Kiran Mulder

Kiran Mulder from ING asked about the optimism regarding the offshore wind market, specifically inquiring about utilization rates and future prospects, and whether this optimism stems more from CMB.TECH's order book or broader market trends. He also questioned the differences in contract sizes between wind and oil & gas markets.

Answer

CEO Alexander Saverys attributed the optimism to two factors: the development of new wind parks in the North Sea, creating demand for offshore wind supply vessels, and the ability to deploy their wind-suited assets in the aging offshore oil and gas markets where they can earn better rates. He explained that CMB.TECH aims to earn good money in oil and gas before transitioning to better wind markets. Saverys clarified that long-term contracts exist in both oil & gas and wind, and that CMB.TECH's CSOVs were ordered speculatively for the spot market, unlike some competitors who ordered with low-paying charters attached. CFO Ludovic Saverys added that this strategy allows them to wait for profitable long-term contracts, as seen with their second CSOV.