Norwegian offshore wind services company Integrated Wind Solutions (IWS) has entered into an agreement with Japanese trading company Sumitomo Corporation. Under the agreement, Sumitomo Corporation will take a stake in IWS Fleet AS, a subsidiary of Integrated Wind Solutions. The transaction is expected to be completed by the end of June 2024.
Sumitomo Corporation will acquire 25.38% of IWS Fleet with a capital contribution of €60 million and will then take a seat on the board of directors of IWS Fleet, with the remaining 74.62% of IWS Fleet to be held by Integrated Wind Solutions.
Currently, IWS Fleet has taken delivery of two Commissioning Service Operating Vessels (CSOVs), and another four are under construction at China Merchants Heavy Industries Haimen shipyard (CMHI Haimen shipyard) for delivery in 2024 and 2025.
With an overall length of 90 meters, a beam of 19.6 meters, and a design speed of 13 knots, this series of CSOVs can provide transshipment for 120 people and support offshore life and operations for more than 30 days.
The vessel adopts diesel-electric propulsion and DC busbar distribution system, featuring excellent berthing and maneuvering performance, which enables efficient storage and transportation of wind farm equipment and spare parts.
Notably, later in 2023, IWS Fleet announced an agreement with CMHI Haimen shipyard to deliver the IWS Seawalker, IWS Starwalker, IWS Moonwalker and IWS Sunwalker for a total of €36 million.
Notably, later in 2023, IWS Fleet announced that it had reached an agreement with CMHI Haimen shipyard to defer for one year the shipyard installments for the IWS Seawalker, IWS Starwalker, IWS Moonwalker and IWS Sunwalker, for a total of €36 million, to improve the company’s liquidity position.
“We are enthusiastic about continuing to build IWS Fleet into a leading CSOV company together and exploring further expansion. IWS Fleet will be in a financially strong position following this transaction,” said Lars-Henrik Røren, chief executive of IWS.
Takanaru Toyota, general manager of ship and marine business unit at Sumitomo, added: “IWS and Sumitomo Corporation share many visions and ambitions in the offshore wind industry where we see exponential growth and opportunities. We firmly believe that this partnership will boost IWS Fleet’s presence and enhance the value it creates in the CSOV market by leveraging the expertise and network each of us has.”