Presentation Pareto Energy Conference

Lars-Henrik Q. Røren CEO

15 September 2021

"Offshore wind will be the energy sectors fastest growing business over the next 20 years"

Dev Sanyal, BP Executive Vice President for gas and low carbon energy

Extreme growth needed to reach green deal target by 2050

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

The IWS storyline....our equity story.

To build and operate CSOV's* / SOV's**
Secure contracts with top tier counterparties
A mix of shorter duration, higher rates installation / commissioning work and the longer duration, lower rates, lower risk contracts in the O&M business
Avoid being a pure tonnage provider in the "Red Ocean"
In addition (to our vessels), build a concentrated portfolio of service, solutions & data / intelligence companies.
Bundle our vessel offerings with services, solutions and data that add value for the OEM's and / or utilities
Grow our top-line and profits quicker than we grow the number of shares issued
Debt yes, but not indebted
Deliver highly attractive risk-adjusted returns
No sustainability short-cuts.

IWS legal structure – in March during IPO process

corporate services

Management agreement for

Awind 5 AS

The IWS strategy: To integrate services with / through vessel offerings plus operatorship & AM

Sources: 1) Assumes EUR 80k/MW p.a. in O&M spending, 1GW wind farm with 10MW turbines. 2) Charter rate of EUR 30k p.d

IWS legal and operational structure – as of today*

Products • Market analysis
-
- operations
Commercial & tenders
Intelligence (data) & Performance (data)

The core behind the three acquisitions

Delivering consultancy and advisory services
- ‒ A pure offshore wind specialist
To bridge Clients from being a green duckling today to become a green swan tomorrow
- ‒ Evaluate technical concept
- ‒ Commercial quality of license
- ‒ People & staffing
Has some really good client names
A young company, but with a solid track
- ‒ High growth rate
Green Ducklings Partner & Founders will be key management people for our IWS Service Solutions strategy.
Investment return: Expected to be high, however GD is core for IWS SS mngt strategy
Delivering electrical services, solutions and engineering to the wind industry
- ‒ Grows significantly within offshore wind
- ‒ A recognized partner
Focused on electrical components to wind towers and foundations
- ‒ Contracting & procurement
- ‒ Installation commissioning
- ‒ Electrical engineering & design
- ‒ Preventive maintenance & inspection
Some very strong client names
Presence in Asia, Europe and the US
Investment return: Expected high / > 30% pa (5 years)

Delivering services across the entire lifecycle of wind assets / projects.
- ‒ A full package of knowledge
AM services for on-/ offshore windfarms
- ‒ Commercial & Operational mngt
- ‒ Financial mngt
Project and licence consultancy
Data & Intelligence services
A fast growing company, "global" footprint ‒ Expected to outgrow competition
Have some of the best names as clients
Solid 4 years track since firm inception
Call option secured (go to 49%) @ fixed terms
Investment return: Expected high / > 30% pa

THE INDUSTRY DEMANDS DEDICATED TONNAGE

● Steadily growing demand

‒ Tenders for shorter and longer contracts commencing 2023 onwards issued
Limited amount of dedicated vessels
- ‒ In addition to IWS Fleet, only two CSOVs ordered on speculation YTD
- ‒ IWS Fleet one out of few having available vessel for 2023
All tenders favour purpose built vessels due to efficiency and fuel consumption
- ‒ Green check off and taxonomy rules have tender traction
IWS Fleet vessels highest specification in the market
- ‒ Zero emission capability (2,2MWh battery system) plug-in hybrid
- ‒ Zero emission solution available pending clients need (battery powered, hydrogen etc.)
- ‒ IWS design fits for both CSOV and SOV purposes (commissioning and O&M phase)
IWS Fleet has a highly competitive new build price
- ‒ Latest new build for CSOV reported at €50m+extras (15%+ higher cost than IWS vessels)
IWS Fleet has intentions to declare optional vessels at attractive price

STATE-OF-THE ART DESIGN PROVIDING HIGH OPERABILITY AND GREEN NEEDS CHECK OFF

The motion compensated gangway can be adjusted in height to access all turbine platforms, both floating and bottom-fixed, and regardless of turbine size

Dedicated motion compensated 3d "colibri" crane for transferring parts from floating vessel to fixed platform safely

Premium cabin and catering standard securing optimal conditions for the wind farm technicians

Optimized vessel design, propulsion and power plant to achieve zero emissions without compromising on operability or safety

Equipped with photovoltaic cells (solar) and largest battery pack in the industry to achieve lower emissions E

Illustration of IWS Fleet vessel with connected gangway in a wind farm

Loss from wind to wake

DOGGER BANK PROJECT

First vessel has been contracted to the Dogger Bank Windfarm A & B
- ‒ Worlds largest offshore wind farm under development
- ‒ Consortium owned by Equinor, SSE and ENI
- ‒ One of the most experienced wind farm developers
Vessel shall assist turbine OEM General Electric with commissioning works
- ‒ 13MW GE Renewable Energy Haliade-X
- ‒ Commencement Q2 2023, 546 days in total (Dogger Bank A & B)
- ‒ Option for Dogger Bank C, 331 days
Financials:
- ‒ Firm contract in day-rate EBITDA in line with what was communicated on shorter contracts in IPO presentation
- ‒ Option: Better terms, higher rates

Dogger Bank Wind Farm

NEWBUILD SCHEDULE @ CMHI

Experienced newbuild project and site team in place
- ‒ Key-people moving to yard in Q4 21.
All key equipment ordered according to agreed makers list
- ‒ Majority is from Norwegian suppliers
Engineering ongoing
- ‒ 3D model and drawings in production and under review
- ‒ Class and flag review of drawings
- ‒ Steel cutting Q1 2022
Yard price some EURm 44
- ‒ EURm 47 all-in delivered Europe
- ‒ Instalments: 10/10/10/70
- ‒ First instalment paid 1H 21, second to follow in Q1 22

In short: 6 months of a massive transformation

March: Successful IPO
- ‒ NOKm 704 in gross cash proceeds
April: Secures contract on world's largest offshore wind farm project under development
June: Establish new Service & Solutions subsidiary in Denmark: IWS Service Solutions A/S (IWS SS)
July: IWS SS acquires majority in Danish wind electrical solution provider ProCon Group A/S
- ‒ 75% ownership, 100% of the voting A-shares. Right to full takeover at set year(s)
- ‒ DKKm 60 (~ NOKm 83) initial investment
July: IWS SS acquires Danish offshore wind specialist consultancy Green Ducklings A/S
- ‒ 100% ownership
- ‒ Price not published
- ‒ Green Ducklings founders / partners to become IWS SS management people
September: Invests in Operations and Asset Management company PEAK Wind Group ApS
- ‒ 30% ownership, plus 3 years option to increase to 49% (@ fixed price)
- ‒ DKKm 90 (~ NOKm 124) initial investment
September: Re-name Awind AS to IWS Fleet AS
April-September: Core Site team people / new building seniors recruited
- ‒ Maybe most important for our success: The best people!

Offshore wind is expected to be the fastest growing industry within the energy space the next 20 years. IWS has a strategy and business plan to be a part of this journey.

The Green Deal mission: To make ample supplies of green power sources-into-green fuel / energy carriers as soon as possible with OK financials. However, if offshore wind do not successfully deliver volumes, Green Deal will be a blow.

But keep in mind, the future is faster than you think. Its just around the corner. You have to be prepared. Are you?

We in Integrated Wind Solutions are.

Bring on the future!

AI Terminal

Integrated Wind Solutions ASA

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