Awilco’s Integrated Wind Solutions has nearly built out its entire fleet.
The Oslo-listed company’s shipowning arm, IWS Fleet, brought in €8m ($8.4m) in the third quarter, up from €100,000 for the same period last year thanks to two commissioning service operation vessels (CSOVs) working the full quarter.
It also took delivery of two other CSOVs in August and November.
Chief executive Lars-Henrik Roren said: “We are proud that IWS Fleet continues to show excellent capabilities, also recognised by our clients.
“We are encouraged that we receive strong interest from current and new clients for our remaining newbuildings.”
During the quarter, the 6,700-gt IWS Skywalker (built 2023) was working on the UK’s Dogger Bank wind farm and the 6,700-gt IWS Windwalker (built 2024) was fixed to Siemens Gamesa.
The 6,700-gt IWS Seawalker (built 2024) was delivered on 23 August and is also working on Dogger Bank.
The fourth, the 6,700-gt IWS Starwalker (built 2024) was delivered on 21 November and is due to arrive in Europe in January.
That vessel was set to be chartered to Greece’s Asso.subsea, but the contract was terminated, with Integrated Wind Solutions booking a cancellation fee for the fourth quarter. It is “in close discussions with charterers” and expects the IWS Starwalker to have work upon arrival.
The company still has two more vessels for delivery, the 6,700-dwt IWS Moonwalker and IWS Sunwalker, next year.
It said offshore wind activity continues to grow, particularly in Europe, which would boost demand for its vessels.
It did note that the fleet was set to double by 2028, but that demand from offshore wind would be able to absorb that growth.
For the quarter, Integrated Wind Solutions recorded a €2.6m profit, up from €600,000 sequentially and a €600,000 loss for the third quarter of 2023.
The performance was backed by a record €16.8m in revenue, up from €5.4m year on year.
Its IWS Services wind farm maintenance division brought in €8.8m in revenue and its PEAK Wind consultancy — where it grew its stake to 49% from 30% during the quarter — added €300,000 in profit.
