Integrated Wind Solutions (IWS) has engaged ABG Sundal Collier as co-ordinator and joint bookrunner, and Clarksons Platou Securities and Fearnley Securities to advise on a private placement in connection with a listing on Euronext Growth Oslo
Integrated Wind Solutions is a newly established offshore wind service company currently wholly owned by the Awilhelmsen Group. The company aims to be a leading offshore wind service player, integrating service operation vessels (SOVs) with engineering and manpower services during the construction and operation of offshore windfarms.
The company, through its subsidiaries, has placed newbuild construction contracts with China Merchants Industry Holdings for the construction of two UT5519DE SOVs. The deal also includes options to acquire a further four vessels.
The vessels were ordered by Awind AS, a wholly owned subsidiary of IWS, itself part of Awilco. The vessels, Awind 1 and Awind 2, are scheduled for delivery in Q1 and Q2 2023 respectively from China Merchants Industry Holdings. In addition, Awind has secured an option agreement for up to four additional vessels.
The vessels have an innovative design with flexible mission equipment to handle a variety of tasks required to support offshore windfarms during the installation, commissioning and operations/maintenance phase. They will have a 3D motion-compensated crane, motion-compensated gangway and can accommodate up to 120 people, primarily in single cabins.
The price per share in the offering has been set at Nkr40.00 (US$4.72). It will consist of an offer of 17,500,000 new shares to raise gross proceeds of up to Nkr700M, including Nkr200M in cash already contributed by Awilco. There will also be an over-allotment option of up to 1,250,000 additional new shares, equivalent to Nkr50M. The total size of the offering (including the additional shares) is up to Nkr750M.
The net proceeds will be used to finance instalments for the vessels and for potential acquisition opportunities, as well as for general corporate purposes.
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