Page 17: of Maritime Reporter Magazine (April 2024)

SOVs

China, we do not look at demand for

SOVs/CSOVs as having a linear rela- tionship to the number of wind farms or turbines installed. We look to see where a large number of wind turbines are concentrated in relatively close proximity, generally in a very large wind farm or in a project cluster featur- ing two or more wind farms, which will give the economies of scale required to justify a SOV/CSOV. We should note that some Chinese OEMs are targeting international market expansion, which may result in the demand base becom- ing more fragmented.

Although the developer space is more fragmented, we look to the developers of large wind farms and/or developers of geographically close project clusters.

Developers in this space include Ørsted,

RWE, Equinor, SSE, etc.

Source: Intelatus Global Partners

Outside of China, the global installed and operational turbine base amounted to ~6,200 turbines at the end of 2023.

The Tier 1 SOV/CSOV ? eet stood at 32 vessels, 31 one of which being active in

Europe. ~530 active CTVs served oper- ating and under construction wind farms in Europe, APAC, and the USA. ~8,300 turbines are forecast to be installed globally (excluding China) between 2024 and 2030 and close to 15,500 in 2031-2035, as global offshore wind capacity (excluding China) grows to ~380 GW of capacity at the end of the forecast period. The high-level con- clusion that one can make is that more turbines will drive the demand for more

Tier 1 SOVs and CSOVs.

Until now demand Tier 1 vessels in the maturing European offshore wind segment has been driven by scale, more wind turbines, wind farms being built further offshore, clustering of developer projects (i.e., many multiple projects in close geographic proximity), and con- solidation of wind turbine OEMs. 73

Tier 1 SOVs and CSOVs are active or under construction in the North Euro- pean wind segment. Tier 2 and Tier 3 walk-to-work (W2W) vessels are cur- rently active in the segment, but as oil www.marinelink.com 17

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