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    Martin Karlsen

    Research Analyst at DNB Markets

    Martin Huseby Karlsen is an Analyst at DNB Markets specializing in the Nordic energy, rigs, and ESG (Environmental, Social, and Governance) transition sectors. He covers companies primarily engaged in the Norwegian rig market and related energy transition firms, and has achieved a 75% success rate on his published stock recommendations, with coverage of four publicly tracked stocks and a recent performance score of 1.19 stars on TipRanks platforms. With a career at DNB Markets spanning several years where he has produced high-profile analysis on oil companies and transition trends, Karlsen also regularly speaks at sector conferences and has contributed to DNB’s macro and strategy publications. His professional credentials and regulatory licenses are not explicitly listed in public sources.

    Martin Karlsen's questions to Cadeler (CDLR) leadership

    Martin Karlsen's questions to Cadeler (CDLR) leadership • Q1 2025

    Question

    Martin Karlsen of DNB Markets inquired about contract quality and protection in the offshore wind industry, the potential impact of the Hornsea 4 project delay, and the expected margin contribution from the Hornsea 3 project.

    Answer

    Executive Mikkel Gleerup stated that Cadeler's backlog is contractually well-protected and that the company maintains backup plans for projects like Hornsea 4, expressing confidence in maintaining strong fleet utilization. He affirmed the long-term agreement with Ørsted remains active. Executive Peter Hansen added that margins for the Hornsea 3 project will increase gradually, with more significant contributions expected in 2026 as installation begins.

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    Martin Karlsen's questions to Cadeler (CDLR) leadership • Q1 2025

    Question

    Martin Karlsen of DNB Markets ASA inquired about contract quality amid industry project cancellations, the company's contingency plans for the delayed Hornsea 4 project, and the expected margin progression for the Hornsea 3 project.

    Answer

    CEO Mikkel Gleerup affirmed that Cadeler's backlog is contractually well-protected, a long-standing company focus. He stated the vessel for Hornsea 4 remains under its long-term agreement with Ørsted and that Cadeler always maintains backup plans, expressing confidence in securing alternative work if needed. CFO Peter Hansen added that margins for Hornsea 3 will increase gradually through 2025 before more significant contributions begin with installation work in 2026.

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    Martin Karlsen's questions to Cadeler (CDLR) leadership • Q4 2024

    Question

    Martin Karlsen of DNB Markets inquired about the Operations & Maintenance (O&M) market, asking about evolving client demand for vessel access into 2026 and beyond, and current contract economics. He also asked about the prospects for newbuild vessel orders across the industry, including price and delivery time trends.

    Answer

    Executive Mikkel Gleerup explained that O&M contract economics are strengthening, now comparable to the installation market due to a tight supply/demand balance, with clients seeking longer-term agreements. Regarding newbuilds, Gleerup noted significant challenges, including limited yard capacity and prices that are 30-45% higher than in 2021, making it difficult for companies to secure capital for new orders.

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    Martin Karlsen's questions to Cadeler (CDLR) leadership • Q4 2024

    Question

    Martin Karlsen of DNB Markets inquired about the long-term demand and contract economics in the O&M market, as well as the outlook for newbuild vessel orders and pricing.

    Answer

    Mikkel Gleerup (Executive) explained that O&M contract economics are strengthening, mirroring the installation market due to a tight supply/demand balance. He noted that clients are increasingly discussing longer-term agreements. Regarding newbuilds, Gleerup stated that prices are 30-45% higher than in 2021 and that limited yard capacity makes ordering new vessels very challenging for the industry.

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    Martin Karlsen's questions to Cadeler (CDLR) leadership • Q4 2024

    Question

    Martin Karlsen of DNB Markets inquired about the demand and contract economics for the O&M market extending into 2026 and beyond, and also asked for an outlook on industry newbuilds, including pricing and delivery times.

    Answer

    Executive Mikkel Gleerup explained that O&M contract economics are strengthening, becoming very similar to the installation market due to supply/demand constraints, with clients now discussing longer-term commitments. Regarding newbuilds, he noted that prices are 30-45% higher than in 2021 and delivery times are longer, creating a challenging environment for ordering new vessels due to limited qualified yard capacity.

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