companyName

extensiveId

feedTypes

includeDividend

includeEstimates

includeOverview

includeOwnership

snapshotDate

CompanyName_Query

companySlug

CompanyMetaData

CompanyContent_query

company

query CompanyName_Query(
  $companyName: String!
  $extensiveId: ID
  $snapshotDate: String
  $feedTypes: [ContentType!]!
  $includeEstimates: Boolean!
  $includeOverview: Boolean!
  $includeOwnership: Boolean!
  $includeDividend: Boolean!
) {
  ...CompanyMetaData_Ux1x9
  ...CompanyContent_query_3mc3wd
}

fragment AnalystData on Analyst {
  name
  pageUrl
  jobTitle
  imgUrl
}

fragment AuthorList on Content {
  __isContent: __typename
  id
  authors {
    __typename
    id
    name
    pageUrl
  }
}

fragment ChangePercentBlock_Company on Company {
  defaultInstrument {
    isin
    symbol
    priceData {
      diff1mPercentage
      diff1yPercentage
      diff3yPercentage
      diffFromStartPercentage
    }
    id
  }
}

fragment CompactFeed_3NXCcw on Query {
  compactFeed: feedContent(companySlug: $companyName, filter: {types: $feedTypes}) {
    edges {
      node {
        __typename
        id
        ...TeaserExtraCompact_content
        createdAt
        companies {
          viewerIsFollowing
          id
        }
      }
      cursor
    }
    pageInfo {
      endCursor
      hasNextPage
    }
  }
}

fragment CompanyAnalystQuery on Company {
  analysts {
    ...AnalystData
    name
    pageUrl
    jobTitle
    imgUrl
    id
  }
}

fragment CompanyContent_query_3mc3wd on Query {
  ...CompanyHeader_query_Ux1x9
  ...CompanyOwnership_query_Ux1x9 @include(if: $includeOwnership)
  ...CompanyFinancials_query_Ux1x9 @include(if: $includeEstimates)
  ...CompanyDividend_query_Ux1x9 @include(if: $includeDividend)
  ...CompanyInvestorConsensus_query_Ux1x9
  ...CompanyPageTop_query_Ux1x9 @include(if: $includeOverview)
  ...CompanyPageBottom_query_2bVJwf @include(if: $includeOverview)
  ...CompanyDisclaimer_query_Ux1x9
  ...Extensive_query_3u4Ry5
}

fragment CompanyCoverage_Company on Company {
  analysts {
    name
    id
  }
  isPayingCustomerOf
  isFormerCustomerOf
  isCorporateCustomer
  ...CompanyAnalystQuery
  defaultInstrument {
    ...TargetAndRecommendation_Company
    id
  }
}

fragment CompanyDescription_Company on Company {
  description
  websiteUrl
  name
}

fragment CompanyDisclaimer_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    isPayingCustomerOf
    isFormerCustomerOf
    id
  }
}

fragment CompanyDividendER_query on Company {
  name
  defaultInstrument {
    estimateData {
      reportingCurrency
    }
    dividendTransactions: estimateTransactions(first: 1, includeQuarters: false) {
      actualized {
        year
        dividend
        dividendYield
        payoutPercentage
        sharePrice
      }
      estimates {
        year
        dividend
        dividendYield
        payoutPercentage
        sharePrice
      }
    }
    id
  }
}

fragment CompanyDividendNonER_query on Company {
  name
  defaultInstrument {
    nonERDividendSet: nonERCompanyNumberSet(includeQuarters: false) {
      year
      dividend
      dividendYield
      epsReported
      sharePrice
      currency
    }
    id
  }
}

fragment CompanyDividend_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    ...CompanyDividendER_query
    ...CompanyDividendNonER_query
    defaultInstrument {
      coreId
      id
    }
    id
  }
}

fragment CompanyFinancials_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    ...NonERCompanyNumbers_query
    ...CompanyNumbers_query
    defaultInstrument {
      coreId
      id
    }
    id
  }
}

fragment CompanyHeader_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    id
    companyInsref
    name
    viewerIsFollowing
    followersCount
    isCorporateCustomer
    hasPinpointData
    hasDividendHistory
    sector {
      sectorname
      industry
    }
    regions
    extensiveExists
    defaultInstrument {
      symbol
      priceData {
        tradeCurrency
        lastPrice
        diff1dPercentage
      }
      marketplace {
        name
      }
      estimates: estimateTransactions(first: 1, includeQuarters: false) {
        date
      }
      nonERCompanyNumberSet(first: 1, includeQuarters: false) {
        year
      }
      id
    }
    topOwners {
      holders {
        name
      }
    }
    transactions: insiderTransactions(filter: {types: [BUY, SELL, SUBSCRIPTION]}) {
      edges {
        node {
          date
          id
        }
      }
    }
  }
}

fragment CompanyInsiderTransactions on Company {
  name
  regions
  insiderTransactions(filter: {types: [BUY, EXERCISE_OF_SHARE_OPTION, PLEDGE, RECEPTION_OF_SHARE_PREMIUM, SELL, SUBSCRIPTION]}) {
    edges {
      node {
        insider
        position
        volume
        price
        date
        unit
        type
        relatedParty
        id
      }
    }
  }
}

fragment CompanyInvestorConsensus_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    companyInsref
    id
  }
}

fragment CompanyMetaData_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    description
    pageUrl
    defaultInstrument {
      estimateData {
        modelType
      }
      id
    }
    id
  }
}

fragment CompanyName_Slug on Company {
  slug
}

fragment CompanyNumbers_query on Company {
  name
  defaultInstrument {
    estimateData {
      modelType
      reportingCurrency
    }
    estimateTransactions(first: 1, includeQuarters: true) {
      comparisonIndexName
      actualized {
        year
        quarter
        revenue
        revenueGrowth
        ebitda
        ebitAdjusted
        ebitReported
        preTaxProfit
        netEarnings
        epsReported
        epsAdjusted
        dividend
        payoutPercentage
        roePercent
        roiPercent
        enterpriseValue
        bookValue
        marketCap
        gearingPercent
        equityRatio
        dividendYield
        totalCosts
        loanLosses
        balanceSheetTotal
        tangibleBook
        cet1
        rwa
        sharePrice
        sharesTotal
        nav
        navPerShare
        opexOfNav
        totalShareholderReturn
        comparisonIndexReturn
        netDebtTotalAsset
        quarterlySharePrice
      }
      estimates {
        year
        quarter
        revenue
        revenueGrowth
        ebitda
        ebitAdjusted
        ebitReported
        preTaxProfit
        netEarnings
        epsReported
        epsAdjusted
        dividend
        payoutPercentage
        roePercent
        roiPercent
        enterpriseValue
        bookValue
        marketCap
        gearingPercent
        equityRatio
        dividendYield
        totalCosts
        loanLosses
        balanceSheetTotal
        tangibleBook
        cet1
        rwa
        sharePrice
        sharesTotal
        nav
        navPerShare
        opexOfNav
        totalShareholderReturn
        comparisonIndexReturn
        netDebtTotalAsset
        quarterlySharePrice
      }
    }
    id
  }
}

fragment CompanyOverviewGraphs_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      companyTransactions: estimateTransactions(first: 1, includeQuarters: false) {
        actualized {
          year
          revenue
          ebitAdjusted
          epsAdjusted
          dividendYield
          navPerShare
          totalShareholderReturn
        }
        estimates {
          year
          revenue
          ebitAdjusted
          epsAdjusted
          dividendYield
          navPerShare
          totalShareholderReturn
        }
      }
      id
    }
    id
  }
}

fragment CompanyOwners on Company {
  regions
  topOwners {
    recordDate
    compareDate
    source
    holders {
      name
      capitalPercent
      votingPowerPercent
      positionChange
      totalSharesChange
      shareChange
      isNew
      isRemoved
    }
  }
}

fragment CompanyOwnership_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    ...CompanyOwners
    ...CompanyInsiderTransactions
    id
  }
}

fragment CompanyPageBottom_query_2bVJwf on Query {
  ...GeneralFeed_data_3NXCcw
  ...CompactFeed_3NXCcw
  ...UpcomingEventsQuery_Ux1x9
  ...RiskRecommendMatrix_query_Ux1x9
  ...CompanyOverviewGraphs_query_Ux1x9
  ...NonERCompanyOverviewGraphs_query_Ux1x9
  company(companySlug: $companyName) {
    companyInsref
    ...ForumUpdates_Company
    defaultInstrument {
      coreId
      id
    }
    id
  }
  allFeed: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  main: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true, types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT, ANALYST_COMMENT, VIDEO, ARTICLE]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  webcasts: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true, types: [WEBCAST]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  thirdPartyResearch: feedContent(first: 1, companySlug: $companyName, filter: {types: [THIRD_PARTY_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  releases: feedContent(first: 1, companySlug: $companyName, filter: {types: [STOCK_EXCHANGE_RELEASE, PRESS_RELEASE]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
}

fragment CompanyPageTop_query_Ux1x9 on Query {
  ...StockChart_ChartQuery_Ux1x9
  ...LatestReports_query_Ux1x9
  company(companySlug: $companyName) {
    isFund
    name
    ...CompanyCoverage_Company
    ...CompanyName_Slug
    ...CompanyDescription_Company
    ...FundNumbers_Company
    ...ChangePercentBlock_Company
    ...KeyEstimateFigures_Company
    ...InvestmentCompanyKeyFigures_Company
    defaultInstrument {
      id
      estimateData {
        modelType
      }
    }
    analysts {
      name
      id
    }
    id
  }
  extensiveReport: feedContent(first: 1, companySlug: $companyName, filter: {types: [EXTENSIVE_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  analysis: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku", "Arvonluojat"]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  analysisArvonluojat: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku"]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
}

fragment CompanyTagList on Company {
  pageUrl
  name
  viewerIsFollowing
}

fragment Extensive_query_3u4Ry5 on Query {
  company(companySlug: $companyName) {
    extensive(extensiveId: $extensiveId, snapshotDate: $snapshotDate) {
      publishedAt
      pageUrl
      content {
        id
        title
        lang
        slug
        htmlBody
        publishedAt
        createdAt
        changedAt
        isOutdated
      }
    }
    id
  }
}

fragment ForumUpdates_Company on Company {
  name
  forum {
    threadUrl
    highlightedPosts {
      url
      author
      authorImgUrl
      text
      postedAt
      likesCount
    }
  }
}

fragment FundNumbers_Company on Company {
  defaultInstrument {
    isin
    symbol
    priceData {
      lastPrice
      ath
    }
    id
  }
}

fragment GeneralFeed_data_3NXCcw on Query {
  generalFeed: feedContent(first: 20, companySlug: $companyName, filter: {types: $feedTypes}) {
    edges {
      node {
        __typename
        id
        ...Teaser_content
        ...TeaserCompact_content
      }
      cursor
    }
    pageInfo {
      endCursor
      hasNextPage
    }
  }
}

fragment InvestmentCompanyKeyFigures_Company on Company {
  marketData {
    marketCap
  }
  defaultInstrument {
    priceData {
      tradeCurrency
      dailyTurnover
    }
    estimateData {
      modelType
    }
    estimateTransactions(first: 1, includeQuarters: true) {
      actualized {
        year
        quarter
        sharesTotal
        marketCap
        nav
        navPerShare
        dividendYield
        quarterlySharePrice
      }
      estimates {
        year
        quarter
        dividendYield
      }
    }
    id
  }
}

fragment KeyEstimateFigures_Company on Company {
  marketData {
    marketCap
  }
  defaultInstrument {
    priceData {
      tradeCurrency
      dailyTurnover
      lastPrice
      marketCap
    }
    sector
    fundamentalData {
      ebit
      eps
      sales
      dividend
    }
    estimateData {
      modelType
      estimates {
        firstEstimateYear {
          year
          bookValue
          netSales
          dividendA
          epsAdjusted
          ebitAdjusted
          hybridLoan
          noOfShares
          netDebt
          mvMinorities
          mvAssociated
          roePercent
        }
      }
    }
    estimatesSharePrice: estimateTransactions(first: 1) {
      estimates {
        sharePrice
      }
    }
    id
  }
}

fragment LatestReports_query_Ux1x9 on Query {
  extensiveReport: feedContent(first: 1, companySlug: $companyName, filter: {types: [EXTENSIVE_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
  analysis: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku", "Arvonluojat"]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
  analysisArvonluojat: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku"]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
}

fragment NonERCompanyNumbers_query on Company {
  name
  defaultInstrument {
    nonERNumberSet: nonERCompanyNumberSet(includeQuarters: true) {
      year
      quarter
      revenue
      ebitda
      ebitReported
      epsReported
      dividend
      sharesTotal
      roe
      roi
      enterpriseValue
      marketCap
      gearingRatio
      equityRatio
      dividendYield
      sharePrice
      currency
      evSales
      evEbitda
      evEbit
      pb
      netIncome
      ptp
    }
    id
  }
}

fragment NonERCompanyOverviewGraphs_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      overviewGraphsData: nonERCompanyNumberSet(includeQuarters: false) {
        year
        revenue
        ebitReported
        epsReported
        dividend
        dividendYield
        currency
      }
      id
    }
    id
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment RiskRecommendMatrix_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      riskData: estimateTransactions(first: 1) {
        businessRisk
        valuationRisk
      }
      id
    }
    id
  }
}

fragment StockChart_ChartQuery_Ux1x9 on Query {
  company(companySlug: $companyName) {
    isFund
    defaultInstrument {
      coreId
      id
      marketOpen
      marketClose
      marketplace {
        region
      }
      priceData {
        lastPrice
      }
      returns {
        day
        week
        month
        threeMonths
        sixMonths
        year
        threeYears
        fiveYears
        tenYears
        ytd
        total
      }
    }
    id
  }
}

fragment TargetAndRecommendation_Company on Instrument {
  estimateData {
    modelType
    researchCurrency
    estimates {
      date
      recommendation
      targetPrice
    }
  }
}

fragment TeaserCompact_content on Content {
  __isContent: __typename
  __typename
  id
  type
  title
  createdAt
  isPremium
  pageUrl
  lang
  companies {
    ...CompanyTagList
    id
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
  ...AuthorList
}

fragment TeaserExtraCompact_content on Content {
  __isContent: __typename
  id
  title
  createdAt
  pageUrl
  lang
  companies {
    name
    pageUrl
    viewerIsFollowing
    id
  }
}

fragment Teaser_content on Content {
  __isContent: __typename
  __typename
  id
  type
  title
  createdAt
  pageUrl
  imgUrl
  isPremium
  lang
  companies {
    ...CompanyTagList
    id
  }
  publishers {
    imgUrl
  }
  authors {
    __typename
    id
  }
  ... on AnalystComment {
    preview
  }
  ... on Article {
    preview
  }
  ... on CompanyReport {
    preview
  }
  ... on ThirdPartyCompanyReport {
    preview
  }
  ... on QA {
    preview
  }
  ... on Video {
    preview
    liveTime
    videoDuration
  }
  ... on Webcast {
    preview
    liveTime
  }
  ...AuthorList
  ...Reactions
}

fragment UpcomingEventsQuery_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      calendarEvents(first: 10) {
        edges {
          node {
            date
            type
            period
            id
          }
        }
      }
      id
    }
    id
  }
}


name

description

pageUrl

defaultInstrument

companyInsref

viewerIsFollowing

followersCount

isCorporateCustomer

hasPinpointData

hasDividendHistory

sector

regions

extensiveExists

topOwners

insiderTransactions

isPayingCustomerOf

isFormerCustomerOf

extensive

feedContent

Cadeler

CADELER A/S: Notice of Upcoming 2025 Annual Report Release and Earnings Presentation on 24 March 2026

CADLR: Nexra secures significant O&M campaign in Taiwan

CADELER A/S: REPORTING ON TRANSACTIONS IN CADELER A/S SHARES BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

CADLR: Cadeler signs preferred supplier agreement for foundation installation in 2028  

CADLR: Financial calendar

CADELER A/S: NOTIFICATION OF MAJOR SHAREHOLDING

CADLR: Cadeler Strengthens Balance Sheet with Additional Unsecured Green Corporate Loan Facility

CADLR: Cadeler expands fleet with delivery of 10th wind turbine installation vessel, Wind Mover

Q3 2025 Earnings Release: Cadeler delivers strong Q3 performance with high utilisation, improved earnings and continued fleet expansion

CADELER A/S: Notice of Upcoming Q3 2025 Earnings Release and Presentation on 20 November 2025

CADLR: Cadeler signs two significant contracts for full-scope foundation and turbine transportation and installation

CADLR: Cadeler takes delivery of first A-class vessel  and enters new strategic chapter in offshore foundations

CADLR: Cadeler signs firm contract with Ocean Winds for WTG installation at the BC-Wind offshore wind farm in Poland

Interim Financial Results 2025: Cadeler delivers financial performance above expectations 

CADLR: Cadeler signs firm contract with Synera Renewable Energy for WTG Installation at the Formosa 4 Offshore Wind Farm in Taiwan 

CADELER A/S: Notice of Upcoming H1 2025 Interim Report Release and Earnings Presentation on 26 August 2025

CADLR: Cadeler takes delivery of Wind Keeper and locks down first three years of utilisation with the signing of a long-term firm contract 

Oslo Børs

Cadeler is active in the manufacturing industry. The company works with the manufacture and development of wind turbines. The product portfolio is broad and primarily includes the manufacture of off-shore wind power. In addition to the main business, after-sales service, support, maintenance and related services are offered. Operations are primarily held on a Scandinavian level. The company has its headquarters in Copenhagen.

Cadeler’s Q3/2025 is out:  Q3 2025 Earnings Release: Cadeler Delivers Strong Q3 Performance With High Utilisation, Improved Earnings and Continued Fleet Expansion :: Cadeler A/S (CDLR) 9-month revenue for 2025 grew a modest 178% compared to the previous year. Of course, debt also increased as three new vessels joined the fleet this year. But the order book also continues to grow (now €2887M), so there is demand for these vessels. Furthermore, in the Hornsea 3 project, the company’s vessels are performing the foundation installation themselves, in addition to erecting the turbines (the traditional core area). Full-year revenue guidance remains in the range of €588-628M, with EBITDA accumulating to €381-421M. Of course, depreciation will be made on the vessels, and interest and debts will be paid, but there will still be a comfortable amount left on the bottom line – €212M for the 9-month period. The share price has suffered a bit since October, and now the company seems to be available at a discount relative to its vessels (although NAV definition is quite vague here, as there isn’t an active market for these in that way, but it’s an affordable stock even relative to book value). But with that order book, debt repayment seems to be quite manageable, and thus the company’s outlook is very stable. In addition, service-side contracts come up occasionally as the number of parks grows, so I believe there will be work for these vessels for a very long time. EDIT: Comments based on the investor call. Quite a lot of questions and comments revolved around the outlook for 2028, 2029, and 2030 and beyond. Some wind farm project schedules have apparently slipped a bit, and this has seemingly put pressure on this company’s future prospects as well. The company itself sees the situation as follows for the entire market and the company itself:  They admit that some projects have been delayed in terms of schedules, putting pressure especially on the supply/demand picture for 2028. For 2029, 2030, and beyond, the company sees the market as tight for vessels, and the company believes it can pick the best projects from its own perspective. Especially concerning 2029 and 2030, the company stated that they are confident, particularly based on how their customers are willing to commit money now for those years (this is how I understood it, the exact wording was slightly different). For 2028, the company does not see the situation as worrying, as there are also many projects in Asia (Japan, South Korea, and Taiwan). Also, regarding the supply/demand situation, the company commented that they see the situation differently from many analysts, because projects are very diverse and not all capacity can participate in all projects. That is, especially these largest projects (they seemed to say ‘Utility scale’) must be built with a much narrower pool of vessels (essentially a shortage of these most capable vessels). Also, securing contracts is not just about price; wind farm developers also carefully assess risks and supplier reliability. Here, the largest fleet brings a clear advantage, as Cadeler can better offer a clear view with its own equipment on how project completion can be ensured with their fleet.  Generally, when considering the company’s market position, this indeed does not seem to be very price-competitive, and thus the impact of small changes in project schedules on the company’s results is smaller, as it is most important for customers to get their projects completed within the agreed schedules with their clients and considering risks (for example, wind and waves can bring their own challenges). EDIT2: It would be good if someone else also participated in the discussion about this company, as the limits on the number of consecutive messages seem to be approaching threateningly..

It took me a moment to consider if I could answer this while maintaining my anonymity. I am a geologist and have studied the foundations of future offshore wind farms before anything exists at sea. In my opinion, the demanding phases are not necessarily the installation phases, because a lot of planning, research, permit applications, etc., have been done for that. Or, based on what I’ve seen of Cadeler’s materials, a wind turbine can be completed very quickly. No wonder, if they have world-class vessels and crew. The seabed may have too many soft layers, which prevent the economically viable installation of a wind turbine. Generally, however, the Baltic Sea is a good place to install wind turbines because the sea is shallow and windy. The seabed layers and geology can vary rapidly even over short distances. Some locations are therefore rejected, but before studies, there is no realistic understanding of this. Soundings made with different wavelengths are used as data for planning boreholes. Boreholes are used to take samples of sediment and bedrock, if the bedrock is reached at a specified depth. Other drilling methods can also be used to determine various physical properties. The outcome of these studies can even determine the profitability and feasibility of the project. Perhaps Cadeler’s margins describe the industry well. It is dangerous at sea, and there are not many proper vessels, regardless of the work phase. Skilled seafarers are needed. I don’t know how much wind Cadeler’s vessels can withstand, but research workers quite easily head to port to spend windy days. Despite that, the margins are good.

However, offshore wind power does have some advantages. At sea, there are fewer obstacles to the wind, and thus more energy can be obtained. Of course, the higher the pole is located, the less friction affects wind speed. In many countries, however, terrain features are more challenging for wind power than at sea. This therefore means that offshore wind power produces more consistent output than onshore. I also see regulation at sea as easier. All noise, aesthetic, etc. aspects are easier at sea. The cost is indeed significantly higher than onshore, but I believe the newest ones will be better in this regard. Cadeler’s operating logic can also lead to lower project costs (they aim to ensure higher utilization rates for vessels). Yes, a lot is happening on this wind power front in Asia as well. Taiwan, South Korea, and Japan, in particular, are very interesting in this respect. Japan, however, has a windier side that requires floating solutions. I understand that if one wants safer investments, this is probably not at the top of the list. I myself clearly see this as an investment that requires more monitoring. Like many other investments related to floating capital items.

On the sea, competition is indeed not about price. I’ve been involved in offshore wind power projects. There, safety and precision come first. It’s supposed to cost a lot, and not just anyone does that kind of work. This is also reflected in Cadeler’s gross margins of over 70%, which are so high that with their current order book, I can only wonder about the current share price development (e.g., 20% better than AWS). The loans will definitely be paid off. I think that at some point, European demand will grow really large.                   ox2.com              Merituulivoima - OX2                              Even in Finland, three offshore wind projects would cover 37% of all electricity production (reference year 2023). When these will be realized, there’s no information, but one EIA has just been under review. So many data centers are coming that these offshore wind power projects will surely get moving.

If anyone is wondering why this (and other wind power) stock has seen a strong rise lately, here is a bit of positive news from yesterday: European nations reinforce wind power commitment with 100 GW pledge | Reuters The 100GW in the headline specifically concerns offshore wind power in the following countries: UK, Belgium, Denmark, France, Germany, the Netherlands, Iceland, Ireland, Luxembourg(??), and Norway. This also involves developing grids and transmission links together. So, quite significant news in my opinion, which guarantees work for Cadeler’s vessels far into the future (300GW by 2050).

First of all, thank you to both @Sahti-Laine and @Avokado for participating in the discussion. I believe this will be beneficial for others as well, not just for me. @avokado, I am at least curious to hear a bit more about how you arrived at this conclusion. I have also delved quite deeply into the entire global energy market and the forecasts from various parties related to it. It is true that offshore wind power will not be a significant piece on a global scale, but I am at least strongly under the impression that it will still find its own niche in the overall picture. Especially when looking at things more on a local level. And @Sahti-Laine, many might be interested in practical experiences of how these projects work and what all happens during installation. I myself followed the construction of the Moray West park quite closely to get a better understanding of how that process progresses chronologically, etc. But many details inevitably remain obscure without a direct connection to the projects. So, could one hope for a brief summary of the main phases and which work stages are particularly demanding and why? And I’m also a bit interested in what kind of margins are used with conditions during operation?

In that sense, the methods can be similar to oil exploration, in that in the southern Baltic Sea or the North Sea, where the bedrock consists of young sedimentary rocks, samples can be taken as a single core regardless of whether it is sediment or bedrock. All in

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