Vestas VWS FY24 EUR 17.3 bn + Ørsted ORSTED FY24 EBITDA DKK 24.8 bn + Cadeler CADLR Wind Mover Nov 2025 + Bladt Kriegers Flak + Semco Maritime, Thor 1.1 GW RWE/NBIM Mar 2026.

Danish offshore-wind delivery workforce against Vestas Wind Systems A/S (Nasdaq Copenhagen VWS; turbine OEM onshore + offshore; FY2024 revenue EUR 17.3 bn EBIT margin 4.3% net profit EUR 494 m vs EUR 78 m FY23; record order intake EUR 19 bn / 17 GW; combined order backlog Power Solutions + Service EUR 68.4 bn; FY2025 outlook EUR 18-20 bn revenue EBIT 4-7%; Vestas Offshore Wind absorbed MHI Vestas JV in late 2020), Ørsted A/S (Nasdaq Copenhagen ORSTED; global offshore-wind developer; FY2024 EBITDA excl. partnerships + cancellation fees DKK 24.8 bn in line with DKK 24-26 bn guidance +DKK 0.7 bn YoY; offshore earnings DKK 23.8 bn +DKK 3.6 bn YoY driven by Greater Changhua 1 & 2a TW + South Fork US + Gode Wind 3 DE; FY2024 impairments DKK 15.6 bn of which DKK 14.1 bn US-related; December 2024 paused 1.5 GW Swedish project), Bladt Industries A/S (Aalborg-based steel-foundation/transition-piece fabricator; private; delivered 72 transition pieces for Kriegers Flak Vattenfall 605 MW operational; JV partner with Semco Maritime on offshore-substation EPCI), Semco Maritime A/S (Esbjerg-based offshore-energy contractor private; EPCI partner on offshore substations), and Cadeler A/S (listed Oslo Børs CADLR + NYSE CDLR dual listing; HQ Copenhagen Danish A/S; owns/operates world's largest fleet of jack-up wind installation vessels; major partner BW Group; fleet ramp Wind Peak P-class delivered Aug 2024 + Wind Maker M-class delivered Feb 2025 + Wind Pace delivered March 2025 + Wind Ally delivered 9th vessel + Wind Mover delivered Nov 2025 ahead of schedule; Wind Ace scheduled H2 2026; Wind Apex 2027; target 12-vessel fleet by mid-2027) — Thor Offshore Wind Farm 1.1 GW west Jutland (Owners RWE 51% + Norges Bank Investment Management 49%; Ørsted lost 2021 Thor tender to RWE — important context not an Ørsted project; 72 turbines × up to 15 MW; first power delivered to Danish grid March 2026 per Windtech International; ENS Danish Energy Agency issued production green-light; RWE opened O&M base in Denmark; full operation expected 2027 — equivalent ~1 million Danish households) + Kriegers Flak 605 MW Danish Baltic (Vattenfall; 72 × Siemens Gamesa 8.4 MW; Bladt Industries 72 transition pieces; CS Wind Offshore — formerly Bladt — foundation supplier; operational since 2021) + Cadeler vessel order book (seven new-build contracts; A-class first delivered; vessels chartered to Ørsted + Vattenfall + Iberdrola + Siemens Gamesa + Scottish Power Renewables — East Anglia THREE + Greater Changhua TW) + Energy Island North Sea ENS Energistyrelsen tender (ENS received no qualifying bids original tender; Belgium exited; Germany intent to join; estimated completion 2033 → 2036 +3 years; estimated cost ~USD 30 bn; ENS reset tender; initial scope hub for up to 3 GW offshore wind potentially 10 GW long-term). RUT register + kædeansvar + Skat arbejdsudleje 35.6% + Arbejdstilsynet + Bygherreloven + DS/EN 1090-2:2018+A1:2024 EXC3/EXC4 + IMCA / G+ Global Offshore Wind Health & Safety Organisation + 3F Søfart / Industri + DI ↔ 3F Byggegruppen CBA + ENS Energistyrelsen + Klima-, Energi- og Forsyningsministeriet.