Norway’s Integrated Wind Solutions (IWS) has lined up debt financing for its new offshore wind ships.
The Awilco-backed company said the IWS Fleet shipowning subsidiary has secured credit approval for an expanded green credit facility of up to €186.9m ($208m) covering its six commissioning service operation vessels (CSOVs), two of which are in operation.
The lender was not named.
The expanded facility is expected to become effective in the third quarter.
IWS had previously drawn down a third €31m tranche to finance the third ship in its fleet, due to start operations in October.
“The group is continuously exploring alternatives to optimise financing and commitments,” it said.
This includes bank, lease, bond and equity financing.
Net profit in the second quarter was €600,000, compared with a loss of €700,000 in the same period last year.
Revenue hit €12.6m, up 143% from 2023, driven by the charter operations of the first two vessels.
New contracts signed
IWS had its CSOVs in operation in the quarter at the Dogger Bank wind farm off north-eastern England and with the Netherlands’ TenneT TSO.
Four more CSOVs are coming from China Merchants Heavy Industry.
IWS signed two additional contracts as part of its frame-term agreement with Siemens Gamesa.
Both deals were signed with extra firm days “above the minimums” defined in the agreement.
Chief executive Lars-Henrik Roren said: “The second quarter was eventful, with two vessels in operation and the closing of the strategic partnership with Sumitomo Corp.
“We are proud that the vessels have shown excellent capabilities, also recognised by our clients.
“IWS is now on a solid business and financial track, and we are continuously exploring further growth initiatives.”
In May, IWS brought on board the financial might of Japanese trader Sumitomo to expand its fleet.
IWS Fleet raised €60m by issuing new shares to Sumitomo based on a pre-money valuation of €176m.
The Japanese group took a 25.38% stake and a seat on the board, with IWS holding the rest of the stock.
