Petter Diskerud Billing

Petter Diskerud Billing from SEB posed a tax-related question about whether the shift to T&I services would alter the company's tax structure. He also asked if developers are showing a preference for higher-specification vessels for O&M work, even on smaller turbines.

Answer

Executive Peter Hansen confirmed that the new T&I services are covered under the existing U.K. and Danish tonnage tax regimes, so no change is expected. Executive Mikkel Gleerup explained that higher-spec vessels are often preferred for their operational flexibility and capability, noting that factors like water depth can make them necessary even for smaller turbines, a choice often driven by availability rather than preference.

Petter Diskerud Billing from SEB asked about the tax implications of moving into foundation T&I services and whether developers prefer higher-spec vessels for O&M on smaller turbines.

Answer

Peter Hansen (Executive) confirmed that the new T&I services are covered under the existing U.K. and Danish tonnage tax regimes, so no change is expected. Mikkel Gleerup (Executive) explained that higher-spec vessels are attractive for O&M due to their versatility (e.g., longer legs for deeper water), but their limited availability, rather than client preference, is the primary market constraint.

Petter Diskerud Billing from SEB asked if the move into foundation T&I services would change the company's taxation structure and whether developers are showing a preference for using higher-spec vessels for O&M on smaller turbines.

Answer

Executive Peter Hansen confirmed that the new T&I services are also covered under the existing tonnage tax regimes in the U.K. and Denmark. Executive Mikkel Gleerup added that higher-spec vessels are indeed more attractive for O&M due to their versatility, such as having longer legs for deeper waters, but the primary issue has been their limited availability, not a lack of client preference.