Sumitomo Corporation to acquire stake in Norwegian CSOV operator

Norway's Integrated Wind Solutions and Japanese integrated trading company Sumitomo Corporation have entered into a strategic partnership agreement through IWS' vessel-operating subsidiary IWS Fleet wherein Sumitomo will acquire partial ownership of IWS Fleet.

IWS Fleet, which operates commissioning service operation vessels (CSOVs) that cater to the offshore renewables market, will raise €60 million (US$65 million) in equity by issuing new shares to Sumitomo Corporation based on a pre-money valuation of €176 million (US$191 million).

Upon completion of the transaction, Sumitomo Corporation will own 25.38 per cent of IWS Fleet. IWS will continue to own the remaining shares.

The parties expect the transaction to be closed by June 2024.