Investor Presentation
CADELER ✓ ENETI
Merger transaction rationale
Strengthening value proposition to our clients at a critical point in the offshore wind development
لا
Demand outlook and activity level remain strong
and projects terms are firming
~43% expected annual global demand growth (excl. China) in GW from 2022-2030¹
Increasing demand for larger scope projects, including new regions
Higher value and more attractive projects terms
Strong project pipeline and backlog with further available days
✓
Combining Cadeler with Eneti will create
scale, competence and commercial flexibility
Expanding fleet and open capacity to benefit from favorable supply/demand trends
Complementary vessels to enable stronger fleet utilization and earnings visibility
Building true global presence through scale, local presence and complementary
industry relationships
Compelling price and delivery schedule vs. entering newbuilding agreements
Alb
Value chain bottlenecks drive demand
for larger companies with bigger and more diverse fleets
Transaction unlocks value for our clients through increased redundancy required to
minimize risk of project slippage
Improving ability to meet increased customer demand for larger scopes and project
sizes on a global basis
Increasing industry efficiency by contributing to consolidation
✓
Meaningful value creation and synergy potential
for investors of both Cadeler and Eneti once companies combine
Estimated annual synergies of €106m², comprising €55m in cost and operational
synergies and €51m in commercial synergies through improved fleet utilization
Combination expected to result in increased investor attention and enhanced trading
liquidity as a result of greater market capitalization and dual listing
Stronger anticipated credit profile expected to enable improved access to capital, and
at a lower cost
Transaction rationale is based on management's expectations. 1) Spinergie - www.spinergie.com 2) Based on management's expectations. Estimates of expected synergies are purely illustrative and are subject to certain risks and uncertainties. Figures are
reflected prior to any transaction and integration costs.View entire presentation