Oslo-listed Integrated Wind Solutions (IWS) has seen its subsidiary IWS Fleet terminate a charter deal with Greece-based offshore contractor Asso.subsea for one of its commissioning service operation vessels (CSOVs).
The Awilco-backed outfit, which owns close to 75% of IWF Fleet, said in its quarterly earnings report that the charter revealed in October 2023 had fallen through as Asso.subsea no longer requires the vessel within the agreed time frame.
The contract for the recently delivered IWS Starwalker was set to start during the first quarter of 2025, but instead, IWS will book a termination fee as revenue in the final quarter of this year.
IWS Fleet, which has four CSOVs on the water and two more under construction at China Merchants, is currently in talks with other charterers to secure employment for the IWS Starwalker, expected to be operational shortly after arriving in Europe next year. The company’s second shareholder is Japanese trading house Sumitomo Corporation, which picked up a 25.38% stake in May this year.
