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    Petter Diskerud Billing • SEB

    Petter Diskerud Billing's questions to Cadeler A/S (CDLR) leadership

    Petter Diskerud Billing's questions to Cadeler A/S (CDLR) leadership • Q4 2024

    Question

    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.

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    Petter Diskerud Billing's questions to Cadeler A/S (CDLR) leadership • Q4 2024

    Question

    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.

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