Four newbuild CSOVs will expand IWS Fleet’s owned fleet from six to ten vessels, with deliveries scheduled for 2029 and 2030
Integrated Wind Solutions ASA (IWS) has announced that its subsidiary, IWS Fleet, has entered into contracts for the construction of four new Skywalker-class Commissioning Service Operation Vessels (CSOVs), increasing its owned fleet from six to ten vessels upon delivery.
The newbuild programme will strengthen IWS Fleet’s capacity to support offshore wind projects across the installation and commissioning phases, while expanding its operational presence in the growing offshore wind service vessel market.
The four CSOVs will be constructed under fixed-price turnkey contracts with Nantong Rainbow Offshore & Engineering Equipment Co., Ltd., with deliveries scheduled for 2029 and 2030.
“Building on the success of our Skywalker class vessels, we are expanding the proven platform that has been highly valued by our customers since the introduction of IWS Skywalker in 2024. This expansion from six to ten vessels enables us to bring the quality, reliability and performance that IWS Fleet is known for to a broader range of projects, while growing alongside our clients. We look forward to working closely with the experienced team at Nantong Rainbow Offshore & Engineering Equipment Co., Ltd shipyard to ensure the vessels are delivered on time and on budget.” says Christopher Andersen Heidenreich, Managing Director of IWS Fleet and COO of Integrated Wind Solutions ASA.
The new CSOVs will be based on a Kongsberg Maritime design and equipped with three-dimensional motion-compensated cranes and gangway systems supplied by MacGregor Norway AS. Building on the success and learnings from the Skywalker class CSOV, the new vessels will continue to raise the bar for performance, safety and reliability. The expanded fleet of ten Skywalker-class vessels will enhance the operational and commercial flexibility to meet client demand, while IWS Fleet will leverage the benefits of having a fleet of interchangeable and similar vessels.
The newbuilding program builds on IWS Fleet’s proven track record, key personnel and experience from the previous successful newbuilding project. The delivery schedule aligns well with the fundamentals of the offshore wind industry, where vessel demand is expected to experience strong growth. Apart from IWS Fleet’s four-vessel order, only one CSOV has been ordered for delivery in 2029 or later.
IWS Fleet already has visibility through 2029 (excluding options) through its strategic agreement for the European region with an existing client, and further opportunities to engage in projects across the Asia-Pacific region. These newbuildings will be a strategic enabler to continue to grow with our clients and follow them into new markets.
The firm yard price is around EUR 65 million per vessel, corresponding to an aggregate firm yard price of around EUR 260 million for the four vessels. IWS intends to finance the vessels without raising additional equity whilst maintaining its ordinary quarterly dividend in line with the dividend policy. The Company expects to fund the newbuilding programme through a combination of cash generated from operations and additional debt. The payment terms follow customary industry standards, with instalments paid during construction and the remaining 50% payable upon delivery. The final financing structure will depend on, among other factors, market conditions, available liquidity, operating cash flow and debt capacity.
In addition to the four firm newbuildings, IWS Fleet has secured options for four additional vessels at the same firm prices with scheduled delivery in 2030 and 2031, subject to certain adjustment factors for changes in foreign exchange rates and key sub-suppliers.
“We are excited to grow IWS Fleet from six to ten CSOVs, taking a leading role in the dedicated CSOV market, together with our strategic partner Sumitomo Corporation. This growth will strengthen our earnings potential for the benefit of all shareholders. Our current business plan is to double the EPS when the full fleet is in operation, and to finance the expansion without raising additional equity, while continuing to pay an ordinary quarterly dividend to shareholders. This newbuilding order is the next step towards our ambition of providing efficient vessel and other services to the offshore wind industry.” says Lars-Henrik Røren, CEO of Integrated Wind Solutions ASA.
