Cadeler A/S

Climate Impact & Sustainability Data (2023)

Long-term Goals:

Limited number of vessels and vulnerability to revenue loss from vessel downtime.
Operational incidents and need for upgrades/repairs.
Delays in new build vessel delivery.
Hazards inherent in offshore operations, with potential for uninsured damages.
Dependence on vessel employment and potential backlog non-materialization.
Contractual and non-contractual legal risks.
Material weaknesses in internal control over financial reporting.
Dependence on third-party services.
Increased competition and volatile demand.
International economic, social, political, and geopolitical risks.
Financial risks from indebtedness and restrictive covenants.
Risks related to personnel retention and recruitment.
Risks related to compliance with laws and regulations, including ESG matters.
Taxation risks.
Credit, interest, and exchange rate risks.
Risks related to the Business Combination (synergy realization, integration challenges, increased indebtedness).
Reporting requirements of the U.S. Exchange Act.
Potential UK taxation as a result of the Business Combination.
Potential for Cadeler to be classified as a PFIC (Passive Foreign Investment Company).

Industry standard hull and machinery insurance and protection and indemnity insurance.
Steps initiated to remediate material weaknesses and strengthen internal controls.
Stringent procedures on extending credit terms to customers and on the monitoring of credit risk.
New Debt Facility to refinance existing debt and finance new builds.
Detailed plans for integration of Eneti's operations.
Investment in cybersecurity measures and technology.
Interest rate swap contracts to mitigate interest rate risk.
Foreign currency hedges to mitigate currency risk.

Frameworks Used: IFRS

Third-party Assurance: EY Godkendt Revisionspartnerselskab