INTEGRATED WIND SOLUTIONS ASA
Sector unknown·IWS · Oslo Børs·Fiscal year to 31/12/2024
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Wind power
Technology
DriverPositive impact: strengthens
“In 2024, over 45 GW of offshore wind capacity was auctioned across key markets, including the Netherlands, France, Germany, and the U.S. Auction interest varied, with mainly strong interest in the UK and Germany. Record auctions for offshore wind volumes are projected for 2025, both in terms of number of sites and installed capacity.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Despite a demanding market for companies operating in the fabrication and outfitting in the OEM supply chain, we performed satisfactorily because we entered the year with a strong order backlog. In the second half of 2024, we maintained a similar focus on building backlog for 2025, a year in which we foresee some industry challenges mainly related to delays at some of the significant offshore wind developments. IWS Services is not immune to these complexities, and its contract backlog for 2025 includes new market segments, such as electrical and mechanical works on offshore substations, where execution and margin risks are higher.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“Owners and developers of offshore wind farms have become more disciplined when terms are not sufficiently attractive. This impacts the demand for related services in the short term.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“This will be the year we will have our entire fleet delivered and further develop our other businesses. IWS will generate significant revenue and earnings growth for the current year.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“The IWS group of companies is wellpositioned to participate in this growth. IWS Fleet will continue to ramp up activity, with additional vessels entering operation in 2025.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“IWS aims to pursue a portfolio strategy that combines short-to-medium-term contracts in the commissioning phase, thereby achieving earnings visibility while securing higher rates.”
Annual report 2024A · The company itself
Market
“IWS aims to integrate purpose-built walk-to-work vessels with complementary engineering and manpower services in the construction and operations phase of offshore wind farms. By diversifying its offerings, the Group aims to position itself as a broad service provider within the offshore wind industry, driving long-term growth and value by enhancing the earnings potential through the bundling of services. The Group is therefore actively developing a comprehensive service offering alongside its vessel operations, IWS operates through two primary business areas, IWS Fleet and IWS Services, as well as an associated company, PEAK Wind.”
Annual report 2024A · The company itself
Market
“Commissioning Service Operation Vessels (CSOVs) specifically designed for offshore wind farms.”
Annual report 2024A · The company itself
Market
“IWS Services specialises in electrical and technical solutions for the global wind industry and offshore wind consulting, which enables IWS Services to deliver a comprehensive range of solutions to meet client needs.”
Annual report 2024A · The company itself
Market
“IWS owns 49% of PEAK Wind, having increased its ownership stake from 30% in 2024. PEAK Wind is a renewable energy specialist offering advisory, intelligence, operations, and asset management services.”
Annual report 2024A · The company itself
Market
“FRAME AGREEMENT WITH SIEMENS GAMESA – AN INDUSTRY-FIRST Securing a frame-term charter agreement with Siemens Gamesa Renewable Energy was another significant milestone for IWS Fleet in 2024. Over the next three years, this partnership will see our Skywalker-class CSOVs supporting offshore turbine commissioning across multiple European projects, mainly in the northern part.”
Annual report 2024A · The company itself
Market
“IWS Services has continued to strengthen its presence in key offshore wind markets across Europe, including the Benelux region, the UK, and Poland, and has entered new market segments, such as electrical- and mechanical works on offshore substations, which involved higher execution and margin risk, but where the long-term prospects are strong.”
Annual report 2024A · The company itself
Chains in: Interest rates weakens, Energy security strengthens
Chains out: this strengthens Steel, strengthens Rare earths and critical raw materials, strengthens Renewables auctions and subsidies, strengthens Power grid expansion
M&A and consolidation
Macro
DriverNegative impact: weakens
“The current charter backlog provides solid visibility for 2025 and 2026, and we expect continued high commercial utilisation. However, in the short term, we expect a significant number of newbuildings will enter the market in 2025 and 2026.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“However, in the short term, we expect a significant number of newbuildings will enter the market in 2025 and 2026. This may impact the competitive landscape for vessel owners, but IWS Fleet is well-positioned for this coming market, where opportunities to act as a consolidator may arise.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“SUMITOMO CORPORATION – A STRATEGIC PARTNERSHIP In May, IWS Fleet entered a strategic partnership agreement with the Japanese Sumitomo Corporation. Welcoming Sumitomo Corporation as a strategic partner was a defining achievement for IWS Fleet, strengthening the company’s financial position with EUR 60 million of new equity at a pre-money valuation of EUR 176 million.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“PEAK WIND – AN EXCITING JOURNEY As part of IWS’ initial investment in PEAK Wind in September 2021, we secured a fixed-price option to increase our ownership from 30% to 49%. We confidently exercised this option, in September, knowing it was value-accretive, backed by PEAK Wind’s impressive performance.”
Annual report 2024A · The company itself
Automation and robotics
Technology
StrategyPositive impact: strengthens
“The signing of this agreement also verifies the value of our strategy of building a fleet of identical, interchangeable vessels.”
Annual report 2024A · The company itself
Utilities
End markets
Market
“The Group focuses on a diverse range of clients for its fleet, primarily large-scale energy operators who seek state-of-the-art assets and a reliable, experienced partner for vessel operations.”
Annual report 2024A · The company itself
Renewables auctions and subsidies
Regulation
DriverPositive impact: strengthens
“In 2024, over 45 GW of offshore wind capacity was auctioned across key markets, including the Netherlands, France, Germany, and the U.S. Auction interest varied, with mainly strong interest in the UK and Germany. Record auctions for offshore wind volumes are projected for 2025, both in terms of number of sites and installed capacity.”
Annual report 2024A · The company itself
DriverNegative impact: weakens
“However, there have also been auctions that have failed to attract relevant bids due to unattractive terms. This is a market risk, and governments have, in the past, addressed failed auctions by improving terms.”
Annual report 2024A · The company itself
Chains in: Wind power strengthens
United States
Geography
DriverNegative impact: weakens
“On the geopolitical side, one of the most significant events was the re-election of President Trump as the 47th President of the United States. This development sent waves through many industries, including offshore wind, introducing uncertainty around future U.S. market policies.”
Annual report 2024A · The company itself
Geography
“The Group has a global geographical footprint, with IWS Fleet’s operations primarily focused on Europe, while IWS Services extends its coverage to Europe, Asia– Pacific and the US.”
Annual report 2024A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“On the geopolitical side, one of the most significant events was the re-election of President Trump as the 47th President of the United States. This development sent waves through many industries, including offshore wind, introducing uncertainty around future U.S. market policies.”
Annual report 2024A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Global trade volumes
Macro
DriverNegative impact: weakens
“However, the global economic situation changed at the beginning of 2025, with escalating uncertainty related to trade policies and markets. We are not directly impacted, but having project-driven business models, we are exposed to the risk of project disturbances driven by market turbulence.”
Annual report 2024A · The company itself
Chains in: Tariffs and trade policy weakens, Geopolitical uncertainty weakens, Business cycle and GDP growth strengthens
Chains out: this strengthens Shipping and logistics
Tariffs and trade policy
Macro
DriverNegative impact: weakens
“However, the global economic situation changed at the beginning of 2025, with escalating uncertainty related to trade policies and markets. We are not directly impacted, but having project-driven business models, we are exposed to the risk of project disturbances driven by market turbulence.”
Annual report 2024A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
Europe
Geography
Geography
“The Group has a global geographical footprint, with IWS Fleet’s operations primarily focused on Europe, while IWS Services extends its coverage to Europe, Asia– Pacific and the US.”
Annual report 2024A · The company itself
Geography
“Europe remains dominant, accounting for over 75% of total capacity.”
Annual report 2024A · The company itself
Asia and emerging markets
Geography
Geography
“The Group has a global geographical footprint, with IWS Fleet’s operations primarily focused on Europe, while IWS Services extends its coverage to Europe, Asia– Pacific and the US.”
Annual report 2024A · The company itself
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 0.06 bn EUR |
| Revenue growth vs. the year before, same method | 146.6 % |
| EBITDA reported by the company | 0.01 bn EUR |
| Net debt debt incl. leasing minus cash | N/A |
| Diluted EPS per share | 0.11 EUR |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (EUR), not converted to DKK. Quotes are shown as the company's own words in the report's original language.