: Operating revenue - Operating expenses -
Administration expenses - Depreciation and
amortisation
• EBITDA: EBIT + Depreciation and amortisation
• Book equity ratio: Total equity / Total assets
The reconciliation of Total revenue, EBIT and EBITDA
with IFRS figures can be derived directly from the
Group’s consolidated Income statement.
