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    Martin Karlsen • DNB Markets

    Martin Karlsen's questions to Cadeler A/S (CDLR) leadership

    Martin Karlsen's questions to Cadeler A/S (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 A/S (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 A/S (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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