Another Norwegian company sets lofty offshore wind goals, prepares for Oslo Stock Exchange

Integrated Wind Solutions (IWS), a newly established offshore wind service company currently wholly owned by the Awilhelmsen Group, opened a bookbuilding period in relation to private placement of shares on 18 March, ahead of listing on Oslo Stock Exchange, expected to take place around 25 March.

The company said it aimed at becoming a leading offshore wind service player by integrating service operation vessels (SOVs) with engineering and staffing services to support the construction and operation of offshore wind farms.

IWS plans to raise NOK 750 million (around EUR 74 million) in gross proceeds through the share placement and use the net proceeds to finance instalments for the company’s vessels and for potential acquisition opportunities, as well as for general corporate purposes. Of the total NOK 750 million planned to be raised, NOK 700 million (around EUR 69 million) will be from new shares and NOK 50 million (around EUR 5 million) through over-allotment.

The company, through its subsidiary Awind, recently ordered two commissioning service operations vessels (CSOVs) from China Merchants Industry shipyard, which are expected to be delivered in 2023. The companies have signed an option for further four such vessels.

According to Integrated Wind Solutions, the demand for CSOVs and SOVs is expected to grow as the number of planned offshore wind farms is increasing, and as projects are getting larger and being built farther out at sea.

IWS is the third company in Norway, involved in the offshore wind sector, to announce or start trading on the Oslo Stock Exchange over the past several days.

BW Ideol, a new floating wind player established after offshore oil & gas service provider BW Offshore took over floating wind foundation developer Ideol, is set to start trading today (18 March). Edda Wind, another CSOV and SOV provider (currently owned by Østensjø and Wilhelmsen), also announced its plans to list on Euronext Growth Oslo, after ordering two more CSOVs that will boost its fleet to eight vessels dedicated to the offshore wind sector.

For the private placement of shares and the subsequent listing on Euronext Growth Oslo, the company has appointed managers ABG Sundal Collier, Clarksons Platou Securities and Fearnley Securities, with ABG Sundal Collier being the global coordinator and stabilisation manager.