Sunday, February 25, 2024

Integrated Wind Solutions agreement with Siemens Gamesa Renewable Energy

Integrated Wind Solutions ASA (“IWS”) has, through its wholly-owned subsidiary, IWS Fleet AS (“IWS Fleet”), entered into a frame term agreement with Siemens Gamesa Renewable Energy A/S (“Siemens Gamesa”), one of the leading turbine manufacturers in the offshore wind industry.

IWS Fleet will, under the agreement, provide the Skywalker-class walk-to-work CSOVs to support offshore turbine commissioning works across multiple Siemens Gamesa offshore projects in North Europe over a three-year period starting in 2025. The minimum commitment under the charter agreement covers about 1,300 days with a revenue backlog of EUR 51-55 million. Furthermore, IWS Fleet has a first right of refusal to provide more vessel capacity if Siemens Gamesa has additional requirements.

Bo Sommer Jacobsen, Head of Marine Operation, Siemens Gamesa commented: “We are pleased to partner with Integrated Wind Solutions and IWS Fleet for our upcoming project portfolio in Northern Europe. This agreement is an important strategic step for Siemens Gamesa to execute our backlog in the coming years. This collaboration, underpinned by IWS’s commitment aligns with our goal to lead the offshore wind industry with innovative and sustainable solutions.”

Lars-Henrik Røren, the CEO, commented: “The award of this frame term agreement is a quality stamp to IWS Fleet’s ability to deliver high-quality, high operability and flexibility to an industry-leading offshore wind turbine provider. This agreement is a significant milestone for IWS and improves the company’s earnings visibility and financial strength.

Christopher Andersen Heidenreich, COO and Managing Director of IWS Fleet, commented: “We are very proud to announce this strategic partnership with Siemens Gamesa Renewable Energy, which is a testament to IWS Fleet. This agreement is one of the largest contracts ever awarded for walk-to-work turbine commissioning, confirming the success of our strategy to build identical and interchangeable vessels supported by a strong organisation onshore and onboard the vessels. We look forward to showcasing the Skywalker class vessels to our clients.”

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