Integrated Wind Solutions ASA

Investor Presentation • Jan 20, 2022

Integrated Wind Solutions AS

Company Presentation January 2022

Disclaimer

This presentation (the "Presentation") has been prepared by Integrated Wind Solutions AS (the "Company" and together with its subsidiaries the "Group") for information purposes.

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IWS at a glance

Emerging leader in integrated service for offshore wind IWS geographical footprint

• IWS offer Operation & Maintenance ("O&M") and consultancy services combined with 2x high-specification vessels under construction, plus 4x vessel options
• Operations and Asset Management solutions offered to the global offshore wind industry
• Listed on the Euronext Growth market (ticker: IWS) with market cap NOK ~640m¹
• Established 2020 by the Awilhelmsen AS subsidiary Awilco AS (28% ownership)

Sources: PEAK-Wind, IWS, (1) 18 January 2022 (2) IWS with 3-year option to increase to 49% ownership at fixed terms, 3) As per 30 Sep'21, including all full-time and project-related personnel in 75% owned ProCon Group and 30% owned Peak Wind Group.

Our vision is to develop IWS into the preferred service partner within offshore wind

A transformative 2021 has positioned IWS for strong growth

Capabilities to address the entire offshore wind value chain

6

Offshore wind needs to grow fast to deliver on Net Zero by 2050…

Strong market and regulatory drivers Accelerating renewable generation¹ Offshore wind to grow 8x in 10 years²

The European energy mix is set for a significant change in the coming decades in order to reach the Green Deal zero-emission target by 2050

Statnett points to expectations of ~5,750 TWh of solar and wind generation by 2050¹ (approximately 9x increase vs current production)

Growing electricity demand and scarcity related to fossil fuels are drawing the need for renewable energy in the energy transition

Offshore wind Onshore wind Solar

Installed offshore wind, global ex. China

…which will drive rapid growth within the O&M segment

Sources: 1) BVG Associates; 2) Rystad Energy; The Company 3) Assumes GBP 75k/MW p.a. in O&M spending, 1GW wind farm with 10MW turbines 4) Charter rate of EUR 30k p.d.

Continued high activity from financial sponsors and IPPs will lead to strong demand for outsourced services

Note 1) Financial sponsors: Copenhagen Infrastructure Partners, Green Investment Group, Sumitomo, Marubeni, Global Infrastructure Partners, Canada Pension Plan Investment Board, PKA, Partners Group, TRIG, APG, Equitix, PensionDanmark, Mitsubishi, PGGM, Greencoat UK Wind, PFA. 2) Energy majors / Utilities: Equinor, BP, Shell, Ocean Winds, Ørsted, Repsol, ENI, Total, Iberdrola, SSE Renewables, RWE, ScottishPower Renewables

IWS operates three business areas covering integrated services and asset management

IWS Services

IWS Services: Building a bundled service offering, targeting owners and operators of offshore wind farms

• ✓ IWS thesis that there will be a lot of attractive opportunities in offshore wind O&M as the market continues to grow
• ✓ At the core of our strategy is the development of an integrated service & solution offering
• ✓ Working in combination with our state-ofthe-art CSOVs
• ✓ Focusing on Balance of Plant segment and logistics for the OEMs and asset managers
• ✓ Acquisitions of Green Ducklings and ProCon² provide initial starting points but expect further organic and inorganic growth

Our acquisition of ProCon provides a strong platform for further growth in services

IWS Fleet

IWS Fleet – premium vessels designed for superior performance and efficiency

Tier 1 fleet with significant OPEX advantage and low emissions

	Overview of offshore wind service vessels					Tier 1 vessels offer OPEX advantage1
Tier 1: CSOV/ SOV	• •	CSOV: Serving both the Commissioning and installation phase by gangway, 3d crane, hotel, command center and warehousing SOV: Serving the continuous maintenance of an operating wind farm phase by gangway, hotel, command center and warehousing	OPEX (EUR/day) ~9,000			~50% cost advantage ~13,500
Tier 2: Converted offshore vessels	•	Vessels originally intended for Oil & Gas industry but converted by installing fixed gangways	Tier 1 OPEX	Fuel expense IWS vessels with market leading CO	Higher OPEX	Tier 2 OPEX	Gangway hire emissions 2
Tier 3: Temporary gangway	•	Various PSV's MPSV's and subsea support vessels with cranes, ROV's, etc. intended for Oil & Gas segment but interchangeably working in offshore wind segment	Tons CO2 per year 25 000 20 000 15 000 10 000 5 000 -	Tier 2/3 range		~60-75% reduced emissions Tier 1

IWS vessels with market leading CO2 emissions

Dogger Bank contracts – a stamp of approval for IWS' vessel offering and operational capabilities

Commissioning contracts on Dogger Bank A & B Illustration Dogger Bank Wind Farm Dogger Bank Operations Financials ✓ Dogger Bank, the worlds largest offshore windfarm under development ✓ 13MW GE Haliade-X turbines to be installed ✓ Owned and operated by Equinor, SSE and ENI - all highly experienced and market leading offshore wind developers ✓ IWS to assist General Electric in Commissioning works ✓ Contract commencement mid-2023 for 546 days in total ✓ IWS with option on Dogger Bank C (331 days) ✓ Attractive contracts at solid dayrates in line or above with what IWS communicated in the IPO¹ ✓ Contract options at better terms and at higher rates

Dogger Bank Wind Farm key parties

Option program makes IWS well positioned to take advantage of the strong market demand

Delivery Q1 2023 #1 #2 Delivery Q2 2023 Option vessel #1 Option call <Q3 2022 Option vessel #4 Option call <Q1 2024 Option vessel #3 Option call <Q3 2023 Option vessel #2 Option call <Q1 2023

• ✓ CMHI is the 4th largest shipyard group in China, located in Haimen, Jiangsu
• ✓ Attractive capex of EUR 47m per vessel with 10/10/10/70 terms of payments and ~24 months construction time (+3 months for subsequent vessels)
• ✓ Option pricing at attractive levels
• ✓ First class suppliers:

Pipeline of first class vessels built by CMHI Instalment of turbines drives CSOV vessel demand

Attractive newbuilding capex and return potential

Sources: 1) IWS; Clarksons Platou Offshore Renewables. CAPEX includes yard cost only.

Key assumptions: Utilization of 97.5%, expenses of USD 3.9m p.a. (OPEX and SG&A), excl. tax. 60% LTV, 3% interest p.a., 12 years amortization profile; CAPEX is yard cost only, add EUR ~3m for all-in delivered cost for IWS vessels

20

PEAK Wind

PEAK Wind: Enabling developers to maximize project returns

Overview

• Market leader within offshore wind operations and asset management with presence in main renewables markets
• Extensive offshore wind experience across technical, commercial and financial domains – working as an integrated team
• Engages early in development phase to help design projects with a view to maximising should be projectowners equity returns
• Operations-focus from the development phase ensures long-term return-optimisation into development, permitting, design and procurement activities
• PEAK Wind as an operator has been confirmed bankable by 24 of the biggest international banks and 6 Export Credit Agencies
• IWS owns 30% with an option to increase to ownership to 49%

7 offices 6 countries ~100 colleagues 13+ countries PW delivers offshore wind advisory to 20+ GW offshore & onshore wind, PV assets using PW advisory

Footprint

Key achievements and client base

World's first 3rd party offshore operator	Large-scale operator onshore	Global O&M / Asset Mgmt. Consulting	Independent Project Development	Live Performance Reporting & Analytics
• +15Y operator agreement for 900MW offshore wind portfolio project in Taiwan • Currently in dialogue on other offshore operator opportunities	• Ongoing project: 5Y full • scope asset management for CIP's Monegros 487 MW onshore wind portfolio in Aragon, Spain • • Currently in final stages of negotiation for 3 additional projects •	One-stop-shop O&M from early O&M concept development to long-term operator on same project Dedicated consultancies deployed into multiple offshore wind farms during development and construction +15 clients (developers, IPPs, utilities, financial investors)	• Auction bid management for several offshore wind projects in the US, Asia and Africa • Owners' Commercial advisor on two offshore wind farms currently in development	• Live performance reporting • Hosting data and autonomous reporting for 3GW of renewable generation portfolio

Strong revenue growth, sustainable margins and high degree of revenue visibility

Solid, incentivized management team and board with track-record of creating shareholder value

Management team

Lars-Henrik Røren – CEO

• +30 years experience from Investment Banking and Asset Management Industries with particular Energy sector focus
• Held several senior positions, among them Head of Equities in Formuesforvaltning, Head of ECM and Head of E&P research in SEB Markets, Investment Director in SEB Wealth Management Norge and CoB of Nordic Aquafarms AS

Christopher Andersen Heidenreich – COO

• ~20 years experience managing offshore and shipping assets
• Previous experience from being part of the founding team of Fred. Olsen Windcarrier in 2008 – heavily involved in the development of the offshore wind segment, MD at Awilco Technical Services and experience from Knutsen OAS and V.Ships.

Marius Magelie – CFO

• ~15 years experience from ship-leasing and Investment Banking
• Held several senior positions, among them SVP Finance & IR at Ocean Yield and Partner in ABG Sundal Collier
• Will join the company from February 2022

Board of Directors

Sigurd Einar Thorvildsen – Chairman of the Board

• CEO of the Awilhelmsen Group
• +30 years experience from the Shipping & Offshore industry and extensive knowledge of capital markets
• Several board positions, including Chairman of the Board of Awilhelmsen Capital Holdings AS, Linstow, AS, Awilco AS and Awilco Drilling PLC

Cathrine Haavind – Board Member

▪ Joined Awilhelmsen in 2010 as Head of Strategic Planning and Corporate Communications

Ole Christian Hvidsten – Board Member

▪ Joined Awilhelmsen Group in 2011 where he serves as VP Corporate Finance

Jens-Julius R. Nygaard – Board Member

▪ CEO of Awilco AS and +15 years of experience from shipping and investment companies through various positions in the Awilco group of companies

Daniel Gold – Board Member

▪ CEO of QVT Financial LP, an asset management company and experienced global investor in the shipping and offshore industries

Key financials – per Q3'2021

Consolidated income statement – YTD Q3'2021 Consolidated balance sheet – Sep'21

NOK thousands	Q3 2021	YTD 2021
Operating revenue	838	838
Share of net profit of associates	699	699
Total revenue	1 536	1 536
Operating expenses	0	0
Administrative expenses	-9 070	-14 234
Depreciation and amortisation	-462	-462
Earnings before interest and taxes (EBIT)	-7 995	-13 159
Finance income	16	16
Finance expenses	-21	-99
Net foreign currency exchange gains/losses	-887	-887
Net finance income/(expense)	-892	-970
Profit/(loss) before taxes	-8 887	-14 129
Income tax expense	102	102
Profit/(loss) for the period	-8 785	-14 027

30 09 2021		30 09 2021
	EQUITY AND LIABILITIES
	Total equity	687 925
88 992
2 218	liabilities Non-current
65 910	Deferred liability tax	1 341
129 227	interest-bearing debt Non-current	689 15
286 346	Total liabilities non-current	17 031
	Current liabilities
410 842	Trade payables	6 961
397	Borrowings	19 480
53 847	Other liabilities current	20 035
465 086	Total liabilities current	46 476
751 432	Total equity and liabilities	751 432

IWS | Fully integrated offshore wind solutions provider

1	Positioned through the value chain in market growing by ~8x in 10 years	•	Offshore wind market ex. China expected to reach ~200 GW of installed capacity by 2030
2	Developing distinctive services and solutions portfolio for offshore wind…	•	IWS to grow into a globally leading solutions provider through further organic growth and structural measures
3	…enabled by a leading fleet of high-end CSOVs entering a tight market	• •	2 vessels under construction and 4 fixed price options – significantly in the money Vessels entering a forecasted tight market with contracting strategy aiming to maximize return
4	Owner of leading independent operations and asset manager with fast-growing recurring revenue base	•	Peak Wind offers an attractive financial profile combining growth, sustainable margins and high revenue visibility from multi-year asset management contracts
5	Strong main shareholder and management focused on delivering shareholder value	•	Strongly incentivized and diligent management team backed by highly experienced and long-term shareholder in Awilhelmsen

Thank you

Address: Beddingen 8 | 0118 Oslo | Norway Email: iws@integratedwind.com

https://www.integratedwind.com/