Cadeler A/S (CDLR) 2024 Q4 法說會逐字稿

Good morning, and welcome to Cadeler's 2024 annual results report presentation. Presenting today are Mikkel Gleerup, Chief Executive Officer; and Peter Brogaard, Chief Financial Officer. Please be reminded that the presenters' remarks today will include forward-looking statements.

早安，歡迎參加卡德勒2024年業績報告發表會。今天出席會議的有執行長 Mikkel Gleerup；和財務長 Peter Brogaard。請注意，今天演講者的發言將包括前瞻性陳述。

Actual results may differ materially from those contemplated. The risks and uncertainties that could cause Cadeler's results to differ materially from today's forward-looking statements include those detailed in Cadeler's annual report on Form 20-F on file with the United States Securities and Exchange Commission.

實際結果可能與預期結果有重大差異。可能導致 Cadeler 的結果與今天的前瞻性陳述存在重大差異的風險和不確定性包括 Cadeler 向美國證券交易委員會提交的 20-F 表年度報告中詳述的風險和不確定性。

Any forward-looking statements made this morning are based on assumptions as of today, and Cadeler undertakes no obligation to update these statements as a result of new information or future events. This morning's presentation includes both IFRS and certain non-IFRS financial measures.

今天早上做出的任何前瞻性陳述均基於今天的假設，Cadeler 不承擔因新資訊或未來事件而更新這些陳述的義務。今天早上的演示包括國際財務報告準則和某些非國際財務報告準則的財務指標。

A reconciliation of non-IFRS financial measures to the nearest IFRS equivalent is provided in Cadeler's annual report. The annual report and today's earnings presentation are available on Cadeler's website at cadeler.com/investor. (Operator Instructions) As a reminder, this call is being recorded today.

Cadeler 的年度報告中提供了非國際財務報告準則 (IFRS) 財務指標與最接近的國際財務報告準則 (IFRS) 財務指標的對帳表。年度報告和今天的收益報告可在 Cadeler 的網站 cadeler.com/investor 上查閱。 （操作員指示）提醒一下，今天正在錄製此通話。

If you have any objections, please disconnect at this time. Mikkel Gleerup, you may begin.

如果您有任何異議，請立即斷開連接。米克爾·格勒魯普，你可以開始了。

So good morning, good afternoon and good evening, and thanks for listening into our presentation, the annual report 2024. Very pleased to be joined by all of you and are looking forward to go through our annual results from 2024. So there's a disclaimer. I would recommend everybody to read the disclaimer at a convenient time. But we will dive directly into the 2024 highlights for Cadeler.

早安，下午好，晚上好，感謝您收聽我們的演講，2024 年年度報告。非常高興與大家一起，並期待從 2024 年開始的年度業績。因此有一個免責聲明。我建議大家在方便的時候閱讀免責聲明。但我們將直接深入了解卡德勒 2024 年的亮點。

So in 2024, we had very strong financial performance, and we believe that it was consistently strong through the year, and that we were able to narrow the guidance that we had for 2024 in our Q3 presentation. And also, as we have now shown in our final results that we are at the upper end and actually above the upper end on the EBITDA.

因此，在 2024 年，我們的財務表現非常強勁，我們相信全年業績將持續強勁，並且我們能夠在第三季報告中縮小對 2024 年的預期。而且，正如我們現在在最終結果中所顯示的，我們的 EBITDA 處於較高水平，實際上已經超過了較高水平。

We also give a guidance for '25 that shows that we are on our trajectory for the growth in 2025 and as such, are very pleased with that. In terms of our newbuilds, we have delivered Wind Peak in 2024 on time and on budget.

我們還給出了 25 年的指導，表明我們正處於 2025 年的成長軌道上，因此我們對此感到非常滿意。就我們的新船而言，我們已經按時且在預算內於 2024 年交付了 Wind Peak。

And we have also, in this year, in January 2025, we have delivered the first M-Class vessel from Hanwha on time, on budget and are also at a point where we can say that we are on track to deliver the remaining vessels on or ahead of time target on budget.

今年，也就是 2025 年 1 月，我們還按時、按預算交付了韓華的第一艘 M 級船舶，而且我們可以說，我們預計將按時或提前按預算交付剩餘的船舶。

And we are, I would say, within hours from delivering the next vessel, which will really put us to 50% of the 2025 deliveries completed. In terms of our backlog, we continue to build the backlog, and we will go more into that in the presentation itself, but we are now standing at a backlog of EUR2.5 billion as of today.

我想說，我們將在幾個小時內交付下一艘船，這將使我們完成 2025 年交付量的 50%。就我們的積壓訂單而言，我們仍在繼續增加積壓訂單，我們將在演示中對此進行更詳細的說明，但截至今天，我們的積壓訂單已達到 25 億歐元。

We have also, in 2024, been executing our projects incredibly well. And we are highlighting just one project here where we are saying that we installed successfully the 60, 14.7-megawatt Siemens turbines on the Moray West project.

2024 年，我們的專案執行也非常出色。我們在這裡只強調一個項目，我們在 Moray West 項目上成功安裝了 60 台 14.7 兆瓦的西門子渦輪機。

The reason we highlight this is that this is the first project installation in the world for this platform from Siemens, a next-generation turbine. And we did that with one of our O-Class vessels with its new crane. So very proud of that performance and the team behind that project as we are with all the projects that have been executed during 2024.

我們強調這一點的原因是，這是西門子下一代渦輪機平台在世界上的第一個專案安裝。我們利用一艘配備新型起重機的 O 級船舶實現了這一目標。我們對這項業績以及專案背後的團隊感到非常自豪，就像我們對 2024 年期間執行的所有專案一樣。

Very strong balance sheet remains. We have refinanced the M-Class facility on what we say is materially improved terms, and we have increased our capacity on our unsecured Holdco facility. And we have also extended our revolving credit capacity and raised equity to fund our third A-class order.

資產負債表依然非常強勁。我們已經對 M 級貸款進行了再融資，我們稱其條款已得到實質性改善，並且我們已經增加了無擔保 Holdco 貸款的容量。我們還擴大了循環信貸能力，並籌集了股本來為我們的第三個 A 級訂單提供資金。

So we're very, very pleased overall with the year, and we'll go more into the detail now. So on commercial highlights, I think that most of the people that are following the call know what we have been doing during the year, but we have been installing on Orca on the Moray West.

因此，我們對今年的整體表現非常滿意，現在我們將更詳細地介紹。因此，就商業亮點而言，我認為大多數關注電話會議的人都知道我們今年一直在做什麼，但我們一直在 Moray West 的 Orca 上進行安裝。

As I said before, the first installation of the 14.7-megawatt platform then followed up after the completion of that with O&M. On Osprey, we have completed the Gode Wind Borkum project for Riffgrund including the release of the vessel from the project to go and do O&M for one of our clients on a different project, which is really something that is also important for the overall way we operate with our clients in the industry and show flexibility in the fleet. After that completion of the project, we also started to do O&M with the vessel together with one of our clients.

正如我之前所說，14.7 兆瓦平台的首次安裝完成後，接下來是營運和維護。在 Osprey 上，我們為 Riffgrund 完成了 Gode Wind Borkum 項目，包括將船舶從項目中釋放出來，為我們另一個項目的客戶進行 O&M 操作，這對於我們與行業客戶的整體合作方式以及展示船隊的靈活性也非常重要。專案完成後，我們也開始與我們的一位客戶一起對船舶進行操作和維護。

On Scylla, we started the year with a big overhaul project of the vessel because we knew that she was going to the US And hence, we wanted to ensure that the vessel was up to a very, very high standard before arriving in the US due to the complexity in doing any maintenance when we are over there and really preparing the vessel for a very strong performance on Orsted's Revolution Wind project.

在 Scylla 號上，我們年初就對其進行了大規模檢修，因為我們知道這艘船要去美國，因此，我們希望確保這艘船在抵達美國之前達到非常高的標準，因為在美國進行任何維護都很複雜，而且我們確實要為這艘船在 Orsted 的 Revolution Wind 項目中表現出色做好準備。

On Zaratan, we completed the Yunlin project and also then started to do an O&M phase with the vessel. And also pleased to say that we have also secured a significant portion of the year on Zaratan for 2025 on continued O&M services.

在扎拉坦，我們完成了雲林項目，並開始對該船舶進行運營和維護階段。並且很高興地說，我們也確保了 2025 年 Zaratan 上很大一部分時間的持續營運和維護服務。

On wind Peak delivered on time, on budget, transited back to Europe and immediately after coming back to Europe, started an O&M campaign for an undisclosed customer. And the Wind Maker, the first-in-class vessel from Korea delivered in January '25 on budget and then transited into Singapore for mobilization of the project equipment and now in Taiwan, ready to start her first project on time.

On wind Peak 按時、按預算交付，運回歐洲，並在返回歐洲後立即為未公開的客戶進行營運和維護活動。來自韓國的首艘船舶「風之製造者號」 (Wind Maker) 於 2025 年 1 月按預算交付，然後轉運至新加坡調動專案設備，目前已抵達台灣，準備按時啟動她的第一個專案。

So I think in summary, really on-time delivery of assets, on-time delivery for projects, but also a lot of O&M work out there. If we look at -- this slide is one we have shown before in connection with these presentations, and we will just see that these numbers are growing. So we have installed more.

所以我認為總而言之，確實按時交付資產，按時交付項目，但也有很多營運和維護工作。如果我們看一下——這張投影片是我們之前在這些簡報中展示過的，我們會發現這些數字正在成長。因此我們安裝了更多。

We have installed more foundations, more turbines. We have more vessels operational. We have fewer on order because we are starting to deliver, and we are growing the team, not only the team in the office, but also the team of offshore crew that are taking delivery of these assets and ensuring smooth operation after having either been trained internally with Cadeler or have been shipped from a Cadeler vessel to one of the newbuilds.

我們安裝了更多的地基、更多的渦輪機。我們有更多的船隻投入運作。我們的訂單較少，因為我們才剛開始交付，而且我們正在擴大團隊，不僅是辦公室的團隊，還有負責接收這些資產的海上船員團隊，這些船員要么接受了 Cadeler 的內部培訓，要么已經從 Cadeler 的船隻運往其中一艘新建造的船舶，確保船舶順利運行。

So in general, very, very pleased with how we have also been able to build the team and continue to deliver for our clients. Cadeler today is positioned in the worldwide map for offshore wind installation as the leading pure-play T&I company. We continue to work very closely with our clients and partners.

總的來說，我們對能夠組建團隊並繼續為客戶提供服務感到非常非常高興。如今，Cadeler 在全球離岸風電安裝領域已佔據領先地位，成為純粹的 T&I 公司。我們繼續與我們的客戶和合作夥伴密切合作。

And we believe that with the orders we made back in 2021, the merger we have completed, the following orders, we are incredibly well positioned and are very, very pleased with the platform we have built. And together with our clients, we will continue to secure strong utilization on this platform and making sure that we can build as much renewable energy as possible.

我們相信，憑藉我們在 2021 年達成的訂單、已完成的合併以及後續訂單，我們已處於非常有利的地位，並且對我們構建的平台感到非常非常滿意。我們將與客戶一起，繼續確保這一平台的高效利用，並確保我們能夠建造盡可能多的可再生能源。

We are very much focusing on the European market. We will show a little bit later in the presentation how strong the European market remains. And we are seeing that the European market is continuing to be really the driver of offshore wind in the world. And this is also where Cadeler has been focusing most of its efforts.

我們非常關注歐洲市場。我們將在稍後的演示中展示歐洲市場依然保持強勁的勢頭。我們看到歐洲市場繼續成為全球離岸風電的真正推動力。而這也是卡德勒一直以來傾注最多精力的地方。

The Asia Pacific market is also very busy. And we do see that for us, the market really consists of Taiwan, Japan and Korea as the key markets with development in Australia as well and other countries that are also building what could at some point in time become a pipeline.

亞太市場也非常繁忙。我們確實看到，對我們來說，市場實際上由台灣、日本和韓國組成，這些市場是關鍵市場，同時澳洲也在發展，其他國家也在建設中，這些國家可能在某個時候成為管道。

Asia for us is a market that is today strong enough to have an asset in the market and to ensure a pipeline of projects. And that is really what we have said all along that when there is a market that is strong enough to build up a pipeline, then Cadeler will be there with a capable vessel to support our clients.

對我們來說，亞洲市場如今已經足夠強大，足以在市場上擁有資產並確保專案儲備。這正是我們一直以來所說的：當市場足夠強大，足以建立管道時，Cadeler 就會派出一艘性能強大的船隻來支持我們的客戶。

The North American market has, of course, received a lot of attention since the American election in November 2024. And I would say that we remain of the same view as we have had all along. This is a decision that was made pre-COVID where we said that we are taking a cautious approach to the US market.

當然，自2024年11月美國大選以來，北美市場受到了許多關注。我想說的是，我們的觀點和我們一貫的觀點是一樣的。這是在疫情爆發前就做出的決定，當時我們表示對美國市場採取謹慎態度。

We take a project-by-project approach where we need to see that the project in its own right can basically support its sales both in terms and conditions, financials and also overall engagement with our clients. So there are potential headwinds in the market, but I think in the short term, the market will remain attractive for Cadeler.

我們採取逐項的方法，我們需要確保專案本身在條款和條件、財務以及與客戶的整體互動方面基本上可以支持其銷售。因此，市場存在潛在的阻力，但我認為短期內市場對卡德勒來說仍有吸引力。

We have documented that by also having the next new build that is delivering heading straight into the US market to work. And that marks our first contract in the US market and really the first project we will work on in the US market and where we believe that we have a very strong cover on terms and conditions and also very, very sound financials on the projects.

我們已經證明，下一款新車也將直接進入美國市場。這是我們在美國市場簽訂的第一份合同，也是我們在美國市場開展的第一個項目，我們相信，我們對這些項目的條款和條件有非常嚴格的規定，而且財務狀況也非常穩健。

We remain having a relationship with Dominion Energy that we support. And of course, we'll continue to do that for their benefit as well. In the South American market, we are building relationships because we do believe that the South American market has some fundamentals that are interesting.

我們與 Dominion Energy 保持著良好的合作關係。當然，我們也會繼續這樣做，以造福他們。在南美洲市場，我們正在建立關係，因為我們確實相信南美洲市場有一些有趣的基本面。

But again, we are not jumping the gun or anything like that. We are remaining, let's say, as an outside in view on the market, but building the necessary relationships to react should the market suddenly have a pipeline of projects that need services like the ones that Cadeler are offering to the market.

但再次強調，我們不會操之過急或採取類似行動。我們仍然以外部視角看待市場，但我們正在建立必要的關係，以便在市場突然出現一系列需要像 Cadeler 向市場提供的服務的項目時做出反應。

In terms of how we see the market at the moment and how the pipeline is growing, we do see, as I said before, that the European market is really the growth. We see an enormous amount of projects that are currently under discussion with our clients, everything from final stage tenders to final stage negotiations, open tenders and commercial discussions with clients, but really a lot of activity.

就我們目前對市場的看法以及通路的成長而言，正如我之前所說，我們確實看到歐洲市場確實是成長的。我們看到目前正在與客戶討論大量項目，從最終階段的招標到最終階段的談判、公開招標和與客戶的商業討論，但確實有很多活動。

And I will go as far as to say that we have probably never been as busy as we are in the European market. Asia is steady state, and we remain of the same view as we had when we presented this a year ago that Asia will be able to form a pipeline of projects for at least one of the assets out there.

我甚至可以說，我們可能從未像在歐洲市場這樣忙碌過。亞洲目前處於穩定狀態，我們仍然持有與一年前提出的觀點相同的觀點，即亞洲將能夠為至少一項資產形成一個專案管道。

In the US market, we are probably more active than most would probably think, but there is, of course, an urgency at the moment in the US market to complete projects, and we are doing our utmost to support our clients and partners in that market to ensure that projects are completed as close to on time and on budget as possible for them.

在美國市場，我們可能比大多數人想像的更活躍，但當然，目前美國市場迫切需要完成項目，我們正在盡最大努力支持該市場的客戶和合作夥伴，以確保項目盡可能按時、按預算完成。

But we do see increasing demand in Asia as we expected that the region would ramp up in these years. Europe remains really as the driver of the offshore wind market globally and also an increasing or, let's say, continuing development in terms of longer-term agreements with our clients, where we see, especially amongst the biggest of our clients that they are, to a greater extent, requesting long-term agreements.

但我們確實看到亞洲的需求不斷增長，因為我們預計該地區的需求在這些年裡將會增加。歐洲仍然是全球離岸風電市場的真正推動者，並且在與客戶的長期協議方面也在不斷增加或持續發展，我們看到，特別是在我們最大的客戶中，他們在更大程度上要求簽訂長期協議。

The backlog today stands at more than EUR2.5 billion, and that is a growth of 47% since we did the annual report on 2023. I think what is worthwhile noting on the backlog today is that 94% of our backlog has final investment decision. And that is, of course, really what matters.

目前的積壓訂單已超過 25 億歐元，自我們發布 2023 年年度報告以來增長了 47%。我認為今天值得注意的是，94％的積壓訂單都有最終投資決定。當然，這才是真正重要的。

We have talked about it before that there is this period of time from selecting a project that we are working on to having a vessel reservation agreement, getting contract on that vessel reservation agreement and then a final investment decision by the client.

我們之前討論過，從選擇我們正在進行的項目到簽訂船舶預訂協議、簽訂船舶預訂協議合​​同，再到客戶做出最終投資決定，這需要一段時間。

That is really the process that is important to follow and really to bet on the projects that are having the highest likelihood to reach that final investment decision from its original development stage. And I think that our percentage of projects in the backlog with final investment decision is a testament to that strategy at least and really being selective on which projects we are working on.

這確實是一個重要的過程，需要遵循並真正押注那些從最初的開發階段就最有可能達成最終投資決策的專案。我認為，我們積壓專案中做出最終投資決定的百分比至少證明了這項策略，並且確實對我們正在進行的專案進行了選擇。

As we have said before, we are not including vessel reservation agreements in the contract backlog, and they will be added when they have reached the maturity stage as we have discussed in the past. In addition, talking about what it is that we are adding to the backlog, we have added an O&M project to Zaratan where we are starting -- I actually think there's a mistake here that Q4 '25, that is not correct because we will be installing for a large part of 2025 on Zaratan in the market and very happy to see that we continue to build strong O&M projects on Zaratan.

正如我們之前所說，我們的合約積壓中不包括船舶預訂協議，並且正如我們過去討論的那樣，當它們達到成熟階段時，我們會將其添加進去。此外，談到我們正在增加的積壓項目，我們已經在 Zaratan 增加了一個 O&M 項目，我們即將開始 - 我實際上認為這裡有一個錯誤，即 2025 年第四季度，這是不正確的，因為我們將在 2025 年的大部分時間裡在 Zaratan 上安裝市場，並且很高興看到我們繼續在 Zaratan 上建造項目。

In terms of the O-class and the P-Class multiple wind farms, again, five O&M products and really looking into more and more O&M projects filling out the white spaces between the installation projects. And on the Wind Pace, also an O&M project where we are seeing the P-class needed for a project in the US and also securing utilization from its arrival back in European waters and until delivery to the first installation project.

就 O 級和 P 級多個風電場而言，同樣有五種 O&M 產品，並且真正研究越來越多的 O&M 項目，以填補安裝項目之間的空白。在 Wind Pace 上，我們同樣是一個 O&M 項目，我們看到了美國項目所需的 P 級，並確保了從其抵達歐洲水域到交付到第一個安裝項目期間的利用率。

We also continue to have a strong development on vessel reservation agreements, and we continue to see a very strong demand for our services amongst our clients. And also, especially as we have discussed before with our investors that the redundancy that we can offer to the clients, that is something that the clients continue to see as a benefit and something that they really want to explore more with us and different ways of offering the assets to maybe not only one project, to a range of projects rather.

我們在船舶預訂協議方面也繼續取得強勁發展，我們繼續看到客戶對我們服務的強烈需求。而且，特別是正如我們之前與投資者討論過的，我們可以為客戶提供冗餘，這是客戶一直認為的好處，也是他們真正想與我們一起探索的，以及向可能不只是一個項目，而是一系列項目提供資產的不同方式。

As I said, O&M, we do see the O&M space as a continued strengthening factor in the market with a bigger and bigger installed fleet of turbines out there. We see also that both the developers and the turbine OEMs, they are requesting our services to make sure that the turbines are continuing to spin out there and generate renewable energy to the people.

正如我所說的，O&M，我們確實認為 O&M 領域是市場持續加強的因素，因為安裝的風力渦輪機群越來越大。我們也看到，開發商和渦輪機原始設備製造商都在要求我們的服務，以確保渦輪機繼續運作並為人們提供再生能源。

And for us, we have tried to be as flexible as possible and to really ensure that the vessels they are available to our clients for these services as much as possible. And we have just tried to show you here a snapshot of how we do it, where we are adding O&M campaigns in between installation projects, which all in all ensures a very high utilization level on the vessels, and we continue to see that going forward.

對我們來說，我們已經嘗試了盡可能的靈活，並真正確保船隻能夠盡可能地為我們的客戶提供這些服務。我們剛剛嘗試在這裡向您展示我們如何做到這一點，我們在安裝項目之間添加了 O＆M 活動，總的來說確保了船舶的極高利用率，並且我們將繼續看到這種情況繼續發展。

But also an overall improved financial performance in the company along the lines of what we have discussed in the past, but we are saying that we are aiming for very high utilization on our assets. We also celebrated the Wind Pace naming ceremony. This is the second vessel from COSCO, Qidong shipyard and we were out there on the March 12, where we named the vessel.

但同時也依照我們過去討論過的思路，公司的整體財務表現有所改善，但我們的目標是實現資產的高利用率。我們也舉行了Wind Pace命名儀式。這是中遠海運集團啟東船廠建造的第二艘船，我們於3月12日在那裡為該船命名。

And again, a vessel that I would say, some of the lessons learned we had from Wind Peak have been incorporated on Wind Pace, and we see that the yard continues with a very, very strong performance. We are ahead of schedule with the delivery of Wind Pace. And as I said in the beginning, we are more hours away from delivering than we are days from delivering, and that is, of course, very, very positive.

再次強調，我想說的是，我們從 Wind Peak 上學到的一些經驗教訓已經融入了 Wind Pace 上，我們看到船廠繼續保持著非常非常強勁的表現。我們提前完成了 Wind Pace 的交付。正如我在一開始所說的那樣，我們距離交付還有幾個小時的時間，而不是幾天的時間，這當然是非常非常積極的。

So strong performance from the yard that delivers ahead of schedule, and we do see that also for the follow-on deliveries from the Chinese shipyard. In terms of the next vessels that are coming from COSCO, Qidong, the Wind Ally has already been launched, has already been sailed out of the dry dock and are being now outfitted alongside.

船廠的表現非常出色，提前交付了船舶，我們也看到中國船廠的後續交付也是如此。就啟東中遠海運集團即將交付的下一批船舶而言，「Wind Ally」號已經下水，駛出乾船塢，目前正在進行裝備安裝。

We had the benefit when we were out for the Pace naming ceremony, we could see Ally as well just -- a few hundred meters down the same yard. And that is really important for us because the Wind Ally is the project, the vessel that we go on the Hornsea 3 project and the long-term agreement we have in our pipeline with Ostard. So really important that we are following the building schedule there.

當我們參加 Pace 命名儀式時，我們有幸看到 Ally，就在同一個院子裡幾百公尺遠的地方。這對我們來說非常重要，因為 Wind Ally 是一個項目，是我們在 Hornsea 3 項目中使用的船隻，也是我們與 Ostard 達成的長期協議。因此，遵守那裡的施工計劃非常重要。

And on Wind Ally, we are significantly ahead of schedule already in terms of delivery. On Wind Ace, the second A-class, we have also had the steel cutting ceremony and we have some pictures from that and the same for Wind Mover as well.

就 Wind Ally 而言，我們的交付速度已經大大提前了。對於第二艘 A 級遊艇 Wind Ace，我們也舉行了鋼材切割儀式，我們拍攝了一些照片，對於 Wind Mover 也是如此。

If you look at the overall track, we are seeing that on Wind Ally, we are at a very, very high completion rate at the moment, and we are looking to take the vessel on sea trials around the summer this year. On Wind Mover, also strong performance, we are set for delivery in Q4 '25. And on Wind Ace, we are looking still at Q3 2026 and Q2 '27 on Wind Apex.

如果你看一下整體軌跡，我們會發現，在 Wind Ally 上，我們目前的完成率非常非常高，我們希望在今年夏天左右讓船隻進行海上試航。Wind Mover 也表現強勁，預計將於 2025 年第四季交付。對於 Wind Ace，我們仍將關注 2026 年第三季度，而對於 Wind Apex，我們則將關注 2027 年第二季度。

So overall, very strong performance on the newbuilds program. And as I said, in a very, very short time, we have delivered 50% of the newbuilds in 2025, which I believe is a very strong performance. And as we have shown you before, the fully delivered Cadeler fleet, 11 vessels consisting of smaller units that will focus mainly on the O&M segment, vessels that are focusing on turbine installation and vessels that are focusing on foundation installation.

整體而言，新建案表現非常強勁。正如我所說，在很短的時間內，我們在 2025 年交付了 50% 的新船，我相信這是一個非常強勁的表現。正如我們之前向您展示的，已全部交付的 Cadeler 船隊由 11 艘較小的船隻組成，主要側重於 O&M 領域，專注於渦輪機安裝的船隻和專注於基礎安裝的船隻。

In terms of synergies, we are continuing to deliver on our synergies from the merger, and we are saying that we are approximately at 30% of the 2026 targets. But the follow-on synergies are really starting to materialize now with new vessels being delivered.

在綜效方面，我們將繼續發揮合併帶來的綜效，我們表示我們已經達到了 2026 年目標的 30% 左右。但隨著新船的交付，後續的協同效應才真正開始顯現。

We continue to be optimistic and positive around delivering the synergies that we discussed already at the disclosure of the business combination agreement on June '23 and believe that the two entities now working as one will deliver these synergies.

我們繼續對實現我們在 2023 年 6 月披露業務合併協議時已經討論過的協同效應持樂觀和積極的態度，並相信現在作為一個整體運作的兩個實體將實現這些協同效應。

At this point in time, I will hand over to Peter for a deep dive on the financial results. So please go ahead, Peter.

此時，我將把工作交給彼得，讓他深入研究財務結果。那麼請繼續，彼得。

Thank you very much. This is the key financial highlights for '24. You can see revenue doubled from '23 to '24. Equity ratio went a little bit down, but still a very solid balance. The reason for it is, of course, that we are drawing down on our loans when we're getting the vessels delivered.

非常感謝。這是 2024 年的主要財務亮點。您可以看到，從 23 年到 24 年，收入翻了一番。股權比率略有下降，但仍保持著非常穩固的平衡。當然，原因在於我們在接收船隻時會動用貸款。

Utilization was 83% adjusted. And now we show -- I think for the first time, we show both adjusted and unadjusted utilization. And the utilization which is adjusted that is where we adjust for planned dry docking off-hire and for transit from the yards in China to Europe.

利用率已調整為 83%。現在我們展示——我認為這是我們第一次展示調整後和未調整後的使用率。調整後的利用率是我們根據計劃的乾船塢停租和從中國船廠到歐洲的運輸情況進行調整的。

So that gives a better number of what kind of utilization do we have on the vessels that we have operating. The reason why we see also a drop with Zaratan is due to the Taiwan waters that it operates at a slightly lower utilization rate, but I think still a very good result with the O-class crane it operated in Q1 '24.

這樣就能更了解我們所經營的船隻的利用情況。我們也看到 Zaratan 產量下降的原因是由於其在台灣海域的利用率略低，但我認為其在 2024 年第一季運營的 O 級起重機的產量仍然非常好。

Market cap is EUR1.7 billion. EBITDA, EUR126 million, tripling the level from '23, very satisfied, but also shows the scalability in our business that we are able to triple EBITDA while revenue is doubled. Cash flow from operating activities solid at EUR93 million. And as Mikkel said, the backlog is EUR2.5 billion. Three months daily average turnover is EUR6.8 million.

市值為17億歐元。EBITDA 為 1.26 億歐元，比 23 年增長了兩倍，這非常令人滿意，同時也表明了我們業務的可擴展性，我們能夠將 EBITDA 增加三倍，同時收入翻一番。經營活動現金流穩定，達 9,300 萬歐元。正如米克爾所說，積壓訂單金額達 25 億歐元。三個月的日平均營業額為680萬歐元。

I think what you cannot see from this slide with these financial numbers is that there's also quite an achievement on the SOX compliance side where we -- after one year of SOX compliance, we are delivering an annual report without any material weaknesses or significant deficiencies in our internal control framework over the financial reporting.

我認為，從這張投影片上的財務數字中您無法看出，我們在遵守 SOX 法規方面也取得了相當大的成就——在遵守 SOX 法規一年後，我們提交的年度報告顯示，我們的內部控制框架在財務報告方面沒有任何重大缺陷或重大不足。

I think that is quite remarkable. For Q4, we saw revenue going significantly up. Please remember that we have in Q4 '23, where the O-class vessels were up for crane upgrades. Hence, there was a lower revenue in '23 on the fleet.

我認為這非常了不起。第四季度，我們的營收大幅成長。請記住，我們在 23 年第四季對 O 級船舶進行了起重機升級。因此，23 年該船隊的收入較低。

And of course, this year, we have also full quarter, we have Zaratan and Scylla into the numbers. So we had a number of vessels, we had five as compared to four. But in '23, we only had nine days of legacy Eneti in the financials.

當然，今年我們也有整個季度，其中有 Zaratan 和 Scylla 的數據。因此，我們擁有多艘船隻，我們有五艘，而之前只有四艘。但在 1923 年，我們的財務狀況只比埃內蒂 (Eneti) 好 9 天。

EBITDA significantly up, EUR55.7 million in a quarter, which is a solid number. We see SG&A costs also higher, not significantly as compared to '23 because there we also had some non-recurring costs due to the merger with Eneti, but we see costs going up as we ramp up the organization.

EBITDA 大幅上升，本季達到 5,570 萬歐元，這是一個可觀的數字。我們發現銷售、一般和行政費用也有所增加，但與 23 年相比增幅並不大，因為與 Eneti 合併也產生了一些非經常性成本，但隨著組織規模的擴大，我們發現成本會上升。

Full year, again, EUR249 million as compared to EUR109 million. Full year along consolidation with the legacy Eneti, utilization reached 66%. Again, Q1 without the O-class vessels, I think, it's solid and also with Zaratan vessel, which carries a low utilization rate than the other. So 83% adjusted is quite good. Cost of sales are, of course, increasing with the number of vessels.

全年營收再次達到 2.49 億歐元，去年同期為 1.09 億歐元。全年與原有的 Eneti 合併，利用率達 66%。再次，我認為沒有 O 級容器的 Q1 是堅固的，並且還配備了 Zaratan 容器，其利用率比其他容器低。因此，調整後 83% 已經相當不錯了。當然，銷售成本會隨著船舶數量的增加而增加。

You can see that the vessel OpEx is more or less the same as last year. The vessel OpEx that we show here is without the project costs included. So with that, we have communicated several times that it is around EUR40,000 if we take also the project cost into the OpEx per day. But to compare without that, it's more or less the same as last year. Income tax expense, it's a small number, EUR2.4 million for the full year.

您可以看到船舶營運支出與去年大致相同。我們在此展示的船舶營運成本不包括專案成本。因此，我們已多次溝通過，如果將專案成本計入每天的營運支出中，則約為 40,000 歐元。但除去這一點，今年的情況和去年差不多。所得稅費用很小，全年為 240 萬歐元。

It is -- we are under UK tonnage tax in the UK and the Danish tonnage tax regime in Denmark. So the fleet is covered by tonnage tax to a very large extent, but we are paying some taxes on the Taiwanese projects, and we have some deferred taxes being expensed on Zaratan, which is Japanese owned and under Japanese corporate income tax. EBITDA, a solid improvement from EUR42 million to EUR126 million.

是的－我們在英國繳英國噸位稅，在丹麥繳納丹麥噸位稅。因此，船隊在很大程度上受到噸位稅的覆蓋，但我們正在為台灣項目繳納一些稅款，並且我們在 Zaratan 上有一些遞延稅款，Zaratan 是日本所有的，需要繳納日本企業所得稅。EBITDA 從 4,200 萬歐元大幅提升至 1.26 億歐元。

If we look at the outlook, we had (inaudible) from Q3. Revenue is in the middle of the range that we communicated at EUR243 million to EUR253 million and EBITDA in the upper end of the range, a little bit north of the upper end of the EBITDA we had there, of course, driven by the increased revenue.

如果我們看一下前景，從第三季開始我們就（聽不清楚）。營收處於我們預期的 2.43 億歐元至 2.53 億歐元範圍的中間，EBITDA 處於範圍的上限，略高於我們之前的 EBITDA 上限，當然，這是受收入增加的推動。

SG&A and other expenses, EUR55 million. We are continuously ramping up, number of employees going up in order to be able to have the support to drive especially the foundation projects, both for the tendering for the foundation projects, but also on the execution of it.

銷售、一般及行政費用及其他費用為 5,500 萬歐元。我們不斷增加員工數量，以便能夠獲得支持，特別是推動基礎項目，包括基礎項目的招標和執行。

So we see cost coming in now, whereas revenue coming in '26 and onwards. So that is an investment. Balance sheet continues to be very strong balance sheet that we have. It's not mentioned here, but the goodwill is still EUR17 million from the PPA.

因此，我們現在看到成本在增加，而收入在 26 年及以後增加。所以這是一項投資。我們的資產負債表仍然非常強勁。這裡沒有提到，但商譽仍來自 PPA 1700 萬歐元。

When we did the merger with Eneti, that means that we have not -- that is closed now, once for 12 where you can adjust the takeover balances, and we didn't see any surprises in the balances that we took over from Eneti.

當我們與 Eneti 進行合併時，這意味著我們還沒有 - 現在已經結束，12 年後你可以調整收購餘額，而且我們在從 Eneti 接管的餘額中沒有看到任何意外。

So that is really also good news to be able to maintain that. So we still have the EUR17 million of goodwill. Non-current assets, of course, going up with the additions of vessels and investment in the newbuilds and equity goes up with issue raise we did a year ago and with the result for the year.

所以能夠保持這一點確實也是個好消息。所以我們仍然擁有1700萬歐元的商譽。當然，非流動資產隨著船舶的增加和新船的投資而增加，股權則隨著我們一年前發行的債券和今年的表現而增加。

CapEx program, now you can see that -- we closed the A-class financing. We did that last Friday, and that was with a EUR450 million facility plus EUR70 million in mission equipment.

資本支出計劃，現在您可以看到——我們結束了 A 級融資。我們上週五就這麼做了，涉及價值 4.5 億歐元的設施和價值 7,000 萬歐元的任務設備。

So that is -- we possibly try to be ambitious and improve the loans that we have with our lenders, and we agreed with the strong support we have from lenders that we could put in also financing of mission equipment for the first project that the A-class vessels are going into and also pre-delivering financing on the wind.

因此，我們可能會嘗試雄心勃勃並改善與貸款人的貸款，並且我們同意在貸款人的大力支持下，我們還可以為 A 級船舶進入的第一個項目提供任務設備的融資，並為風力發電提供預先融資。

So at similar pricing but better terms and conditions. So now we have only outstanding the third A-class vessels with the Wind Apex. We expect to be able to sign commit that for EUR240 million. And the vessel is delivered in '27.

因此，價格相似，但條款和條件更優惠。所以現在我們只剩下第三艘A級船——Wind Apex。我們期望能夠簽署價值 2.4 億歐元的承諾。該船於 27 年交付。

So it's really not meaningful for us to bundle that with the A-class vessels and then secure that financing yet because we will then go to pay commitment fees for a rather long time, and we are not concerned about getting financing for that.

因此，將其與 A 級船舶捆綁在一起，然後獲得融資對我們來說真的沒有什麼意義，因為我們將在相當長的一段時間內支付承諾費，我們並不關心為此獲得融資。

So we have shown this slide many times, but I think it's obvious that we have the funding in place and it is committed. Most of it -- we have the funding committed in place for the CapEx program that we are looking into and even with a significant surplus. We have 50% of the US dollar exposure. A large part of the remaining installments to the yards are in dollars, and we have hedged 15% of that, I think, which has been beneficial for us.

我們已經多次展示過這張投影片，但我認為很明顯我們已經有資金到位並且已經承諾了。其中大部分——我們已經為正在研究的資本支出計劃提供了承諾的資金，甚至還有大量盈餘。我們的美元敞口為50%。剩餘支付給船廠的款項中很大一部分是以美元支付的，我想我們已經對其中的 15% 進行了對沖，這對我們有利。

And with the recent weakening of the dollar, then the (inaudible) program is actually lower now than it was at December 31, when the US dollar was stronger. But that is, of course, something that goes up and down as the time passes.

隨著近期美元走弱，該計劃的規模實際上比 12 月 31 日美元走強時要低。但當然，隨著時間的推移，這種情況會有所起伏。

So yeah, news is the A-class financing, we have utilized the M-class tranche when Maker was delivered in February, and we have requested the tranche for the Wind Pace, which is going to be delivered here in March soon.

是的，有消息指出 A 類融資，我們在 2 月交付 Maker 時已經使用了 M 類部分，我們已經申請了 Wind Pace 的部分，Wind Pace 將於 3 月交付。

This is the financing overview. Total committed EUR1.9 billion. We have utilized EUR586 million. But since we -- (inaudible) this is from, we have now utilized the Wind Pace part of the P-class facility and half of the M-class facility as well when Maker was delivered.

這是融資概況。總計承諾資金19億歐元。我們已利用了5.86億歐元。但由於我們 — — （聽不清楚）這是從，我們現在利用了 P 級設施的 Wind Pace 部分以及 Maker 交付時的一半 M 級設施。

Then the last slide is the full year outlook for '25. And you can see the answers here, but the outlook is for revenue of EUR485 million to EUR525 million, and an EBITDA of EUR278 million to EUR318 million. I think what is worth to notice is, of course, it will be impacted by timely vessel deliveries.

最後一張投影片是 25 年全年展望。您可以在這裡看到答案，但預計收入為 4.85 億歐元至 5.25 億歐元，EBITDA 為 2.78 億歐元至 3.18 億歐元。我認為值得注意的是，它當然會受到船舶及時交付的影響。

We have already seen delivery of two vessels mitigating some of that risk. Then it's (inaudible) being deployed, and we have signed a contract for that. And then there is, of course, some timing in a business like ours when we move from being a TCE business that is -- it's easy to plug into and accentuate to become more project-based, more foundations.

我們已經看到兩艘船的交付減輕了部分風險。然後它（聽不清楚）被部署，我們已經為此簽署了合約。當然，對於我們這樣的企業來說，當我們從 TCE 企業轉型為更以專案為基礎、更有基礎的企業時，也需要一定的時機。

So we would like to put the attention towards a couple of nonrecurring items. I think even though we had a very, very strong result for '24 with EBITDA of EUR126 million, actually, there were some project costs to the tune of EUR2 million being pushed into '25.

因此，我們想把注意力放在幾個非經常性項目上。我認為，儘管我們在 24 年取得了非常強勁的業績，EBITDA 達到 1.26 億歐元，但實際上，有 200 萬歐元的專案成本被推遲到了 25 年。

We have six extra crew on the legacy (inaudible) in order to train the crew for the newbuilding, and that amount to EUR4 million in the -- I didn't touch anything (inaudible). Sorry about that technical issues in our end. So that amounts to EUR4 million.

我們在舊船上有六名額外的船員（聽不清楚），以便為新船訓練船員，這筆錢相當於 400 萬歐元——我沒有動任何東西（聽不清楚）。很抱歉我們遇到了技術問題。所以總計 400 萬歐元。

That is also a nonrecurring item. So there you have EUR6 million, you can say, which is impacting '25, but it's nonrecurring or investment in the future and not really impact the business case. And then also the last bullet point here is the revenue and costs from foundation projects starting to be recognized ramp-up.

這也是一項非經常性項目。因此，您可以說，這筆錢是 600 萬歐元，它會影響 25 年，但它是非經常性的或未來的投資，不會真正影響商業案例。這裡的最後一點是基礎項目的收入和成本開始得到確認。

And by that, we mean that some of the T&I scope on Hornsea 3 is already starting in '25, but as we have talked to many times, then the T&I -- some of the T&I scope that is not -- the vessel and crew itself carries a lower margin. And that starts in '25 and then it comes in with a lower margin in '25, but it has nothing to do with the total profit of the project over the project period, but something you should be aware of.

我們的意思是，Hornsea 3 號上的部分 T&I 範圍已於 25 年開始，但正如我們多次談到的那樣，T&I——部分不在的 T&I 範圍——船隻和船員本身的利潤較低。這種情況從 25 年開始，然後在 25 年利潤率會降低，但這與專案期間的總利潤無關，但您應該注意這一點。

And also, we have -- as I said, we have ramped up the organization and continue to do that because we want to be able to develop this foundation business. So where we before have said we are around EUR60 million in SG&A, we will be around EUR70 million to EUR72 million in SG&A going forward.

而且，正如我所說，我們已經加強了組織，並將繼續這樣做，因為我們希望能夠發展這項基礎業務。因此，我們先前說過，我們的銷售、一般及行政費用約為 6,000 萬歐元，而未來的銷售、一般及行政費用將約為 7,000 萬歐元至 7,200 萬歐元。

So that means EBITDA in this range, which I think it's pretty good when you look at such a transformative year with the four vessels being delivered and starting executing on the foundation projects. And back to you, Mikkel.

所以這意味著 EBITDA 在這個範圍內，當你看到這樣一個變革之年，四艘船已經交付並開始執行基礎專案時，我認為這是相當不錯的。回到你這裡，米克爾。

Thank you, Peter. And I think that we can definitely say that from our experience now that the annual report that is being delivered here is really a company performance with all the SOX controls and all of that. But also really good to see that we are now starting to execute on our first foundation T&I project.

謝謝你，彼得。我認為，根據我們現在的經驗，我們可以肯定地說，這裡提交的年度報告實際上是公司在遵守所有 SOX 控制措施等情況下的業績表現。但也很高興看到我們現在開始執行我們的第一個基礎 T&I 專案。

And obviously, as just Peter said, the bulk of the benefits comes when the vessel starts to install. This is where we see that these projects really start to be meaningful for Cadeler. But good to see that we are starting the projects and that we are on time on these projects and ready to really make an impact on that project as well and the follow-on projects.

顯然，正如彼得所說，大部分好處是在船舶開始安裝時產生的。由此我們看到這些項目對於卡德勒來說真正開始變得有意義。但很高興看到我們正在啟動這些項目，並且我們按時完成了這些項目，並準備好對該項目以及後續項目產生真正的影響。

In terms of sustainability, also to bring your attention to that, that, of course -- that is a very, very important point for Cadeler. Obviously, working in renewable energy being a pure-play company in our industry, this remains really central to us.

在永續性方面，也需要引起您的注意，當然，這對卡德勒來說是一個非常非常重要的觀點。顯然，作為我們行業中一家專注於再生能源的公司，這對我們來說仍然至關重要。

And we have -- in the period since we last reported, we have promoted our Sustainability Manager to Chief Sustainability and Performance Officer in the company and lifted her up to the senior leadership team. We are expanding the team because we do believe that there's a lot of benefits for us as a company in really being at the forefront of this curve and also working with our clients to continue to develop strategies of how to minimize our own footprint.

自上次報告以來，我們已將永續發展經理提升為公司首席永續發展和績效官，並將她提升至高階領導團隊。我們正在擴大團隊，因為我們確實相信，作為一家公司，真正站在這條曲線的前沿，並與我們的客戶合作，繼續制定如何最大限度地減少我們自身影響的策略，會給我們帶來很多好處。

We have also surpassed the targets for female representation on our Board, but also in our leadership positions, which is something that we are proud of. But I'd also like to say that, that for us, it's not a tick mark exercise. It's really because we believe it gives us a better and a stronger company with better results at the bottom line to the benefit of our investors.

我們不僅在董事會中，而且在領導職位上，女性代表人數也超出了預期，這是我們感到自豪的事情。但我還想說，對我們來說，這不是一項打勾練習。確實，因為我們相信，這將使我們的公司變得更好、更強大，並帶來更好的業績，從而使我們的投資者受益。

We have also done a human rights impact assessment in 2024 and really providing a road map to strengthen our human rights management. Also something that we see more and more of our clients focusing on and hence, better to be where we need to be in that.

我們也對2024年的人權影響進行了評估，並真正提供了加強人權管理的路線圖。我們也看到越來越多的客戶關注這一領域，因此，我們最好能達到我們需要的水平。

So we make sure that we can deliver what our clients expect as well and also what is right for the world. We are also implementing an electronic screening tool to strengthen our supplier due diligence, which is, of course, important also when we go into these T&I contracts and foundations where we are having much more selection of suppliers that are supporting us on these projects.

因此，我們確保能夠滿足客戶的期望以及對世界有利的需求。我們也實施了電子篩選工具，以加強對供應商的盡職調查，這當然在我們簽訂這些 T&I 合約和基礎時也很重要，因為我們有更多的供應商可供選擇，以支持我們開展這些專案。

We have also the first year CSRD compliant and we have submitted the sustainability report, eligible for EU taxonomy and first year alignment, and we have also carried out the double materiality assessment, which are all really, really big jobs.

我們也完成了第一年的 CSRD 合規工作，提交了永續發展報告，符合歐盟分類法和第一年的協調要求，也進行了雙重重要性評估，這些都是非常非常大的工作。

And I have to say that as with the SOX controls, and the CSRD report, really, really important that we have made this, but also a huge, huge effort by everybody in the team and really thank you to everybody in the team for having worked so hard on all of this. It has also been in 2024 and Q1 '25, a lot of interesting things going on.

我必須說，就像 SOX 控制和 CSRD 報告一樣，我們做到這一點真的非常重要，而且團隊中的每個人都付出了巨大的努力，非常感謝團隊中每個人為此付出的辛勤努力。2024 年和 2025 年第一季也發生了很多有趣的事情。

We have done testing of biofuels on board one of our vessels together with our clients. And we are working on the expectation of really being able to increase the green offering to our clients in 2025 in terms of these learnings we have from some of this.

我們與客戶一起在我們的一艘船上對生物燃料進行了測試。我們正努力實現這樣的目標：根據我們從中學到的經驗教訓，到 2025 年，我們能夠真正增加向客戶提供的綠色產品。

And we have also signed an LOI for e-methanol offtake from 2028. We do take this very, very serious, and we do believe that the clients that are taking this serious will be set for success in our industry because at the end of the day, if we don't take this serious in renewable energy, who should.

我們也簽署了從 2028 年開始採購電子甲醇的意向書。我們確實非常認真地對待這個問題，我們也確實相信認真對待這個問題的客戶將會在我們的行業中取得成功，因為歸根結底，如果我們不認真對待可再生能源問題，誰會認真對待呢？

So we are really trying to be doing the utmost for what is right and also to continue to explore new solutions. And that is also what we are looking at in the second bullet here, really, we have launched these dashboards on our vessels where we really can analyze real time how the vessels are performing and what is the right solution together with the clients.

因此，我們確實在盡力做正確的事情，並繼續探索新的解決方案。這也是我們在第二點中所關注的，實際上，我們已經在我們的船上啟動了這些儀表板，我們可以即時分析船隻的運作情況，並與客戶一起制定正確的解決方案。

So we don't just take a standard solution, which is return to port as fast as possible, really try to see what is the best solution for the current schedule we have. Also around training with the crew, we believe a lot of the savings will come from behavioral initiatives, and that is something that we continue to work on with -- also with all the new crews that we are getting into the company.

因此，我們不只是採取標準解決方案，即盡快​​返回港口，而是真正嘗試找出最適合我們當前時間表的解決方案。另外，在對機組人員進行培訓方面，我們相信，許多節省將來自行為舉措，這也是我們繼續努力的方向——也包括對公司新加入的所有機組人員的培訓。

And then also shore power upgrades on the O-class vessels, so we can utilize shore power to the extent that it's available to us. We also set Scope 3 targets for reduction for 2035 and also calculate and report on the life cycle assessment in the Scope 3 environment.

然後還對 O 級船舶進行了岸電升級，以便我們可以最大限度地利用岸電。我們也設定了2035年範圍3的減排目標，並計算並報告範圍3環境中的生命週期評估。

In terms of our path to net zero, we are, of course, starting with an increase because we are adding a lot of vessels to the fleet, and that means that our overall emissions are increasing, but we are setting ourselves up to decrease this.

就我們實現淨零排放的目標而言，我們當然是從增加排放量開始的，因為我們正在為船隊增加很多船隻，這意味著我們的總體排放量正在增加，但我們正在努力減少排放量。

And by all the things that we are doing, we are really attempting to be having a very ambitious strategy of how we bring our footprint down and ensure that we can deliver what we do believe that the clients will expect from us in not a very distant future.

透過我們所做的一切，我們實際上正在嘗試制定一個非常雄心勃勃的策略，以減少我們的足跡並確保我們能夠在不久的將來實現客戶對我們的期望。

And the three key decarbonization levers are optimizing energy consumption, adopting green fuels and really enabling electrification. In terms of continuing the growth journey, as I said in the beginning, if we look at the markets, the European market continues to be the very, very strong market. Asian market is also very interesting, and the US market is still, as we have said in one of the previous presentations, the peel on the orange.

三個關鍵的脫碳槓桿是優化能源消耗、採用綠色燃料和真正實現電氣化。就繼續成長之旅而言，正如我在開始時所說的那樣，如果我們看一下市場，歐洲市場仍然是一個非常非常強勁的市場。亞洲市場也非常有趣，而美國市場，正如我們在之前的演講中所說的那樣，仍然是橘子皮。

And we are interested in the US market, but we will continue with our approach to that market that it has to be the right decision for that one project. And that is how we will continue in the US market as well for now. When we look at the future turbine installations by capacity, we do believe that and see also from the tenders we are involved in and from the projects we're winning that there is a trend towards bigger turbines.

我們對美國市場很感興趣，但我們將繼續採用我們的方法進入該市場，因為這對一個項目來說必須是正確的決定。目前，我們在美國市場也將繼續採取這種做法。當我們按容量來看待未來渦輪機的安裝時，我們確實相信這一點，並且從我們參與的招標和我們贏得的項目中也看到，渦輪機的規模越來越大。

And that is something that is good for Cadeler. We have a fleet of the most capable assets in the industry. And hence, we are able to supply our clients on bigger turbines with the installation services that they need. In terms of other things we have talked about before, and we continue to see these trends is that the distance from shore on the vessels continue to increase.

這對卡德勒來說是件好事。我們擁有業界最強大的資產艦隊。因此，我們能夠為更大渦輪機的客戶提供他們所需的安裝服務。就我們之前談到的其他事情而言，我們繼續看到這些趨勢是船隻與海岸的距離不斷增加。

It is pretty spread out, but the trend line is clear. It continues to go up. That is good when you have the vessels in the industry that can carry the most payload. At the same time, in terms of water depth, we also see that the water depths continue to increase, and it's also spread out, but the trend is very clear. And that is very important because this really discusses also these two metrics, how many of the legacy assets will be able to compete in the future.

雖然分佈比較分散，但趨勢線很清晰。它還在繼續上漲。當你擁有業界能夠承載最大有效載荷的船舶時，這是一件好事。同時從水深來看，我們也看到水深不斷增加，而且也不斷擴散，但是趨勢是非常明顯的。這非常重要，因為這實際上也討論了這兩個指標，即有多少遺留資產能夠在未來參與競爭。

We don't disqualify any. That is up to our clients to do that, but we believe that the overall supply in the industry is probably lower than most analysts currently have in their models. In terms of the continued growth, I think that our focus is really around the transport and instillation scope and the O&M scope, where we continue to grow the company with the vessels we have in the fleet.

我們不會取消任何人的資格。這取決於我們的客戶，但我們相信，該行業的整體供應量可能低於大多數分析師目前在其模型中看到的水平。就持續成長而言，我認為我們的重點實際上是運輸和安裝範圍以及 O&M 範圍，我們將繼續利用我們船隊中的船隻來發展公司。

We believe that we have a very, very strong platform and a very strong foundation. And with these assets, we are able to continue to work closer and closer with our clients and by doing so, generating more work on these vessels, but also on the contracts we have already secured.

我們相信我們擁有非常非常強大的平台和非常堅實的基礎。憑藉這些資產，我們能夠繼續與客戶進行更緊密的合作，從而在這些船隻上進行更多工作，同時也能完成我們已經簽訂的合約。

We do see clients that are approaching us for discussions around additional scope, whether it is managing sub-suppliers from their side or whether it is additional testing pre-project that is beneficial both to us because we kind of like get to tie out the equipment before we get to the real project execution, but the same does the client or really supporting the clients in the overall management of a project.

我們確實看到客戶正在與我們接洽，討論額外的範圍，無論是從他們的角度管理分包商，還是在專案前進行額外的測試，這對我們雙方都有利，因為我們有點喜歡在真正執行專案之前將設備連接起來，但客戶也是如此，或者在專案的整體管理中真正支持客戶。

And that is something that we are seeing and really where we believe that the business model has room to expand and to take more scope for the client based on the very, very strong platform and foundation we have built. And we see that, that is an enabler for us as a company to continue to work closer with our clients.

這就是我們所看到的，我們確實相信，基於我們已經建立的非常強大的平台和基礎，這種商業模式還有擴展的空間，可以為客戶提供更多的空間。我們看到，這促使我們公司能夠繼續與客戶更緊密地合作。

We have said it before, we focus on partnerships. We want to have the long lens in focus with our clients. So we are talking to our clients more and more about ranges of projects, projects that are further out. We are discussing installation projects now also out into 2030s. And we are talking with a very wide range of different equipment, different geographical locations and also different ways of doing projects with our clients.

我們之前說過，我們注重合作關係。我們希望能夠用長鏡頭聚焦我們的客戶。因此，我們越來越多地與客戶討論各種項目，以及更遠的項目。我們現在正在討論 2030 年代的安裝項目。我們正在與客戶討論各種不同的設備、不同的地理位置以及不同的專案進行方式。

And we really believe that, that is the partnership that we want to form with our clients. And as we have said before, we are not concerned about utilization at all. We believe that the narrative is stronger than the reality in the industry at the moment. But what we see internally and what we have shown you on these slides here is that we are incredibly busy, busier than ever and working closer with our clients.

我們確實相信，這就是我們希望與客戶建立的合作關係。正如我們之前所說，我們根本不關心利用率。我們認為，目前產業中的敘述比現實更有說服力。但我們從內部看到的情況以及我們在這些幻燈片上向您展示的情況是，我們非常忙碌，比以往任何時候都更加忙碌，並且與客戶的合作更加緊密。

We believe that we will continue to focus on what we are good at, and that is really deliveries, not only deliveries of assets, newbuilds and all of that, but also really delivering the clients' projects because at the end of the day, that is what will form the successful journey for the company going forward, continue to deliver for our clients and offer the clients to do additional scope if they need us and a partner to do that.

我們相信，我們將繼續專注於我們擅長的領域，那就是真正的交付，不僅是資產、新建項目和所有這些的交付，而且是真正交付客戶的項目，因為歸根結底，這將構成公司未來成功的旅程，繼續為我們的客戶提供服務，並在客戶需要我們和合作夥伴這樣做時，為他們提供額外的服務範圍。

In terms of the O&M market, we have discussed this at length before, but we do see an increasing demand for major component replacements on the turbines. There's a growing fleet of turbines out there, and we are installing more turbines every day.

就 O&M 市場而言，我們之前已經詳細討論過這個問題，但我們確實看到對渦輪機主要零件更換的需求不斷增加。渦輪機的數量正在不斷增加，我們每天都在安裝更多的渦輪機。

And hence, this opportunity is something where we would love to support our clients because, of course, if you install a lot of turbines, it's important to keeping them spinning. And that's something where everybody in the industry is in the same boat, both the developers, the OEMs and us as contractors, and we need to make sure we have solutions ready and in place for the turbines when they do need major component replacements.

因此，我們很樂意藉此機會為客戶提供支持，因為如果您安裝了很多渦輪機，那麼讓它們保持旋轉就很重要。而在這個行業中，包括開發商、原始設備製造商和我們承包商在內的每個人都面臨著同樣的問題，我們需要確保當渦輪機確實需要更換主要零件時，我們已經準備好解決方案。

And for us, we can see from the previous slides that we are able to fill white spaces. Most of our assets had O&M work during 2024 and in 2025. And that is an area that we, as a company, want to focus on because at the end of the day, it ensures very high utilization and hence, overall improved economy for us as a company.

對於我們來說，從前面的幻燈片中我們可以看到，我們能夠填充空白。我們的大部分資產在 2024 年和 2025 年期間都有營運和維護工作。這是我們公司想要重點關注的領域，因為最終，它可以確保非常高的利用率，從而為我們公司帶來整體經濟的改善。

And then it's also important that we work close with our clients. We have had meetings recently with our clients also where we are being asked to support them in the O&M journey of the industry and also for them as companies.

與客戶密切合作也很重要。我們最近也與客戶舉行了會議，要求他們在行業的營運和維護過程中以及公司層面為他們提供支援。

In terms of what it is really, as we say, growing as the number and age of operational turbines increase and the defects materialize, we do see increased tendering activity also on longer term contracts with our clients. It varies a lot, but we do believe that it's a space where we are adding a lot of value to clients, both the developers, but also the turbine OEMs, and that is something that we are focusing on.

就實際情況而言，正如我們所說，隨著運行渦輪機的數量和使用年限的增加以及缺陷的出現，我們確實看到與客戶的長期合約的招標活動也在增加。它變化很大，但我們確實相信這是一個為客戶（包括開發商和渦輪機原始設備製造商）增加許多價值的領域，而這正是我們關注的重點。

We are a company that are here to work on relationships and partnerships, and we believe that O&M is one of the very strong levers to really make sure we do that. And it needs a focus. That is what we can say. I think that we see more and more that the O&M campaigns, they are dealt with by individual teams on the client side. And for us, it's important that we're able to respond to their demands when incidents occur where they need our support.

我們是一家致力於建立關係和夥伴關係的公司，我們相信 O&M 是確保我們做到這一點的強大槓桿之一。它需要重點關注。這就是我們可以說的。我認為我們越來越多地看到 O&M 活動是由客戶端的獨立團隊處理的。對我們來說，當發生需要我們支援的事件時，我們能夠回應他們的要求非常重要。

And then also, we need, of course, to work on the cost side of the mobilization because that can be a driver for whether O&M will be done or not done. And that is why we are, at the moment, looking at innovative models for vessel mobilization to make sure that we are as nimble as possible supporting our clients in this space.

當然，我們也需要致力於動員的成本面，因為這可能是是否進行 O&M 的驅動因素。這就是為什麼我們目前正在研究船舶調動的創新模式，以確保我們盡可能靈活地為該領域的客戶提供支援。

So in terms of the investment highlights in the overall Cadeler case, as we say, we have the largest, most capable and most versatile fleet in the industry. We believe that the complementarity in the fleet really enables a lot of cross fleet utilizations, which will drive very, very high utilization and efficiency for our clients, but also project derisking for our clients.

因此，就整個 Cadeler 案例的投資亮點而言，正如我們所說，我們擁有業內最大、能力最強、功能最多樣化的船隊。我們相信，船隊的互補性確實可以實現大量的跨船隊利用，這將為我們的客戶帶來非常高的利用率和效率，同時也為我們的客戶降低專案風險。

Our team continues to grow and continue to build experience, both on people that have been with us for a long time and people that have not been with us for that long. But we continue to see that we can recruit and retain the critical know-how and skill that we need to continue to grow our company. And the relationship that we are building with our clients and partners is something we still hold incredibly dear in the company.

我們的團隊不斷壯大，不斷累積經驗，既包括與我們共事很長時間的人員，也包括與我們共事時間不長的人。但我們繼續看到，我們能夠招募和留住我們公司繼續發展所需的關鍵知識和技能。我們與客戶和合作夥伴建立的關係仍然是公司極為珍視的。

We believe that we have a global platform now where we can continue to really benefit from the enabling capacity and factor that our industry-leading fleet has. And we still see an undersupply of capable assets as we have discussed before.

我們相信，我們現在擁有一個全球平台，我們可以繼續真正受益於我們領先業界的船隊所擁有的支援能力和因素。正如我們之前討論過的，我們仍然看到優質資產供應不足。

And that is really around some of the metrics that we discussed in this presentation where we do see that the distance to shore, the carrying capacity of the vessels, but also water depth and sheer size of equipment that we're installing will mean that some of the legacy assets will be struggling to efficiently compete in the industry going forward.

這實際上與我們在本次演示中討論的一些指標有關，我們確實看到，到岸的距離、船舶的承載能力，以及水深和我們正在安裝的設備的尺寸將意味著一些遺留資產將難以在未來的行業中有效競爭。

And then we believe that we have a very strong track record now, but also a record high backlog that has gone up significantly since we reported last time today standing at EUR2.5 billion. And we do believe that, that provides a lot of earnings visibility with a 94% final investment decision on our backlog.

然後我們相信，我們現在擁有非常強勁的業績記錄，而且積壓訂單量也創下了歷史新高，自我們上次報告以來已大幅增加至 25 億歐元。我們確實相信，這為我們積壓訂單的 94% 的最終投資決策提供了很大的盈利可見性。

I think that, that is very, very important for our overall case. And then, of course, as we have said for a long time, we really want to be a good custodian of capital and hence, have focused as we have strong utilization, strong backlog building and very strong execution. With that said, we are moving into Q&A.

我認為這對我們的整體情況來說非常非常重要。當然，正如我們長期以來所說的那樣，我們確實希望成為一個好的資本保管人，因此，我們集中精力於強大的利用率、強大的積壓建設和非常強大的執行力。話雖如此，我們進入問答階段。

(Operator Instructions) Martin Huseby, DNB.

（操作員說明）Martin Huseby，DNB。

Thank you. First, a question on the O&M market. Such demand has clearly been important to fill gaps and keep vessel utilization high for '25. But could you also talk how we have seen any changes from your clients related to secure access for such vessels into 2026 and also beyond? And also what type of contract economics are you seeing on O&M work?

謝謝。首先，關於維運市場的問題。顯然，這種需求對於填補缺口和維持25年的船舶高利用率至關重要。但是，您能否也談談我們如何從您的客戶那裡看到與 2026 年及以後此類船舶的安全訪問相關的任何變化？另外，您在 O&M 工作中看到了什麼類型的合約經濟學？

Yes. I think we have discussed it before with investors that we do see an increasing contract economics profile on the O&M projects. It, of course, can vary a lot because you can have very short-term opportunities and you can have longer-term opportunities as well.

是的。我想我們之前已經與投資者討論過，我們確實看到 O&M 專案的合約經濟狀況不斷提高。當然，它會有很大差異，因為你可能有短期機會，也可能有長期機會。

But we do see that it's very strong, and it is very similar to the installation market at the moment because the O&M business at the moment is, I would say, arguably struggling with the same supply, demand equation that we have seen in the installation market.

但我們確實看到它非常強勁，並且與目前的安裝市場非常相似，因為我想說，目前的 O&M 業務可以說正在苦苦掙扎於我們在安裝市場中看到的相同的供需平衡。

So we are seeing that many of the clients are discussing longer-term commitments, frame agreements, but also, let's say, overall support structures from companies like ourselves to key O&M, but also to more fleet by O&M on their platform. So we believe it is an area that needs more focus.

因此，我們看到許多客戶正在討論長期承諾、框架協議，而且，比如說，從我們這樣的公司到關鍵的 O&M 的整體支援結構，以及透過 O&M 在其平台上支援更多的機隊。因此我們認為這是一個需要更多關注的領域。

Good. Second question on newbuilds. So the industry had quite a high number of newbuilds ordered back in 2020 and '21 and even into '22, while there's been quite -- or there's not been too many newbuilds ordered in recent years. Can you talk a little bit to what prospects you see for the industry to add more newbuilds? And also, how do you see newbuilding prices and delivery times developing?

好的。第二個問題是關於新船的。因此，該行業在 2020 年、2021 年甚至 2022 年訂購的新船數量相當多，而近年來訂購的新船數量相當多，或者說並不多。您能否稍微談談您認為該行業增加更多新船的前景如何？另外，您如何看待新船價格和交貨時間的發展？

Yeah, I think that deliveries are challenging at the moment because I think that the amount of yards that can complete a newbuild like this is certainly very limited. And some of the yards that can do it, they are focusing elsewhere and hence, not willing to bid on projects like these.

是的，我認為目前的交付具有挑戰性，因為我認為能夠完成此類新船建造的船廠數量肯定非常有限。而一些能夠完成這項任務的船廠，他們的注意力都集中在其他地方，因此不願意競標這樣的項目。

And that means together with many other factors that the prices have gone up significantly, and we speculate at the moment that the prices are somewhere between 30% to 45% higher than when we ordered in 2021, the P-class vessels, which, of course, makes it, let's say, a different environment to order vessels in.

這意味著，加上許多其他因素，價格大幅上漲，我們目前推測，價格比我們在 2021 年訂購 P 級船舶時高出 30% 至 45%，這當然使得訂購船舶的環境變得不同。

And at the same time, my view is that it's probably as hard as it has ever been to go into the boardroom and ask for capital to order new vessels because if one does not have an active name in the industry, it is probably hard now with the challenges that the industry has been through with lack of deliveries on projects, but also current narrative and very, very high prices and arguably longer lead times than we saw back in the days. So I think it is a challenging environment to add newbuilds in for most companies.

同時，我的觀點是，現在走進董事會並要求資金訂購新船可能比以往任何時候都要困難，因為如果一個人在業內沒有活躍的名字，那麼現在可能很難，因為這個行業已經經歷了項目交付不足的挑戰，而且目前的情況是價格非常高，而且交貨時間可能比我們過去看到的要長。因此我認為對於大多數公司來說，增加新業務是一個充滿挑戰的環境。

Thank you. I'll turn it back. Thanks.

謝謝。我會把它轉回去。謝謝。

Jamie Franklin, Jefferies.

傑米·富蘭克林，傑富瑞集團。

Hey guys. Thank you for taking my questions. So firstly, I just wanted to ask on 2025 guidance. How should we think about the moving parts in reaching the top end of that range? Is it primarily a function of timing for the remaining two newbuilds due this year?

嘿，大家好。感謝您回答我的問題。所以首先，我只想問一下 2025 年的指導。我們應該如何考慮達到該範圍頂端的移動部件？這主要與今年剩餘兩艘新船的建造時間有關嗎？

And then just a kind of follow-on question from that. So your first newbuild for 2025, Wind Maker, was delivered in January. That was obviously on the early side of the targeted 1Q '25 delivery. And now you said that your second newbuild this year, Wind Pace, is scheduled for delivery imminently versus a previous target for 2Q '25 delivery.

然後這只是一個後續問題。您為 2025 年建造的第一艘新船“Wind Maker”已於 1 月交付。這顯然是在 2025 年第一季交付目標的早期階段。現在您說，您今年的第二艘新船 Wind Pace 計劃即將交付，而先前的目標是 2025 年第二季交付。

So just trying to get a sense of what your base case is for delivering the next two vessels. Should we assume it is the midpoint of each quarter that you have outlined? Thank you.

所以只是想了解你們交付接下來兩艘船的基本情況。我們是否應該假設它是您所概述的每個季度的中點？謝謝。

I think we will just keep the delivery to the quarter for now. But of course, we indicate that we believe that the LI is somewhat ahead of schedule in COSCO and that we believe that Mover will deliver as we have discussed in the past.

我認為我們目前只會按季度交付。但當然，我們表示，我們相信 LI 在 COSCO 中已經提前完成了一些計劃，並且我們相信 Mover 將按照我們過去討論過的方式交付產品。

I think that there are, of course, still some moving parts in the overall year, but a lot of, let's say, the utilization capacity has been locked down already. So on Zaratan, as we discussed, we have locked down a very significant portion on O&M, but there is room for more if that is available out there in the market. And we do believe that there is opportunity out in the market for that.

我認為，全年當然仍會有一些變動，但許多利用率已經確定。因此，正如我們所討論的，在 Zaratan 上，我們已經鎖定了 O&M 的很大一部分，但如果市場上有可用的 O&M，那麼還有更多的空間。我們確實相信市場上有這樣的機會。

And as I also discussed during the presentation, we are at the moment, also in a situation where we are discussing certain options with clients in terms of delivering additional scope on projects and that can also impact the year.

正如我在演講中討論的那樣，目前我們也正在與客戶討論某些選擇，以增加專案的額外範圍，這也會對今年產生影響。

So we believe that we are at a good point with the guidance. We are at a place in time and where -- say, at a junction in the journey where we want to be and also where we expect it to be. As Peter explained in his presentation, with these foundation T&I contracts, a lot of the services that are being delivered, we can say that the difference between the income and the cost curve is lesser.

因此，我們相信，我們的指導處於良好狀態。我們處在時間中的某個地方，也就是旅程中的一個交叉點，這是我們想要到達的地方，也是我們期望到達的地方。正如彼得在演講中所解釋的那樣，透過這些基礎 T&I 合同，我們可以說，對於所提供的許多服務，收入和成本曲線之間的差異較小。

And then when we start installing the foundations, then it opens up those two curves because at the end of the day, that is really where we are starting to see the meaningful impact of the foundation T&I project when we start to put the foundations in the water.

然後，當我們開始安裝地基時，就會打開這兩條曲線，因為最終，當我們開始將地基放入水中時，我們才真正開始看到地基 T&I 項目的有意義的影響。

So it is a function of, let's say, time and also solid execution and then continuing to keep a very strong focus on the front end of the business, making sure that our clients know that we are here, we are able to support them if they need us with anything.

因此，這是一個時間和穩健執行的函數，然後繼續高度關注業務的前端，確保我們的客戶知道我們在這裡，如果他們需要我們做任何事情，我們能夠為他們提供支援。

And I think the team overall, the whole team has done incredibly well in ensuring very strong utilization, strong execution, strong reporting, strong everything. So we're very, very pleased with how the team has gone through '24 and how we have already entered into '25 as well.

我認為整個團隊在確保強大的利用率、強大的執行力、強大的報告以及強大的一切方面都做得非常出色。因此，我們對團隊在 24 年取得的成績以及進入 25 年的情況感到非常非常滿意。

That's great. That's very helpful. And then second question, just on the European market. Obviously, you talked about the strength and that being the primary driver of growth for Cadeler. So can you talk maybe about the specific countries within Europe that are the greatest near term opportunity?

那太棒了。這非常有幫助。第二個問題是關於歐洲市場的。顯然，您談到了實力，這是卡德勒成長的主要動力。那麼，您能否談談歐洲內哪些國家在近期內擁有最大的機會？

And I know you announced a contract in Poland back in January that was a particularly attractive contract and you've built backlog quite considerably there over the last few years. So maybe if you can touch on that as well. Thank you.

我知道你們今年一月份在波蘭宣布了一份特別有吸引力的合同，而且過去幾年你們在那裡積累了相當多的訂單。所以也許你也可以談談這一點。謝謝。

Yeah, I think that we see basically that it's, of course, the North Sea region and the Baltic Sea region that is growing very fast. UK remains the leading country in wider Europe, I should say, without offending anybody, I hope, that is the leading. But we do see around the Baltic Sea a lot of activity, but also Germany and Denmark.

是的，我認為我們基本上看到北海地區和波羅的海地區發展非常迅速。英國仍然是歐洲的領先國家，我應該說，但願不會冒犯任何人，這就是領先。但我們確實看到波羅的海周圍有很多活動，德國和丹麥也有。

We had a missed auction in Denmark, I would say, for most industry people, it was not the biggest surprise in the world. And I'm sure that we will be seeing something pretty different in the upcoming Danish auction where we have seen the Danish government moving more to like a CfD style auction type. And I think that this is just reinforcing the picture that Europe remains very focused on delivering this and very strong growth demand continuously.

我們錯過了丹麥的拍賣會，我想說，對大多數業內人士來說，這並不是世界上最大的意外。我相信，在即將舉行的丹麥拍賣會上，我們會看到一些非常不同的事情，我們已經看到丹麥政府更傾向於 CfD 風格的拍賣類型。我認為這進一步證明，歐洲仍然非常注重實現這一目標，並且持續保持強勁的成長需求。

Okay, that's great. Thanks, guys. I'll hand it over.

好的，太好了。謝謝大家。我把它交給你。

Benjamin Nolan, Stifel.

本傑明·諾蘭（Benjamin Nolan），Stifel。

Great. Hopefully, you guys can hear me. I wanted to ask, Peter, you had mentioned you had -- you guys were taking people and adding them to some of your existing vessels in preparation for the delivery of the newbuilds.

偉大的。希望你們能聽到我的聲音。彼得，我想問一下，你曾經提到過——你們正在將人員運送到一些現有的船隻上，為新船的交付做準備。

I'm curious, you're taking delivery -- and the industry is delivering quite a bit of equipment very quickly. Can you maybe talk to the availability of skilled labor? And is that at all a challenge in being able to execute for the industry or for you guys specifically?

我很好奇，你們正在接收貨物——而且該行業正在非常快速地交付相當多的設備。能談談熟練勞動力的可用性嗎？這對整個產業或對你們來說是一個挑戰嗎？

It has not been a problem for us up to now. We still have unsolicited applicants coming in from the industry and oil offshore. So generally speaking, it has not been a problem, and we do not see an issue. Maybe you can add, Mikkel.

到目前為止這對我們來說還不是什麼問題。我們仍有來自工業界和海上石油界的主動申請者。所以總的來說，這不是一個問題，我們也沒有發現任何問題。也許你可以補充一下，米克爾。

Yeah, I'm happy to do that. I think that we are benefiting from many different factors at the moment, where we see, let's say, skilled people coming in, but maybe skilled people from different areas of offshore, where we believe that the right thing to do is also to give them the best possible preparation by having them on some of our existing vessels before we send them potentially to a newbuild or before they take over an existing vessel and we send some of the experienced people from that vessel to a newbuild.

是的，我很樂意這麼做。我認為我們目前正在受益於許多不同的因素，例如我們看到技術人員的加入，但也可能看到來自海上不同領域的技術人員，我們認為正確的做法是讓他們做好最好的準備，在我們派他們去建造新船之前，或者在他們接管現有船隻之前，讓他們先在我們的一些現有船隻上工作，然後我們會把一些有經驗的人員從現有船隻派到新船去建造新船。

So it is really one of the bigger questions we get from investors many times is what keeps you awake at night, and we often talk about safety, right? And in order to operate these very sophisticated assets, training is important.

因此，我們經常從投資者那裡得到的一個更大的問題是，是什麼讓你夜不能寐，我們經常談論安全性，對嗎？為了操作這些非常複雜的資產，培訓非常重要。

And that's why we're doing it. We are doing it because we want to ensure that we are working with one safety standard, with one culture on board and overall best possible preparation for what we are executing for our clients. So that's why we're doing it. So you can basically say that the reason behind it is really just a reason of caution and being prepared.

這就是我們這麼做的原因。我們這樣做是因為我們希望確保我們遵循同一個安全標準、同一個文化，並為我們為客戶執行的工作做盡可能最好的準備。這就是我們這麼做的原因。所以基本上可以說，這背後的原因其實只是出於謹慎和準備。

Okay, thank you. And then my next question, I wanted to mention, I appreciate the adjusted utilization measure that you put in there. As you're thinking about the guidance for 2025, can you maybe talk through what sort of is being considered or modeled in that adjusted utilization into your numbers?

好的，謝謝。然後我的下一個問題是，我想提一下，我很欣賞您在其中提出的調整利用率措施。當您考慮 2025 年的指導方針時，您能否談談在調整利用率時考慮或模擬了哪些因素？

Yeah, we are not giving guidance on the utilization for '25. So -- but we can say that the reason that we are doing it is because we have, of course, discussed in the past that where we want to see the fleet in terms of utilization.

是的，我們沒有提供 25 年利用率的指導。所以——但我們可以說，我們這樣做的原因是因為我們過去當然討論過我們希望看到船隊的利用率。

But when you have two vessels, for example, our for crane upgrades, you can't operate them. And hence, it's not relevant to talk about that time. And that's why we decided that this time, it's relevant to have an adjusted number where we can also show you guys kind of like this is just time that is not available to us.

但是，當您有兩艘船時，例如，我們的起重機升級船，您將無法操作它們。因此，談論那個時候是沒有意義的。這就是為什麼我們決定這次調整一個數字，這樣我們也可以向你們展示這是我們無法利用的時間。

And if we discount that, then actually the utilization was pretty good. We also made an active decision that we discussed with you guys and with our investors last year where we said we'll really do everything we can to prepare Scylla to go to the US because in case we need to do any maintenance on Scylla in the US, it will be much more complicated and much more expensive.

如果我們不考慮這一點，那麼實際上利用率相當不錯。我們也做出了一個積極的決定，去年我們與你們以及我們的投資者進行了討論，我們說我們將盡一切努力為 Scylla 進入美國做好準備，因為如果我們需要在美國對 Scylla 進行任何維護，那將會更加複雜，成本也會更高。

So again, under the same umbrella of being cautious, you can say, we decided to do an extra effort on Scylla before we sent her to the US, and that reduced the number of days we had available. Had we not done that, we could maybe have squeezed in an O&M project prior to her leaving to the US, but we decided, no, we're not going to do that.

因此，同樣出於謹慎考慮，我們可以說，在將 Scylla 送往美國之前，我們決定對她進行額外的努力，這減少了我們可用的天數。如果我們沒有這樣做，我們也許可以在她去美國之前擠出時間完成一個 O&M 項目，但我們決定，不，我們不會這樣做。

And the same umbrella there, you can say that on Wind Ally that we are delivering from COSCO. We are not planning any utilization on Ally before we start the rest of the project because we just want to make sure that we start that project as well equipped as early as with as much buffer as possible.

和那裡的傘一樣，你可以說那是我們從中遠集團運送的 Wind Ally。在開始專案的其餘部分之前，我們不打算對 Ally 進行任何利用，因為我們只是想確保儘早啟動該項目，並儘可能多地配備緩衝。

Because that is a very important project to us that we have also discussed with our investors and clients and suppliers a lot. So we are currently not planning anything on Wind Ally prior to going on the Hornsea 3 project.

因為這對我們來說是一個非常重要的項目，我們也與我們的投資者、客戶和供應商進行了許多討論。因此，在進行 Hornsea 3 專案之前，我們目前沒有對 Wind Ally 進行任何規劃。

Okay, that's helpful. And lastly, if I could, just you're speaking about the Scylla and now you'll have two assets in the US. Mikkel, you said that there's a real sense of acceleration in the US, trying to get things done quickly. Do you anticipate those assets or at least one of those assets remaining in the US for some time in order to meet those customer needs?

好的，這很有幫助。最後，如果可以的話，只要您談到 Scylla，您現在就在美國擁有兩項資產。米克爾，您說美國確實有一種加速的感覺，試圖快速完成事情。您是否預計這些資產或至少其中一項資產會在美國保留一段時間以滿足客戶的需求？

That is very possible. And we know that the Pace has to come back again because it has another commitment. So there's a -- that's based on that, and Pace will return back to Europe to do that commitment for our clients, no doubt there. But of course, could this continue in the US for some time?

這是很有可能的。我們知道 Pace 必須再次回歸，因為它還有另一個承諾。所以，基於這一點，Pace 將返回歐洲，為我們的客戶履行這項承諾，毫無疑問。但當然，這種情況會在美國持續一段時間嗎？

Yes, that is very likely. And we are monitoring the opportunity. I think we can also say we are harvesting the opportunity because we came out from being probably the most cautious on the US market to now being the ones that are operating a lot over there. And I think that, that is also sometimes how the world develops.

是的，很有可能。我們正在監測這一機會。我想我們也可以說我們正在收穫機會，因為我們從美國市場上最謹慎的公司轉變為現在在那裡開展大量業務的公司。我認為，世界有時也是這樣發展的。

If your client has a confidence in you being able to deliver what they need in that market, then I think that you can be the chosen one. And I think that we have at least put ourselves in a situation where we are working very, very efficiently together with our clients to try to deliver what they have in the pipeline over there as best possible.

如果您的客戶相信您能夠在該市場上提供他們所需的產品，那麼我認為您可以成為被選中的人。我認為，我們至少已經處於這樣一種境地：我們正在與客戶非常有效率地合作，盡可能好地交付他們現有的產品。

But there is a lot of complexities in the market in terms of operations. And it also means that it requires a lot of effort to ensure efficient installation in the US market. But we want to support our clients there as long as we are able to protect the company in the right way in terms of terms and conditions and that the projects on a standalone basis is good enough to meet our criteria.

但在營運方面，市場存在著許多複雜性。這也意味著需要付出很多努力才能確保在美國市場有效率地安裝。但只要我們能夠在條款和條件方面以正確的方式保護公司，並且獨立專案足以滿足我們的標準，我們就願意為那裡的客戶提供支援。

Excellent. I appreciate you taking my questions. Thank you.

出色的。感謝您回答我的問題。謝謝。

Petter Billing, SEB.

皮特·比林（Petter Billing），SEB。

Yes, hello, can you hear me? Great. I have two questions. The first one is tax related. You mentioned, Peter, that most of your current business is covered by tonnage taxation in the UK and Denmark. Once you move into becoming sort of more of a project driven business with the T&I services for the foundations, should we think any differently about taxation for your business going forward?

是的，你好，你聽得到我說話嗎？偉大的。我有兩個問題。第一個是與稅收有關的。彼得，您提到，您目前的大部分業務都受到英國和丹麥噸位稅的約束。一旦您的企業開始以專案為導向，為基金會提供 T&I 服務，我們是否應該以不同的方式考慮您企業未來的稅務問題？

No. That is also covered by those tonnage tax regimes. So, no.

不。這也包含在噸位稅制度中。所以，不。

Okay, great. And the second question, again, also related to the O&M market. What do you see in terms of how developers think about utilization or using more high-spec'ed vessels compared to lower spec'ed vessels also lower sized turbines. Do you see any sort of mechanic where even for smaller turbines that they prefer to use more highly spec'ed vessels?

好的，太好了。第二個問題也與 O&M 市場有關。您如何看待開發商對利用率的看法，或者說，與低規格船舶和小尺寸渦輪機相比，他們更傾向於使用高規格船舶。您是否看到任何機械師，即使對於較小的渦輪機，他們也更喜歡使用規格更高的容器？

I think what we can say is that the higher spec'ed vessels has the benefit that they can work across different platforms, and that gives an efficiency increase for some of the clients in the industry that hence has that as a priority.

我認為我們可以說，規格更高的船舶具有可以在不同平台上工作的優勢，這為業內一些客戶提高了效率，因此他們將此作為優先事項。

But I think that it's not necessarily always a choice because we tend to get focused on the turbine type and say, can this vessel do this turbine type? Obviously, it can because it installed this turbine type. But it might be that the water depth is too high for that vessel, for example.

但我認為這並不總是一種選擇，因為我們傾向於關注渦輪機類型並說，這艘船可以採用這種渦輪機類型嗎？顯然可以，因為它安裝了這種渦輪機。但例如，可能是因為水深對該船來說太高了。

So we have seen O&M jobs in the industry that has been waiting for a long time for execution due to the lack of availability of vessels with, for example, long enough legs. And that is why I argue that a higher spec'ed vessel is always a more attractive option for the client if it is available.

因此，我們看到行業中的 O&M 工作已經等待很長時間才能執行，原因是缺乏足夠長的航程的船舶。這就是為什麼我認為，如果有的話，規格較高的船隻對於客戶來說總是更有吸引力的選擇。

The challenge has really been that they have not been available, and that is also why we are arguing that the O&M space is a space that could do with more focus and more commitment, both from clients and from contractors like ourselves because at the end of the day, there is a rather big, let's say, challenge to solve in overall keeping all the turbines globally spinning, and that is something that we need to work together to solve that equation.

真正的挑戰在於他們尚未到位，這也是為什麼我們認為 O&M 領域是一個需要更多關注和投入的領域，無論是來自客戶還是來自像我們這樣的承包商，因為歸根結底，存在一個相當大的挑戰，可以說，要解決的是讓全球所有渦輪機保持旋轉的整體問題，而這正是我們需要共同努力來解決這個問題的問題。

And what we are saying is really that we are committed to play our part in that problem solving together with our partners from the O&M space, OEM space and also in the developer space. And we do see that sometimes they take a different approach to that market.

我們真正想說的是，我們致力於與 O&M 領域、OEM 領域以及開發者領域的合作夥伴一起為解決這個問題做出貢獻。我們確實看到他們有時對該市場採取不同的方法。

Understood, thank you, that's all for me.

明白了，謝謝，就這些了。

Thank you.

謝謝。

Asne Holsen, ABG Sundal Collier.

Asne Holsen，ABG Sundal Collier。

Hi, can you hear me?

嗨，你聽得到我說話嗎？

Yes.

是的。

Great, thanks for taking my question. II was wondering about the wording on your dividend comment. You say that you do not expect to make any dividend payment in the medium term. How would you define a medium term?

太好了，感謝您回答我的問題。我對您對股息的評論措辭感到疑惑。您說您預計中期不會支付任何股息。您如何定義中期？

(multiple speakers) We define it like the second A-class vessel being delivered in '26. And that is because the Holdco facility we have, there's a covenant around not paying out dividends before that vessel is delivered. But it doesn't cover the third A-class vessel being delivered in '27. So that is what we mean by that in midterm, yeah.

（多位發言者）我們將其定義為 1926 年交付的第二艘 A 級船舶。這是因為我們擁有的 Holdco 設施有一個契約，即在船舶交付之前不支付股息。但它並不包括 1927 年交付的第三艘 A 級船舶。是的，這就是我們在中期選舉時所指的意思。

I think what we can say in addition to that is that the discussion around the whole topic is something that has started now together with the Board and that we think that, that is something that will continue. And when we are ready, we will communicate clearly to the market. But it is obvious that we will be in a position at some point in time where we have the ability, for example, to pay a dividend.

我認為除此之外我們還能說的是，圍繞整個主題的討論現在已經與董事會一起開始，我們認為這將會繼續下去。當我們準備好時，我們會向市場清楚地傳達訊息。但顯然，在某個時間點，我們將有能力支付股息。

Definitely, yeah, I think, I give the microphone. Thank you.

絕對的，是的，我想，我把麥克風給了大家。謝謝。

Thank you.

謝謝。

(Operator Instructions) Roald Hartvigsen, Clarksons.

（操作員說明）Roald Hartvigsen，Clarksons。

Thanks. Hey guys, congratulations on another strong quarter. We have seen some consolidation in the space over the last months with the key one probably being the announced Saipem and Subsea7 merger. And obviously, offshore wind is not the only market for those players today, but do you believe that merger will have any meaningful impact on market dynamics? And how do you see prospects for further consolidation in the space ahead? Thanks.

謝謝。嘿夥計們，祝賀你們又一個強勁的季度。過去幾個月，我們看到該領域出現了一些整合，其中最關鍵的可能是 Saipem 和 Subsea7 宣布合併。顯然，離岸風電並不是目前這些參與者的唯一市場，但您是否認為合併會對市場動態產生任何有意義的影響？您如何看待未來該領域進一步整合的前景？謝謝。

I don't think it will be -- it will drive anything. I think it's probably good for these two companies. I think that there's a lot of synergies between these two companies to do a consolidation and we congratulate them on the efforts. We have said it before that there is still some degree of fragmentation in the industry. The problem is also in the industry, there's a lot of assets that arguably will not be installing for very long.

我不認為它會——它會推動任何事情。我認為這對這兩家公司來說可能是件好事。我認為這兩家公司之間的合併具有很大的協同效應，我們對他們的努力表示祝賀。我們之前說過，這個行業仍然存在一定程度的分散。問題也出在行業中，有很多資產可能在很長時間內都不會安裝。

And hence, it depends a little bit how you want to consolidate and why you want to consolidate. But I think that we are, from our side at least, very, very pleased that we were moving on the opportunity that we saw back in 2023 and successfully concluded that merger with Eneti.

因此，這有點取決於你想如何合併以及為什麼要合併。但我認為，至少從我們的角度來看，我們非常非常高興我們抓住了 2023 年看到的機會，並成功完成了與 Eneti 的合併。

We believe that we have created a company that didn't have a lot of overlaps at that time. And that is the additional challenge to most of the other companies out there that there's probably too many overlaps to make it super reasonable to see how a merger would happen. So it depends a little bit why one company wants to merge and how. yeah.

我們相信，我們創建了一家當時沒有太多重疊的公司。對於大多數其他公司來說，這又是一個額外的挑戰，即可能存在太多的重疊，因此很難合理地實現合併。所以這有點取決於一家公司為什麼要合併以及如何合併。是的。

Perfect. Thanks. I'll leave it there.

完美的。謝謝。我就把它留在那裡。

Thank you.

謝謝。

We have no further questions at this time. Thank you for your participation. I will now hand the floor back to Mikkel Gleerup for any closing remarks.

目前我們沒有其他問題。感謝您的參與。現在我將發言權交還給 Mikkel Gleerup，請他做最後發言。

Thank you. Just wanted to say thank you to everybody for listening in and spending your time here in the morning or afternoon or evening with us. Another year is now concluded and a year is already well underway, and we are really looking forward to take on this challenge and to deliver.

謝謝。我只想對大家的收聽和在早上、下午或晚上與我們一起度過的時間表示感謝。新的一年已經過去，新的一年也已開始，我們非常期待迎接這項挑戰並取得成果。

And that really just brings me to really thanking the team, our investors, our clients and partners for all the support during '24 and all what we have seen in '25. And we are super ready to take on this year and to continue to deliver on our promise. So, thank you.

這真的讓我由衷感謝團隊、我們的投資者、我們的客戶和合作夥伴在 2024 年和 2025 年給予我們的所有支持。我們已經做好充分準備迎接新的一年並繼續兌現我們的承諾。所以，謝謝你。