IWS Services announces a strategic merger of ProCon and Hyndla to strengthen its position as the industry leader for electrical and mechanical solutions in offshore wind
Integrated Wind Solutions ASA (“IWS”) is pleased to announce that ProCon Group ApS (“ProCon”), the 75%-owned subsidiary of IWS Services A/S (“IWS Services”), has today completed an all-share merger with Hyndla AS (“Hyndla”), creating a premier integrated partner in the global offshore wind supply chain. This strategic combination brings together ProCon’s expertise in electrical outfitting and installation with Hyndla’s specialised engineering capabilities in Low Voltage (“LV”) electrical systems and High Voltage (“HV”) cable management structures. The parent company will continue to operate under the ProCon brand. As of today, IWS Services owns 52.5% of the combined entity and 100% of the voting shares.
Strategic Vision
The merger is motivated by a vision to industrialise and streamline the delivery of critical infrastructure for the offshore wind sector. ProCon is a leading provider of electrical solutions for Transition Pieces (“TP’s”) and Offshore Substations (“OSS’s”) within the offshore wind industry. Hyndla specialises in electrical engineering and cable management designs. The combined entity will integrate LV electrical engineering and HV cable management with project management and installation services to offer comprehensive electrical solutions for TP’s and OSS’s.
The ambition for the combined entity is to more than double its revenues by 2030 compared to 2025, driven by an increased scope and improved market shares in a growing market.
Client Benefits
This consolidation addresses the growing demand from offshore wind developers for flexible, scalable, and reliable supply-chain partners. The combined entity is well-positioned for continued growth in renewable energy by supporting its clients with optimising project execution timelines, reducing interface risks, and lowering costs.
Executive Comments
“This merger is transformative for both companies and will release significant growth for the following years. I am pleased to announce that Henrik Stamer, CEO of Hyndla, will be appointed Managing Director of the combined entity”, stated Kristian Ravn, Managing Director of IWS Services. “By combining our complementary strengths, we are establishing a stronger, more reliable partner for the industry, capable of delivering end-to-end electrical and structural solutions for offshore wind Balance-of-Plant that drive efficiency and reduce risks for our clients, and finally, but not least, a more exciting workplace for our employees”, Henrik Stamer added.
Outlook for IWS Services
IWS Services mainly consists of ProCon. As stated in the Q3 2025 report, IWS Services through ProCon has strong performance in its core transition piece business, whilst the entry into offshore substation services has led to loss-making contracts, due to size and complexity, that will still impact the financials into H1 2026. Based on market-leading offerings and increased competitiveness, we expect a return to revenue growth and improved earnings in H2 2026. For FY 2026, we expect a flat sequential top line for the combined company.
For investor relations queries, contact
Marius Magelie Group CFO, Integrated Wind Solutions Phone: +47 920 27 419 E-mail: mm@integratedwind.com
For press queries, please contact
Lars-Henrik Røren CEO, Integrated Wind Solutions Phone: +47 98 22 85 06 E-mail: lhr@integratedwind.com
About IWS: Integrated Wind Solutions ASA offers a fleet of state-of-the-art service vessels to the offshore wind industry, combined with a suite of adhering services. The Company owns approximately 75% of IWS Fleet, which owns six Commissioning Service Operation Vessels. Furthermore, IWS owns the offshore wind supply-chain service company, IWS Services A/S, and a 49% shareholding in the independent advisor, consultancy, data intelligence, and wind farm operator firm PEAK Wind Group.
Integrated Wind Solutions ASA is listed on Euronext Oslo Børs under the ticker “IWS”.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.