Financial Performance & Backlog - Cadeler's financial performance exceeded expectations, leading to increased full-year guidance in July 2025[9] - The company's contract backlog remains strong at EUR 25 billion[13, 29] - 97% of the contract backlog, totaling EUR 2412 million, relates to projects with a positive final investment decision (FID)[36] - Revenue increased by EUR 170 million in Q2 2025 compared to Q2 2024, with utilization at 76% and adjusted utilization at 94%[46] - Revenue increased by EUR 216 million in H1 2025 compared to H1 2024, with utilization at 67% and adjusted utilization at 89%[50] Fleet & Operations - Cadeler took delivery of the Wind Keeper, securing a long-term contract with Vestas for three years, with options for an additional two and a half years, potentially worth over EUR 380 million[10, 35] - Seven vessels are currently on hire globally, including two in Taiwan and two in North America[11] - Cadeler has secured EUR 2058 million in funding for its CAPEX program, including Wind Keeper, with EUR 1225 million drawn as of June 30, 2025, leaving EUR 833 million undrawn[57] Market Outlook & Strategy - The company anticipates an undersupply of capable vessels from 2029 onwards, driven by increasing market demand, including strong growth in demand for O&M[101] - Cadeler is building up Nexra, a new service concept for the offshore wind industry, to address the strong and increasing demand for O&M services, especially for larger turbines[12, 95]

Company Strategy - Orsted plans to proceed with share sales [1] - The company aims to manage a growing crisis [1] Project Impact - A Trump administration order halted construction of an almost-finished offshore wind project [1]

Industry News - Denmark's plan involves injecting billions of dollars into Orsted, an offshore wind giant [1] Political Landscape - The plan to inject billions into Orsted has triggered political backlash [1]

Project Overview - The first US-flagged vessel capable of burying undersea cables for offshore wind turbine connections has commenced operations near the Statue of Liberty and New York City [1] Renewable Energy Infrastructure - The project focuses on connecting offshore wind turbines to the onshore power grid via buried undersea cables [1]

Policy Change - The Netherlands is reducing its offshore wind power target by up to 40% [1] - The Dutch government no longer considers the 50 gigawatts offshore wind generation capacity target by 2040 to be viable [1]

Core Insights - Petrobras has initiated two significant tenders for geophysical and geotechnical surveys off the coast of Rio de Janeiro, indicating a strategic move towards offshore wind development [1][2]. Group 1: Survey Details - The first geophysical survey aims to collect subsurface data in ultra-shallow waters near São João da Barra, utilizing bathymetric, topographic, and electrical tomography methods at a depth of approximately 10 meters over an area of about 1.5 square kilometers [2]. - The second geotechnical survey will assess soil conditions in shallow and beach environments, providing essential data for the design and construction of wind turbine foundations [3]. Group 2: Strategic Location - The Port of Açu, located near the survey area, offers logistical advantages for Petrobras' offshore wind pilot project, enhancing project feasibility and aligning with broader renewable energy goals [4]. Group 3: Industry Potential - Brazil has over 1.2 terawatts of offshore wind potential, which could significantly contribute to green hydrogen targets and economic growth, potentially creating over 500,000 jobs and adding $168 billion in national gross value [5].