On the sea, competition is indeed not about price. I’ve been involved in offshore wind power projects. There, safety and precision come first. It’s supposed to cost a lot, and not just anyone does that kind of work. This is also reflected in Cadeler’s gross margins of over 70%, which are so high that with their current order book, I can only wonder about the current share price development (e.g., 20% better than AWS). The loans will definitely be paid off. I think that at some point, European demand will grow really large.
Even in Finland, three offshore wind projects would cover 37% of all electricity production (reference year 2023). When these will be realized, there’s no information, but one EIA has just been under review. So many data centers are coming that these offshore wind power projects will surely get moving.