Q1 2023 Presentation

25 May 2023

IWS | A fully integrated offshore wind solutions provider

2) 30% ownership. 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)

¹⁾ Clarksons

IWS business areas | Covering integrated services and asset management

Q1 2023 | Recent highlights

Q1 2023 | Recent highlights (cont.)

IWS Fleet | Vessels under construction at CMI shipyard

Construction of newbuilding 5 and 6, IWS Moonwalker and IWS Sunwalker, is scheduled to start in Q4 2023 and Q1 2024, respectively

CSOV market | Favourable market dynamics

Source: Clarksons, IWS

1) Assumes that turbines are installed over an average two-year construction period

2) Vessel demand excludes China and North America. Tier 1: CSOV/SOV, Tier 2: Converted offshore vessels

IWS Fleet | CSOVs contracted at attractive prices

Newbuilding yard prices¹ (EUR million)

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 | Well positioned to benefit from a strong market

Key financials | Q1 2023

	Q4 2022	Q1 2023
Operating revenue	52,726	61,990	PEAK Wind share of net profit of NOK 2.7m less NOK 0.9m
Share of net profit of associates	500	1.840	amortisation of acquisition-related intangible assets.
Total revenue	53,226	63,830
Operating expenses	-57,122	-75,238	NOK 58.0m relates to IWS Services
EBITDA	-3,896	-11,408
Depreciation and amortisation	-1,646		-1,067 ProCon order backlog fully amortised by mid-January
EBIT	-5,542	-12,475
Finance income	924	2,267
Finance expense	-701	-527
Net foreign currency exchange gains	1,449	4,032
Net financial income / expense	1,672	5,772
Profit before tax	-3,870	-6,703
Tax benefit / expense	-65	-428
Net profit	-3,935	-7,131
Attributable to non-controlling interests	768		754 Mainly relates to 25% minority interest in ProCon
Attributable to shareholders of the parent	-4,703	-7.885

Key financials | Q1 2023

Balance sheet (NOK '000)
	Q4 2022	Q1 2023		Q4 2022	Q1 2023
Vessels under construction	532,776	657.597	Share capital	57,076	78,289
Other fixed assets	2,681	4,192	Share premium reserve	969,244	1,288,986
Intangible assets	66,611	71,479	Retained earnings	-28,440	3,359
Investments, equity method (PEAK Wind)	134,090	146,989	Non-controlling interests	30,581	34,164
Other assets	8,873	8,668	Total equity	1,028,461	1,404,798
Total non-current assets	745,031	888,925
			Long term interest bearing debt	468	872
			Deferred tax liability	3,050	4,180
			Other non-current liabilities	3,943	4,705
			Total non-current liabilities	7,461	9,757
Contract assets	30,531	52.195
Trade receivables	78,888	51,894	Trade payables	16,901	19,989
Other short term assets	6,134	5,641	Borrowings	17,042	22,502
Cash and cash equivalents	248,007	493,565	Other current liabilities	38,726	35,174
Total current assets	363,560	603,295	Total current liabilities	72,669	77,665
Total assets	1,108,591	1,492,220	Total equity and liabilities	1,108,591	1,492,220

IWS Fleet | Capex & financing

						~	~

1) Debt facility signed for IWS Skywalker & IWS Windwalker for up to EUR 56.25m. Term sheet agreed for up to EUR 62.4m bank financing of IWS Seawalker & IWS Starwalker. The bank financing for IWS Moonwalker & IWS Sunwalker is expected to be secured in 2024.