IWS Orders Four Skywalker-Class CSOVs for $300m

Integrated Wind Solutions (IWS) subsidiary IWS Fleet has placed a firm order for four new Skywalker-class commissioning service operation vessels (CSOVs) at a combined yard price of approximately $300 million (€260 million), according to TradeWinds. The company, which is listed in Oslo, intends to expand its owned fleet from six to ten vessels, with the newbuilds scheduled for delivery in 2029 and 2030.

Contract Details and Pricing

IWS Fleet has signed fixed-price turnkey contracts with Nantong Rainbow Offshore & Engineering Equipment in China, with each vessel priced at around $75 million (€65 million), as reported by Splash 247. The company has also secured options for an additional four vessels at the same firm prices, with deliveries scheduled for 2030 and 2031, subject to adjustments for foreign exchange rates and key sub-suppliers. The total value of exercising all options would lift the fleet to 14 CSOVs.

Design and Equipment

The newbuilds will adhere to the Kongsberg Maritime-designed Skywalker platform, known for its reliability and performance. Each vessel will be equipped with 3D motion-compensated cranes and gangways supplied by MacGregor Norway, ensuring optimal operational efficiency and safety, according to Marine Link.

Financing and Operational Plans

IWS Fleet plans to finance the new vessels through operating cash flow and additional debt, without raising new equity, maintaining its ordinary quarterly dividend in line with its dividend policy, as per Marine News. Payments will be made in instalments during construction, with the remaining 50% due on delivery. The company's strategic agreement with an existing client in Europe provides project visibility through 2029, excluding options, while potential opportunities in the Asia-Pacific region are also being considered.

Expansion Strategy

Christopher Andersen Heidenreich, Managing Director of IWS Fleet and COO of Integrated Wind Solutions, stated, "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 shipyard to ensure the vessels are delivered on time and on budget."

What This Means for Operators

This significant investment by IWS Fleet will enhance its capacity to support offshore wind projects, providing reliable and efficient services to clients. The expansion of the fleet will likely boost the company's market position in the growing offshore wind industry, offering a competitive edge with its advanced Skywalker-class vessels. Operators can anticipate increased support and flexibility in scheduling and project execution as IWS Fleet continues to meet the growing demand for CSOV services in both Europe and the Asia-Pacific regions.

This strategic move underscores IWS Fleet's commitment to meeting the burgeoning needs of the offshore wind sector, positioning it as a key player in the industry's future growth.

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