Q4 2022 Presentation

27 February 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

Q4 2022 | Recent highlights

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Q4 2022 | Recent highlights (cont.)

IWS Skywalker | Commissioning Service Operation Vessel ("CSOV")

CSOV market | Favourable market dynamics

High oil & gas prices have led to a resurgence in oil & gas work for vessels that have used the wind market as a temporary source of employment during the downturn ("Tier 3 swing-tonnage").

Min Max Midpoint

Source: Clarksons, IWS

1) Assumes that turbines are installed over an average two-year construction period 2) Tier 1: CSOV/SOV, Tier 2: Converted offshore vessels

IWS Fleet | CSOVs contracted at attractive prices

Newbuilding yard prices¹ (EUR million)

Six CSOVs ordered at an attractive average 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 | Q4 2022

	Q3 2022	Q4 2022
Operating revenue	58,388	52,726	PEAK Wind share of net profit of NOK 1.4m less NOK 0.9m
Share of net profit of associates	605	500	amortisation of acquisition-related intangible assets.
Total revenue	58,993	53,226
Operating expenses	-63,230	-57,122	NOK 49m relates to IWS Services
EBITDA	-4,237	-3,896
Depreciation and amortisation	-1,334	-1.646
EBIT	-5,571	-5,542
Finance income	243	924
Finance expense	-033	-701
Net foreign currency exchange gains	-415	1,449
Net financial income / expense	-1,105	1,672
Profit before tax	-6,676	-3,870
Tax benefit / expense	-644	-65
Net profit	-7,320	-3,935
Attributable to non-controlling interests	227	768	Mainly relates to 25% minority interest in ProCon
Attributable to shareholders of the parent	-7,547	-4.703

Key financials | Q4 2022

Balance sheet (NOK '000)
	Q3 2022	Q4 2022		Q3 2022	Q4 2022
Vessels under construction	384,648	532.776	Share capital	57,076	57.076
Other fixed assets	1,736	2,681	Share premium reserve	970,687	969,244
Intangible assets	68,233	66,611	Retained earnings	-15,024	-28,440
Investments, equity method (PEAK Wind)	137,034	134,090	Non-controlling interests	28,923	30,581
Other assets	11,778	8,873	Total equity	1,041,662	1,028,461
Total non-current assets	603,429	745,031
			Long term interest bearing debt	10,437	468
			Deferred tax liability	8,773	3,050
			Other non-current liabilities	1,127	3,943
			Total non-current liabilities	20,337	7,461
Contract assets	42.184	30.531
Trade receivables	35,099	78,888	Trade payables	21,072	16,901
Other short term assets	2,880	6,134	Borrowings	7,120	17,042
Cash and cash equivalents	437,868	248,007	Other current liabilities	31,269	38,726
Total current assets	518,031	363,560	Total current liabilities	59,461	72,669
Total assets	1,121,460	1,108,591	Total equity and liabilities	1,121,460	1,108,591

IWS Fleet | Capex & financing

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