Q3 2023 Presentation

22 November 2023

IWS | A fully integrated offshore wind solutions provider

2) 30%* ownership. Fixed price option exercisable by September 2024 to acquire an additional 19%* of the A-shares (*pre-dilution from share-based option program to key employees)

¹⁾ Clarksons

IWS | A fully integrated offshore wind solutions provider

1) 97% of share capital; 100% of votes. IWS Services owns 75% of ProCon and 100% of Green Ducklings, 2) Fixed price option exercisable within three years from original share purchase to acquire an additional 19% of shares (pre-dilution from share-based option program to key employees)

Q3 2023 | Recent highlights

Q3 2023 | Recent highlights (cont.)

Offshore wind | Market observations¹

IWS Fleet | Low newbuilding prices → high cash flow yields

Newbuilding yard prices¹

(EUR million) Attractive free equity cash flow yields ► ²

IWS's favourable capex improves free cash flow yield in a rising market.

IWS Fleet's six CSOVs ordered at an attractive average fixed yard price of EUR 48m per vessel, which includes additional equipment and features that would add EUR ~5m to standard yard prices.

IWS Fleet's yard price is based on about 50% Norwegian equipment and content.

1) Source: Clarksons

2) Assumed for comparison only: 60% loan with 12-year amortisation profile and 6% interest, 90% utilisation, operating expenses of EUR 12k per day and EUR 1k margin on victualling

IWS Fleet | Well positioned to benefit from a strong market

1) IWS has the option to nominate which Skywalker class vessel will perform the services

IWS Fleet | Vessels under construction at CMI shipyard

The steel-cut of newbuilding 5 and 6, IWS Moonwalker and IWS Sunwalker, is scheduled to start in Q4 2023 and Q1 2024, respectively

The Skywalker class CSOV's

IWS Skywalker | Galley and Lounge at the Viking Panorama Deck

IWS Skywalker | Dining facilities

IWS Skywalker | Client office and conference room

IWS Skywalker | Recreational facilities

Key financials | Q3 2023

Income statement (NOK '000)
	Q2 2023	Q3 2023
Operating revenue	61,454	61,826
Share of net profit of associates	-1,191	1,235	PEAK Wind share of net profit of NOK 2.2m less NOK 1.0m amortisation of acquisition-related intangible assets.
Total revenue	60,263	63,061
Operating expenses	-71,904	-67,321	NOK 58.2m relates to IWS Services
EBITDA	-11,641	-4,260
Depreciation and amortisation	-1.464	-1.795
EBIT	-13,105	-6,055
Finance income	3,184	3,087
Finance expense	-655	-736
Net foreign currency exchange gains	2,711	-2,628
Net financial income / expense	5,240	-277
Profit before tax	-7,865	-6,332
Tax benefit / expense	-284	-77
Net profit	-8,149	-6,409
Attributable to non-controlling interests	180	-206
Attributable to shareholders of the parent	-8,329	-6,203

Key financials | Q3 2023

Balance sheet (NOK '000)
	Q2 2023	Q3 2023		Q2 2023	Q3 2023
Vessels under construction	713,866	732,896	Share capital 78,289		78,289
Other fixed assets	21,392	20,262	1,288,976 Share premium reserve		1,288,976
Intangible assets	73,002	69,680	Retained earnings 3,196		-25,522
Investments, equity method (PEAK Wind)	149,819	145,079	35,515 Non-controlling interests		34,198
Other assets	9,006	16,200	Total equity 1,405,976		1,375,941
Total non-current assets	967,085	984,117
			Non-current interest-bearing debt	13,634	13,019
			Deferred tax liability	5,307	5,202
			Other non-current liabilities 7,716		7.740
			Total non-current liabilities	26,657	25,961
Contract assets	29,396	37,089
Trade receivables	75,287	55,028	Trade payables 15,423		19,587
Other short term assets	9.362	10.831	Current interest-bearing debt 12,701		5,742
Cash and cash equivalents	408,678	373,264	Other current liabilities 29,051		33,098
Total current assets	522,723	476,212	Total current liabilities 57,175		58,427
Total assets	1,489,808	1,460,329	Total equity and liabilities 1,489,808		1,460,329

IWS Fleet | Capex & financing

IWS Fleet Total yard payments (EUR million)
	Paid-in per Q3'23	Remainder of 2023	2024	2025	Total payments
IWS Skywalker	16	28			44
IWS Windwalker	16		28		44
IWS Seawalker	12		36	-	48
IWS Starwalker	12		36	-	48
IWS Moonwalker	5		8	40	53
IWS Sunwalker	5			48	રૂડે
Total	65	28	109	88	290
Equity financing	65	0	18	19	102
Committed debt financing	-	28	91	-	119
Expected debt financing	I	-	-	69	69

1) Debt facility signed for IWS Skywalker, IWS Windwalker, IWS Seawalker and IWS Starwalker for up to EUR 118.65m. 2) The bank financing for IWS Moonwalker and IWS Sunwalker is expected to be secured in 2024.