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New installation vessels for new markets: lifting higher, larger, heavier turbines4 November 2020 • 14:00-14:45 GMT

#offshorewind

Offshore WindWebinar Week

Part of

2-6 November 2020

Sponsored by

Presentation documents:Page 2: Nick Prokopuk, DNV GLPage 10: Turner Holm, ClarksonsPage 17: Andries Hofman, GustoMSCPage 24: Edwin van Leeuwen, Ulstein Design & Solutions

DNV GL © 04 November 2020 SAFER, SMARTER, GREENERDNV GL © RMM 20201104

04 November 2020

Nick Prokopuk

MARITIME

New Installation Vessels for new Markets

1

Riviera Offshore Webinar Week

DNV GL © 04 November 2020

DNV GL has extensive global footprint in offshore wind

2

>97%Played a role in the majority of the world’s offshore wind projects

>20 GWOffshore wind measurements and energy resource assessment studies

2,400Energy experts, who combine industry expertise, multi-disciplinary skills and innovation to solve complex technical issues in challenging environments

>90%Of offshore wind farms are certified by DNV GL

Offshore standards and recommended practicesWidely accepted in the renewable energy industry

Global reach –local applicationDNV GL has local knowledge through our global footprint supported by European experience

>50 GWDNV GL has provided Owner’s Engineer and

Due Diligence services

>30 yearsExperience in supporting the development of offshore wind

First on WTIVDNV GL developed the first standards for WTIV classification, building on extensive experience from offshore O&G Jack-up operations and ship technology

>80%Market leader in classification of Service Operation Vessels (SOVs) tailored to provide field service during installation or operation


US Offshore Wind Pipeline

3

0

500

1000

1500

2000

2500

3000

3500

0

5

10

15

20

25

30

35

40

17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35

Turb

ines

Pow

er

(GW

)

Year

Total Power Turbines

0.042

0.030


*Anticipated

SWT-6.0-1542014 – Westermost Rough

SWT-3.6-120

2011 – Walney

V164-9.52020 – Northwester 2

Bonus 0.45

1991 – Vindeby

Offshore WTG Evolution 1991-2026*

SWT-8.0-164

2016 – Burbo BankHaliade-X-12

2025 – Ocean Wind*

SWT-14-222

2025/6 CVOW-C*

A380


.

MP: 2,400 t

Blade: 107 m

Rotor: 220 m

Nacelle: 800 t

Hub: 138 m

150 x year

Soil conditions

±$220k /day

Battery /Hybrid

Alternative Fuel

Net-zero

120 PoB

KERS

Complex Logistics

5

Need

Want

Risk

Logistics

Cost


The world is going green: power & energy system onboard will change

6

▪ Hybrid combinations will continue

▪ Alternative fuels will take centre stage

▪ Electrification accelerates

▪ Shore power in the future


DNV GL Wind Turbine Installation Vessels

7

DNV GL’s market share in WTIV

24%

32%

36%

6%

ABS

DNV GL

CCS

2%

NK

Unknown

38% of allwind turbine

installation vessels

in service are classed

by DNV GL (based on number of units)

50

WTIV

globally

Source: DNV GL internal, Clarksons Research, internet (photos), 2019-12-01

WTIV in DNV GL class18

▪ Typical class notation:

Self-elevating Wind Turbine Installation Unit SPS Crane Unit OPP-F E0 DYNPOS-

AUTR DPS2 NAUT-OSV(A) CLEAN DESIGN Battery Power


SAFER, SMARTER, GREENER

www.dnvgl.com

The trademarks DNV GL®, DNV®, the Horizon Graphic and Det Norske Veritas®

are the properties of companies in the Det Norske Veritas group. All rights reserved.

Thank you

8

Nick Prokopuk

[email protected]

+1 832-674-6858

linkedin.com/in/nprokopuk

Riviera

Offshore Wind

WebinarNew installation vessels

for new markets: Lifter

higher, larger and heavier

Turner Holm

Head of Research

Tel: +47 22 01 63 59

E-mail: [email protected]

lalalala | yeyeyeyeye1

Clarksons Platou Securities AS

Munkedamsveien 62C

0270 Oslo, Norway

https://securities.clarksons.com

mailto:[email protected]

16

23

0

5

10

15

20

25

2020 2024

WTIV demand is expected to outpace fleet growth by a wide margin

WTIV fleet sizeOffshore turbine installations by year

Demand for WTIVs is expected to grow significantly in the coming years as a

result of high investment levels by wind farm developers. In 2019 for example,

FIDs rose 70% in value terms. Other factors could add to upward demand

pressure like increasing geographic spread, meaning the vessels spend more

time in transit. Demand for high-spec WTIVs will likely grow faster as new

turbines start installation from 2022 onward and preference for these assets

strengthens.

The fleet of WTIVs is expected to rise by about 44% by 2024 as newbuilds in

Japan (2), the US (1) and Europe (4) hit the market. Significant uncertainty

remains for some of these assets. Of the existing fleet, many units will require

significant crane upgrades in order to remain a relevant part of the installation

fleet. Otherwise, the smaller units may be pushed down to the typically low-

margin maintenance market.

Source: Company filings, Clarksons Platou AS, Clarksons Platou Securities AS

The WTIV market looks undersupplied going forward

2

615

993

1,390

0

200

400

600

800

1,000

1,200

1,400

1,600

2020 2023e 2024e

61%

growth

126%

growth44%

growth

Majority of current fleet are not able to install the new generation of turbines

Number of 8 MW installed per trip Number of 12 MW installed per trip* Average transportation capacity per trip

Source: Company filings, Clarksons Platou Securities AS. *Including all announced newbuild orders we find to be credible.

Installation efficiency to decline as larger turbines gain market share

3

2 2

3 3 3 3

4 4 4 4 4 4 4

5

6 6

0

1

2

3

4

5

6

7

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Nu

mb

er

of 8

MW

tu

rbin

es

Vessel number

0 0 0 0 0 0 0 0 0 0 0 0 0

2

3 3 3 3 3 3

4

5

6

0

1

2

3

4

5

6

7

1 2 3 4 5 6 7 8 9 1011121314151617181920212223

Num

be

r o

f 1

2 M

W tu

rbin

es

Vessel number

4

2

0

1

2

3

4

5

6

8 MW, current fleet 12 MW, including newbuilds

Num

be

r o

f tu

rbin

es

Crane capability and deck load capacity constrains transportation and installation

Breakdown of fleet based on the ability to install and transport the 12 MW+ turbines

Source: Clarksons Platou Securities AS

Background to WTIV fleet breakdown

‒ Out of the 23 vessels, 11 are not able to install

the new generation of turbines.

‒ Out of the 12 capable vessels, 3 have

insufficient variable deck load capacity, leaving

them able to only transport 1 or 2 turbines per

trip, making them inefficient.

‒ This leaves 9 vessels able to transport 3 or more

sets, of which 6 have not yet been delivered.

‒ Of the 7 newbuilds counted here, several remain

uncertain with regards to the “realness” or timing

of eventual delivery. Few details are concrete

around the 2 units built by Japanese players.

One or more of these orders may never

materialize or come at a much later than

expected date.

Newbuilds are needed to install the new turbines

4

16

7

23

8

3

12

3

9

0

5

10

15

20

25

Existing fleet Newbuils Total fleet < 130m hubheigth

< 1,000t crane 12 MW capable Carry 3turbine sets

Num

be

r o

f ve

sse

ls

54% 53%

63%

70% 72%

99%

115% 113%

0%

20%

40%

60%

80%

100%

120%

140%

2019 2020 2021 2022 2023 2024 2025 2026

Utiliz

ation %

Newbuilds are needed to avoid a scenario where vessel capacity cannot serve market demand

WTIV fleet utilization scenario*Offshore wind turbines installed per year

We expect the utilization for offshore wind installations vessels should increase on the back of rising turbine and foundation installations, supported by an aging

installed asset base requiring more maintenance. Based on our calculations, the current fleet plus announced, credible newbuilds may not be able to satisfy market

demand from 2024/25. This development should lead to higher day-rates for the WTIV fleet, we argue, especially for the high-spec’d vessels.

Source: Clarksons Platou Securities AS *Including all announced newbuild orders we find to be credible.

More investment needed to avoid critical undersupply by 2024/25

5

0

200

400

600

800

1,000

1,200

1,400

1,600

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

Tu

rbin

es

NWE Taiwan North America Apac ex. China/Taiwan South America

Vessel undersupply

Key takeaways

Source: Clarksons Platou Securities AS

The WTIV Market

6

Demand is growing faster than vessel supply

Larger turbines reduce

efficiency and increase costs

Few vesselsare spec’d for

the future

More investment needed to

avoid undersupply

− Rapid growth in turbineinstallation demand togetherwith comparatively modestfleet growth are setting up ascenario where there may notbe enough available assets by2024/25

− New investment can mean themarket avoids this scenario,but significant cash is needed.Approximately $100m in equitymay be needed for each newhigh-spec WTIV

− Though upgrades arepossible, majority of currentfleet are not able to install thenext generation of turbines,even including crediblenewbuilds

− Only 9 of 23 WTIVs (incl.newbuilds) can carry at least 3turbine sets at a time

− Average transportationcapacity to fall from 4 turbinesto 2 turbines, as installationmarket moves from ~8 MWturbines to +12 MW turbines

− 61% more turbines expectedto be installed in 2023compared to 2020

− 126% more turbines expectedto be installed in 2024compared to 2020

− WTIV fleet growing by 44%from 2020 to 2024, based oncurrent credible orders

| 7

Thank you

Clarksons Platou Securities AS

Munkedamsveien 62C

0270 Oslo, Norway

www.clarksons.com

Turner Holm

Head of Research

Tel: +47 22 01 63 59

E-mail: [email protected]

mailto:[email protected]

Andries Hofman

PURPOSEFUL INNOVATION

04 NOVEMBER 2020, WEBINAR

© 2020 GustoMSC. All rights reserved. Confidential I Trade Secret

2002-2009• 2 Jack-ups, one turbine

2

CAN WE DESIGN FOR THE FUTURE –PROOF-?

+ Crane around leg+ Continuous jacking

+ OSS+Telescope

2010-2018• Process improvement• 9 x 3.6 MW• Upgrades: Post-upgrade…?

Now• Turbine step size up• Crane SWL & height• Reduced emissions• Global markets


CHALLENGES

3

Larger & Heavier:• Jacking Technology• Equipment

Higher + dynamics:• Telescope• New technology, tools

Greener:• Optimization• Energy storage

Smarter:• OSS – Operator support• Reduce risk, performance up

Globalization:• Earthquakes: Japan, Taiwan• US Jones Act


TECHNOLOGY DEVELOPMENT

4

CJ-50 Leg force (all wd)

Dynamics Operator support Optimization


NEW UNITS NEEDED& ORDERED

5

Major investment, control risks

Proven design • Significant stretch

Proven jacking systems • New innovations

Proven crane • With new telescope

Better integration Crane JS• Operator Support System

Several new builds announced:• NG-14000XL (under constr.)• NG-16000X’s, NG-20000X


OSS• Improved Safety – Foundation• Better performance – Squeeze JU

6

THANK YOU KINDLY FOR YOUR ATTENTION

This document contains trade secrets and confidential proprietary knowhow of GustoMSC, its partners and/or customers. No disclosure to third parties is allowed without prior written approval by GustoMSC. Unauthorized reproduction or transmission of any part or all of the work may result in civil or criminal liability.

The information contained herein may be confidential, privileged, or otherwise be protected against unauthorized

use. It may also contain information that is subject to copyright or constitutes a trade secret. Any copying,disclosure, distribution or other use of the information contained in this presentation is strictly prohibited.

ZERO EMISSION TURBINE INSTALLATION

OFFSHORE WIND WEBINAR WEEK

NEW INSTALLATION VESSELS FOR NEW MARKETS:

LIFTING HIGHER, LARGER, HEAVIER TURBINES

EDWIN VAN LEEUWEN | ULSTEIN DESIGN & SOLUTIONS BV

04 NOVEMBER 2020

RIVIERA OFFSHORE WIND WEBINAR WEEK TURNING VISIONS INTO REALITY

WHICH CAME FIRST ?

H2 H2


ZERO EMISSION OFFSHORE VESSELS

ULSTEIN’s ambition is to accelerate zero emission offshore operations

Using currently available, off-the-shelf hydrogen technology

Hydrogen technology and design philosophy allows for installing 15MW turbines without

emissions


ULSTEIN J102

HYDROGEN HYBRID

Electric power

& DP system

7 x 40’ container

500 bar H2

H2 fuel cell system

1500kW

MDO engines

SOC Hours Minutes

%

100

90

80

70 B

60 "Normal" operation area X

50

40 A

30

20

10

0

T 1 2 3 4 5 6 7 8 9 10 11 12 5 10 15 20

Charging Peak shaving -> WSF -> Major discharging C Bonus

Critical parameters to be defined:

Minimum SOC DP2 A

Normal operation B

Duration of power C

Peakshaving freq. X

MIN.kW in x minutes

Battery energy storage

500kWh

open-top storage

area for safety and

container exchange


ULSTEIN J102 HYDROGEN HYBRID

IN NUMBERS

200 ton reduction in effective payload, < 2% of

total payload

Relatively small additional cost of < 5% of total

vessel cost

7 ton of hydrogen fuel consumed per round trip

25% emission reduction per round trip

75% of time will be a zero-emission operation


TURBINE INSTALLATION

REQUIREMENTS

Next and future generation turbines will be taller and heavier

Future jack–up for installation needs to provide:

– The most stable crane hook at very high elevations

– Sufficient carrying capacity and deck area

– Provide competitive business model

Just scaling up is not always the best solution


ULSTEIN X-JACK

DESIGN FEATURES

X-Jack has a different shape to improve:

– Lifting height

• Better balanced platform to support high heavy lift cranes

• Reduced bottom pressure because reduced weight and

large spud cans

– Loading capacity

• Reduced weight by effective primary structure

• 15% less CAPEX because of reduced weight

– Environmental footprint

• Power optimisation

• Proven technology for all systems

3_New installation vessels_holding slide3OW_LIVE_Nick Prokopuk DNV GL3OW_LIVE_Turner Holm Clarksons3OW_LIVE_Andries Hofman GustoMSC3OW_LIVE_Edwin van Leeuwen Ulstein

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