Norway’s Integrated Wind Solutions ASA (IWS), an offshore wind service company, has revealed in its Q3 2024 financial report and presentation that IWS Fleet and Asso.subsea agreed in November to terminate the charter contract that was due to start in Q1 2025.
The Oslo Stock Exchange-listed IWS said that Asso.subsea no longer requires the vessel within the agreed time frame.
A termination fee will be booked as revenue in Q4 without any corresponding costs, according to IWS.
IWS Fleet is in close discussions with charterers about alternative contracts for IWS Starwalker, and expects the vessel to be in commercial operations soon after arrival in Europe in Q1 2025.
Last week, Integrated Wind Solutions ASA revealed that, through its 74.62% owned subsidiary, IWS Fleet AS, took delivery of its fourth CSOV, IWS Starwalker, from the shipyard China Merchants Industry Holdings Co., Ltd.
IWS Starwalker is a commissioning service operation vessel (CSOV), purpose-built to provide services to offshore wind farms.
It is the fourth of a series of six identical sister vessels, with the remaining two vessels scheduled for delivery in 2025.
IWS reported that two vessels were in operation during Q3 with IWS Skywalker on charter with the Dogger Bank consortium and IWS Windwalker on charter with TenneT TSO. IWS Seawalker was delivered from the yard on 23 August and started its first charter with the Dogger Bank consortium on 1 November. IWS Starwalker was delivered from the yard on 21 November and will arrive in Europe in January.
