Investor Presentation

CADELER ✓ ENETI Market dynamics between floaters and jack-ups Highly capable jack-up vessels can operate efficiently in both the foundation and WTG installation spaces. This opens up for highly attractive scopes and increases optionality in markets with expected tightness in supply Floating vessels have had issues efficiently installing monopiles and transition pieces (TPS) • • Stricter operational limits for floating vessels Jack-ups are highly capable and reliable at installing monopiles and TPS Difficult ocean conditions causing installation delays Significant delivery issues for motion compensated pile grippers Foundation installation using jack-ups is an efficient, proven and resilient installation method Newbuild jack-ups are capable of installing next generation MPs Simpler mission equipment on jack-ups For highly capable jack-ups, foundation installation offers attractive terms and increased optionality This development further reduces supply in the already tight WTG installation and O&M space Foundation T&I scope offers large, profitable contracts and an attractive alternative for jack- ups Only capable jack-ups can efficiently switch and service all scopes Operating one of the world's largest fleet of highly capable jack-ups offers substantial value in offshore wind

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