Group 1 - Danish offshore wind developer Orsted plans to complete its offshore Sunrise Wind project in the United States by the second half of 2027 [1] - The CEO of Orsted, Rasmus Errboe, communicated this timeline to reporters [1] Group 2 - The Sunrise Wind project is part of Orsted's broader strategy to expand its renewable energy portfolio in the U.S. [1] - The project is expected to contribute significantly to the offshore wind capacity in the region [1]

Core Viewpoint - Orsted has resumed work on a U.S. offshore wind project following a federal judge's ruling that allows construction to restart amid ongoing legal challenges from the Trump administration [1] Group 1 - Orsted is a key player in the offshore wind industry, and the resumption of construction indicates a positive development for renewable energy projects in the U.S. [1] - The federal judge's ruling is significant as it provides a legal pathway for Orsted to continue its operations despite the ongoing legal case [1]

Group 1 - The US judge ruled in favor of Orsted, allowing the company to resume construction on its offshore wind farm project off Rhode Island, which had been halted by a stop work order from the Trump administration [1][2][3] - Orsted is raising 60 billion Danish kroner (over 9 billion USD), marking the largest capital raise for a European energy company in over a decade, to support its business plan [4][7] - The company incurs approximately $25 million in costs for every week it cannot work on the project, with a significant increase in costs expected by the end of September, potentially leading to project cancellation [5][6] Group 2 - The resumption of work is seen as a potential turning point for Orsted, allowing the company to return to growth and deliver projects that are expected to generate substantial revenue in the coming years [7][8] - The judge's decision reflects confidence in Orsted's likelihood of winning the case against the US government, emphasizing the devastating financial impact of continued delays [3][5]

Financial Data and Key Metrics Changes - For Q2 2025, revenue reached EUR 233.1 million, showing substantial growth despite being impacted by termination fees from the Horn C4 project [17] - EBITDA increased significantly from EUR 32 million to EUR 189 million year-over-year, indicating strong operational performance [21] - The company maintains a solid balance sheet with a market cap of EUR 1.7 billion and an adjusted utilization rate of 94.1% for Q2 [18][19] Business Line Data and Key Metrics Changes - The backlog remains stable at EUR 2.5 billion, with 97% of projects having final investment decisions [12][13] - The Windkeeper vessel is highlighted as a key asset, with a long-term contract secured with Vestas for operations and maintenance services [6][10] - The company is actively working on multiple projects, including Revolution Sunrise and Revolution Wind, although the latter is currently halted [11][66] Market Data and Key Metrics Changes - The U.S. market constitutes less than 10% of the total backlog, indicating a focus on international projects [11] - The company is experiencing strong demand for operations and maintenance services, particularly for larger turbines [5][50] Company Strategy and Development Direction - The company is focused on expanding its fleet and enhancing operational capabilities, particularly through the NexTra service concept [5][52] - There is a strategic emphasis on sustainability, including biofuel testing and decarbonization efforts [36][56] - The company aims to maintain a resilient business model while adapting to market recalibrations and emerging opportunities [41][58] Management's Comments on Operating Environment and Future Outlook - Management acknowledges a period of market recalibration but remains optimistic about long-term growth in offshore wind and operations and maintenance sectors [37][41] - The company expects improved conditions and policy support in key markets, which could enhance project execution timelines [39][40] - Despite challenges, management believes in the strength of their fleet and the ability to meet client demands effectively [42][58] Other Important Information - The company is actively engaged in discussions with banks for financing future projects, indicating strong interest from financial institutions [26][28] - The full-year outlook for 2025 has been adjusted to a revenue range of EUR 588 million to EUR 628 million, with EBITDA projected between EUR 381 million and EUR 421 million [30] Q&A Session Summary Question: Impact of halted Revolution Wind project - Management stated that they are contractually well protected and are in dialogue with clients regarding the halted project, referencing a similar situation with Empire that was resolved [64][66] Question: CapEx related to Windkeeper - It was confirmed that the majority of Q2 CapEx was related to Windkeeper, with no unplanned expenditures [70] Question: Upgrades on Windkeeper - Upgrades include adding a new auxiliary crane, a bow thruster for improved operations, and general accommodation enhancements to meet client expectations [72][73] Question: Availability of similar vessels in the market - Management indicated that Windkeeper is unique and that upgrading other Chinese vessels for European operations would be challenging [75][76] Question: Alternative work scopes amid stop order - Management clarified that clients do not wish for vessels to be repurposed for other projects while awaiting clarity on the stop order [81][82] Question: Stability of termination fees in contracts - Management expressed that termination fees in contracts remain stable, despite recent trends in the industry [83]

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]

The first US-flagged boat that can bury the undersea cables to connect offshore wind turbines to the power grid on land has started work within view of the Statue of Liberty and the New York City skyline.Josh Saul has more https://t.co/nPtNYbnLL9 https://t.co/BlCES7PUMK ...

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].