New Offshore Wind Service Firm Looking to Raise up to $89M via Private Placement


Integrated Wind Solutions, a newly formed offshore wind service company owned by Norway's Awilhelmsen investment group, is eyeing a private placement of new shares in the company in connection with a listing on Euronext Growth Oslo, aiming to raise up to $89 million.

Integrated Wind Solutions describes itself as a company that aims to be a leading offshore wind service player by integrating service operation vessels with engineering and manpower services in the windfarm’s construction and operations phase. 

The company has, through its subsidiaries, entered into two newbuild construction contracts with the Chinese shipyard China Merchants Industry Holdings Co., Ltd. for the construction of two UT5519DE Design Wind Farm Support Vessels with delivery in 2023, in addition to options to acquire a further four such vessels.

The main function of the vessels is to ensure safe and reliant walk-to-work operations for technicians and services personnel with focus on minimizing disturbance of power production. 

"Historically the staff has been transported to the offshore wind farms using helicopters and by a combination of Crew Transfer Vessels and moored floating hotels, both of which are expensive and offer limited support in operations. With more farms being built farther off the shoreline, the requirements for larger and more stable vessels with offshore accommodation, such as Service Operation Vessels (“SOVs”) and Commissioning Service Operations Vessels (“CSOVs”), have become prevalent," IWS said.

"Both SOVs and CSOVs are purpose-built for efficient handling of the operations and maintenance phase of the offshore wind farms and amid the increasing number of planned offshore wind turbines, with increasing complexity and distance from shore, there is expected to be strong demand for CSOVs and SOVs to assist in the commissioning and operations and maintenance phase," the company said.

Private placement

The company has engaged ABG Sundal Collier ASA as Global Coordinator and Joint Bookrunner and Clarksons Platou Securities AS and Fearnley Securities AS as Joint Bookrunners to advise on and effect a contemplated private placement of new shares in the company (the “Offering”) in connection with a listing on Euronext Growth Oslo.

The price per share in the Offering has been set to NOK 40.00.

The offering will consist of an offer of 17,500,000 new shares to raise gross proceeds of up to NOK 700 million [~83 million] (including NOK 200 million in cash already contributed by Awilco AS.

There will also be an over-allotment option of up to 1,250,000 additional new shares, equivalent to NOK 50 million.

The total size of the Offering, including additional shares, is up to NOK 750 million (~$89 million).

The net proceeds from the Offering will be used to finance installments for the company’s vessels and for potential acquisition opportunities, as well as for general corporate purposes, IWS said.

According to IWS, Awilco AS has subscribed for, and been allocated, NOK 200 million in the Offering. In addition, QVT has subscribed for NOK 50 million in the Offering. QVT will furthermore be proposed to be represented at the Company’s Board of Directors following the Listing. Lars-Henrik Røren, the Company’s CEO1, and Christopher Andersen Heidenreich, the Company’s COO, has, in addition, subscribed for, and will be allocated, 62.500 shares and 25,000 shares respectively.

Furthermore, six cornerstone investors, have, subject to certain terms and conditions, undertaken to subscribe for and be allocated shares in the Offering for NOK 260 million as follows: (i) Eika Kapitalforvaltning (NOK 60 million); (ii) Nordea Asset Management on behalf of managed funds (NOK 60 million); iii) Sundt AS (NOK 50 million); iv) Danske Invest (NOK 35 million); v) Sissener AS (NOK 30 million) and vi) Arctic Asset Management (NOK 25 million), IWS added.

The bookbuilding period for the Offering will start March 18, 2021 at 09:00 CET and close on 19 March 2021 at 14:00 CET.

IWS has applied for, and will, subject to the successful completion of the Offering and the necessary approvals from the Oslo Stock Exchange, list the shares of the Company on Euronext Growth Oslo. The first day of trading on Euronext Growth Oslo is expected to be on or about 25 March 2021.

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