IWS.OL Integrated Wind Solutions
Offshore · CSOV · 76 documents
Integrated Wind Solutions' 6-vessel offshore fleet should earn about $52,971 a day in 2026Q3 and pay NOK 1.00 a share. That is our forecast (PATTERN).
Yields annualise each quarter ×4 at the last close, $6.64 (2026-10-19). Our model is not company guidance.
What will Integrated Wind Solutions pay for 2026Q3?
Rates in, dividend out 2026Q3
Model Your scenarioSet a rate per vessel class and the statement below re-prices: our model’s figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.
Latest rates
| Class | Company earned | Booked 2026Q3 | Market now | 8 weeks |
|---|---|---|---|---|
| Csov · 6 | $52,9712026Q2 · fleet avg | —none printed | —no open $/day series |
Company earned: the issuer’s own reported TCE (linked). Booked: cover the issuer printed for 2026Q3. Market now: the median across the broker route prints we hold for the class — a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago.
Your rates every day is at your rate
2026Q3 P&L and cash
| Line | Model | Your scenario | Δ | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Vessel-days, days modelledShips on the fleet list × the quarter's calendar days for csov: no off-hire or drydock days are deducted there. |
552 | 552 | |||||||||
By class
| |||||||||||
| Fleet TCE, $/day assumed | 52,971 | 52,971 | |||||||||
Revenue (TCE basis), $m assumedVessel-days × fleet TCE. |
29.2 | 29.2 | |||||||||
Vessel opex, $m assumed2026Q2: $12.5m over 552 vessel-days, held per day. |
(12.5) | (12.5) | |||||||||
G&A, $m assumed2026Q2: $0.0m over 552 vessel-days, held per day. |
0.0 | 0.0 | |||||||||
| EBITDA, $m assumed | 16.7 | 16.7 | |||||||||
Hire for chartered-in ships, $mNot on file for any quarter (not extracted, or not disclosed). |
— | — | |||||||||
Interest expense, $m assumed2026Q2: $2.6m over 552 vessel-days, held per day. |
(2.6) | (2.6) | |||||||||
Scheduled debt amortisation, $m stated2026Q2: $1.8m over 552 vessel-days, held per day (the issuer’s scheduled principal). |
(1.8) | (1.8) | |||||||||
Drydock cost, $mNo separate drydock cash line on file. |
— | — | |||||||||
Cash break-even, $/day assumedΣ cash costs above ÷ vessel-days. |
30,649 | 30,649 | |||||||||
| Cushion vs fleet TCE, $/day | 22,322 | 22,322 | |||||||||
Free cash flow to equity, $m assumedRevenue − cash costs: the cash available for distribution. |
12.3 | 12.3 | |||||||||
Maintenance capex, $mNot disclosed as a cash line; not in the model’s cash. |
— | ||||||||||
Dividend policy pattern
No stated payout policy on file.
Dividend by declared rate held flat; it does not move with the rate, so your scenario leaves it unchanged.
| Output | Model | Your scenario | Δ |
|---|---|---|---|
| Estimated DPS, NOK /share pattern | NOK 1.00 | ||
| Forward yield, run-rate % | 6.4% |
Yield annualises the quarter’s DPS × 4 (a run-rate, not a forecast of the year) against the NOK 62.44 close on 2026-10-19.
This dividend is set by declared rate held flat, not by the rate — your scenario moves the cash line, not the DPS.
Showing the model’s own figures. Setting your own rates needs JavaScript.
Dividend per share declared · model
Market context — rates, the dividend, and the price
Rates and dividend — realized rate and declared
Bars are the fleet TCE this issuer reported. Dashed-outline bars are the model estimate — see Dividend forecast.
The line is the declared dividend per share — dashed where it is the model's estimate. Model estimate — not issuer guidance.
Forward (our model — model quarter ×4): NOK 4.00/yr · @ $6.64 (as of 2026-10-19) = 6.4% yield (spot-exposure scenario)
How we got the number
How to read this page
Every figure here is built the same way: the fleet's vessel-days are priced at the rate its classes earned, costs and debt service come off, and what is left is measured against the dividend the company actually declared. Nothing is estimated where it can be sourced, and a number that cannot be sourced is withheld rather than filled in. The full method, and the rates behind it →
Where IWS.OL departs from that
- No market index covers this fleet's vessel types, so each is priced at the company's own last realized rate per calendar vessel-day (revenue divided by vessel-days), held flat — the revenue track record shows how that has done.
- Dividends are declared in NOK while the share price is converted to USD, so a yield is only shown where both sides can be put on the same currency.
What drives it — fleet TCE, 2026Q3
Earnings bridge — 2026Q2 → 2026Q3
Financials & fleet
Latest quarter 2026Q2 2 qtrs old
6× csov current
Fleet model — 2026Q3
Fleet model estimate — not issuer guidance.
| Class | Ships | TC | Spot | % Fixed | Guided $/d | Spot $/d | Blended $/d | QTD rev $M | Modeled Q rev $M |
|---|---|---|---|---|---|---|---|---|---|
| Csov | 6 | — | — | — | — | — | 52,971 | — | 29.2 |
| Total | 6 | 52,971 | — | 29.2 | |||||
Guided rates are issuer-booked cover for 2026Q3 blended with the company's own realized rates for the open days.
Bear uses booked coverage only; Base prices open vessels at the company's own last realized fleet rate — no market index covers this fleet, so there is no peak-index Bull case.
Declared $1.00 in each of the last 3 quarters — the forward figure is the rate itself, not a TCE-linked model. No share count on file, so this rate is not checked against modelled cash.
Model gaps & assumptions
csov: no index and no guidance — priced at the issuer's own last realized fleet rate $52,971/day (2026Q2, derived: revenue per vessel-day — IWS Fleet EUR 24,875k x 1.16271 / (6 x 91)), held flat (owner ruling 2026-09-26) · one-model DPS not used: fewer than 3 quarters of rate and dividend history, no break-even, or it does not explain the company's own dividends (R² < 0.5) · DPS is the declared rate: NOK 1.000 in each of 3 quarters (2025Q4, 2026Q1, 2026Q2) — held flat, so it is not modelled from TCE
Profit statement highlights
| Line | 2026Q2 | 2026Q1 | YoY Δ |
|---|---|---|---|
| Revenue | $28.9M | — | — |
| Opex | $12.5M | — | — |
| Net income | — | — | — |
reconciliation: insufficient data for an earnings bridge (2026Q2) earnings bridge incomplete — treat income-derived figures as provisional
Full P&L grid — 3 quarters
| Line item | 2026Q2 | 2026Q1 | 2025Q4 |
|---|---|---|---|
| Revenue $M | 28.9 | — | — |
| Voyage expenses $M | — | — | — |
| Vessel opex $M | 12.5 | — | — |
| G&A $M | 0.0 | — | — |
| Depreciation $M | — | — | — |
| Interest expense, gross $M | 2.6 | — | — |
| Net income $M | — | — | — |
| Declared DPS | NOK 1.00 | NOK 1.00 | NOK 1.00 |
Realized fleet TCE
Realized fleet TCE versus benchmark: 1 points, 2026-04-01 to 2026-04-01; Realized fleet TCE latest 52,971.00.
Benchmark comparison will appear once issuer-printed benchmark data is available.
Benchmark index — monthly average
Benchmark index monthly average: 5 points, 2025-08-01 to 2026-04-01; HE semi dayrate (fixtures) latest 450,000.00; 7th-gen drillship (fixtures) latest 357,250.00; 6th-gen drillship (fixtures) latest 300,000.00; Jackup dayrate (fixtures) latest 150,000.00.
Guidance & sources
Sources — press, filings & documents
Press & filings by quarter
Recent documents
- mfn 2026-09-30T12:22:21 IWS: IWS Fleet orders four Skywalker class CSOV newbuildings, with no new equity planned and ordinary dividends maintained (2026-09-30)
- newsweb 2026-09-30T10:22:21Z IWS Fleet orders four Skywalker class CSOV newbuildings, with no new equity planned and ordinary dividends maintained (2026-09-30)
- mfn 2026-09-07T07:05:00 Integrated Wind Solutions ASA: Ex dividend NOK 1.00 today (2026-09-07)
- newsweb 2026-09-07T05:05:00Z Integrated Wind Solutions ASA: Ex dividend NOK 1.00 today (2026-09-07)
- mfn 2026-08-27T07:05:00 Integrated Wind Solutions Q2 2026: Record high EPS and third declared dividend (2026-08-27) presentationreport
- mfn 2026-08-27T07:05:00 Integrated Wind Solutions ASA: Key Information Relating to Cash Dividend (2026-08-27)
- newsweb 2026-08-27T05:05:00Z Integrated Wind Solutions ASA: Key Information Relating to Cash Dividend (2026-08-27)
- newsweb 2026-08-27T05:05:00Z Integrated Wind Solutions Q2 2026: Record high EPS and third declared dividend (2026-08-27)
- mfn 2026-06-28T23:50:00 IWS: PDMR Notification (2026-06-28) pdf
- newsweb 2026-06-28T21:50:00Z PDMR Notification (2026-06-28)
- mfn 2026-06-25T13:44:20 IWS: IWS Fleet secures its first charter contract with another major wind turbine manufacturer (2026-06-25)
- newsweb 2026-06-25T11:44:20Z IWS Fleet secures its first charter contract with another major wind turbine manufacturer (2026-06-25)