波士頓咨詢：提高海上風(fēng)電盈利能力的七大手段

PEAKWINDANDBCG

UnlockingValueThrough

OperationsandMaintenance

SevenLeverstoBoostOffshoreWindProfitability

July2024

MalteHippe

MattiScheu

RobertHjorthLarsConradsen

Thisarticleunderscoresthepivotalroleof

operationsandmaintenance(O&M)inenhancingtheoperationalperformanceandprofitabilityof

offshorewindfarms.Asthesefarmstransitionfromsupplementarygreenenergysourcestoprimaryenergyproviders,theemphasison

efficientO&Mpracticeshasbecomemore

criticalthanever.Despitethetraditionalfocusonexpansionandtimelyprojectdelivery,

thisarticlehighlightstheuntappedpotential

inoptimizingexistingoperationalfleetsfor

greatervaluecreation.Theevolutionofturbine

technology,coupledwithagrowingemphasisonrevenueovermereproduction,necessitatesa

shifttowardmorerobustpredictiveandrevenue-focusedO&Mstrategies.Thisshiftiscrucialnot

onlyforreducingoperationalexpendituresand

enhancingassetavailabilitybutalsoforadaptingtomarketvolatilitiesandachievingsustainable

long-termassetmanagement.Byredefining

operationalpracticesandleveragingtechnologicaladvancements,offshorewindfarmoperatorscanboostprofitability,optimizeenergyproduction,

andsupporttheburgeoningroleofwindenergyinglobalenergysystems.

Introduction

T

heoffshorewindindustryiscurrentlyexperiencinga

perfectstormthatisimpactingmarginsacrossthe

fullassetlifecycle,causingexecutivestofocustheirattentionevenmoreontheirpipelineandlessontheir

ever-growingoperationalfleet.However,oneshouldnot

disregardtheconsiderablevaluecreationpotentialintheOperationsandMaintenance(O&M)phase.Operational

performanceofoffshorewindfarmsrepresentsanincreas-ingproportionofthenetpresentvalueofsuchprojects,

makingefficientmanagementcriticaltoprojectsuccess.Moreover,inmanycountries,offshorewindischanging

fromasupplementarygreenenergysourceintoaprimarysourceofenergy.Withthatnewlycentralrole,theneedforrobustO&Mpracticesdeliveringreliableandaffordable

energyisgreaterthanever.

WehaveidentifiedfourreasonsforfocusingonO&Mim-provementinordertoboostoffshorewindprofitability:

1.OffshorewindCAPEXhasdeclinedmorerapidlythan

OPEXandprojectsnowhavesignificantlylongerlifespanexpectationsthanpreviously.Thismeansthatoperation-alperformanceconstitutesanever-largerproportionofthenetpresentvalueofsuchprojects.

2.Historically,offshorewinddevelopershaveprioritizedex-pandingtheirpipelinesanddeliveringprojectsontime,relegatingoperationalefficiencytoasecondaryconcern.However,ascompetitivepressurecontinuestoincrease,

developersneedtolookatthesignificantuntappedval-ueremainingintheoperationalfleetsofeventhelargestandmostexperienceddevelopers.

3.ManyoftheO&Mpracticesstillfollowedtodaywere

introducedmanyyearsagowherewindturbines

andprojectsweresignificantlysmallerandlifespan

expectationswereshorter.Additionally,digitizationandtheuseofgenerativeAIhavenotyetreachedtheirfullvaluepotential.

4.Asoffshorewinddevelopmentincreasinglyshiftstoa

seller’smarket,coupledwithanincreasingtalentshort-ageinthatmarket,developinghighlycompetitiveO&Msolutions—eitherin-houseorstrategicallysourced—isemergingasanadvantage.Thisnotonlyenablesownerstodelivercompellingbusinesscasesandsecureattrac-tivereturnsbutalsofacilitatesaccesstocriticaltechnicaldatafromoperationalsites.

Asaresult,today’soffshorewinddeveloperscannotaffordtooverlooktheimportanceofrefiningtheirO&Mpractices.Indoingso,theystandtounlocksignificantvalue,enhance

projectviability,andcapitalizeonemergingindustrytrends.

1UNLOCKINGVALUETHROUGHOPERATIONSANDMAINTENANCE

UnlockingvaluethroughO&M

Performanceofoffshorewindfarmsintheoperational

phasewillimpactthebusinesscasesofprojectsinseveralways:

?LoweroperationalexpenditurewillleadtoareductioninLCoE.

?Improvedoperationswillincreasenetenergygenera-

tionbyreducingcorrectiveandpreventivemaintenancedowntimeandbyincreasingassetavailability.

?BetterawarenessofmarketconditionsallowstheO&Mteamstoplantheirworkinawaythattheassetcangen-eratewhenpowerismostneededbythegridandthus

createmorevalue.

?Strengthenedabilitytoidentifyandaddressissuesearlyonislikelytohaveapositiveimpactonthelifetimeoftheasset.

Areviewofrecentoffshorewindbusinesscasesshowsthattheimportanceofafocusonrevenueduringthelifetimeoftheassetcreatesmostvalueofthebusinesscaseexpressedbytheinternalrateofreturn(IRR).(SeeExhibit1.)

Exhibit1.ShowingimpactonbusinesscaseIRRassuming+/–10%changevs.basecase(respectivelyforinterestratesandcapacityfactorconsidering+/-1%changevs.basecase.)

IRRsensitivitytodifferentfactorsInpp.comparedtobaselineIRR

+%

1.2%1.6%1.8%

0.7%0.6%

-%

Interestrates

CAPEXincrease

OPEXincrease

Capacityfactor

Captureprice

UNLOCKINGVALUETHROUGHOPERATIONSANDMAINTENANCE2

Howtocreatevalueintheoperationalphase

WhatisnecessarytoachievestrongO&Mcapabilities?Webelievetherearesevenindicatorsofamatureandmore

future-proofO&Mfunction:

1.Findingthetrade-offbetweeninnovationandstandardization

2.Movingfromproduction-basedtorevenue-basedavailabilitymetrics

3.Redefiningfitness-for-purposethroughoutallphasesofanoffshoreproject

4.Focusoncontinuouslyimprovingtheproductionsystem

5.BetteroptimizationofsynergiesacrossportfolioandO&Mcollaborationwithneighboringsites

6.Designingdataintegration,learningmodels,andworkprocessestoleveragepredictables

7.Earlierfocusonlifecyclemanagement

1.Findingthetrade-offbetweeninnovationandstandardization

Overthepasttwodecades,theoffshorewindindustryhas

calledforanever-increasingturbinesizetocontinuepush-ingforlowerLCOE.Thistendencyhasledtoconsiderable

challengesintheoperationoftheassetsasnewplatformshavelesstimetogatherdatabeforenewlargermodelsareintroduced.Theresultisarisingthreatoftechnicaldefectsaffectingbothproductionperformanceandassetintegrity,increasingpressureonoperatorstomonitortheturbinestoquicklyrectifyearlysignsofserialissues.Togathersuffi-

cientdataforthis,operatorswouldbenefitfrompursuingahigherdegreeofstandardizationontheirfleets;ratherthanchoosingthelargestturbineonthemarket,theycould

insteadapplyaplatformstrategywithlessfrequentup-

dates,allowingforbetterunderstandingandmanagingof

thetechnicalcharacteristicsofagivenplatform.Other

advantagesofsuchadecelerationinturbinesizescaling

includebeingbetterabletointegrateSCADAdatainto

controlroomstooptimizeperformanceonalargerdataset,theabilitytosharespareparts,aswellastheabilitytobuildmoreplatformexpertiseamongthemaintenanceteams.

Slowingdowntherateofturbinegrowthcouldalsohold

benefitsfortheprojectdeveloper.Whileinthepast,conven-tionalwisdomheldthatlargerturbinesaremoreproduc-

tionefficientanddrivelessmaintenanceperMW,these

benefitsareincreasinglycounteractedbyrisingturbine

pricesduetohighmaterialcostsandtheinabilitytoindus-trializemanufacturing.Additionalcostpressuresarealso

introducedfromthetransportationandinstallationphasewheredemandisexpectedtosurgeforlarge-scalecompati-bleinstallationvesselsandports,drivingupdayrates.

Whileadevelopershouldnotstopscalingitsturbinesizes,theremaybeadvantagestostayingwithagivenplatformforlongerbeforechanging.Thisapproachwouldworkwellwithlong-termframeworkagreementsontheprocurementside,inturnhelpingoperationsdefinelong-termtechnicalcapabilityroadmapstoservicefutureassets.

2.Movingfromproduction-basedtorevenue-basedavailabilitymetrics

Powerpricevolatility(short-termandseasonal)isprevalentinkeyoffshorewindmarketsduetoincreasedweather

extremes,constraintsontransmissioninfrastructure,geo-

politicalinstability,andagrowingproportionofrenewablescontributingtointermittencyinsupply.Manyoffshorewindprojectsoperatedordevelopedtodaywillbeexposedtothisvolatilemarket,forexample,iftheyareoperatedinmer-

chantconditionsorwithoutlong-termpowerpurchaseagreements.

Foroperators,thismeansthatitbecomesincreasingly

importanttosteerwhenpowerisproducedasopposedtopurelymaximizingproduction.Themonetaryeffectcanbeintherangeofmillionsofeurosannually,whenoptimizingonlythemonthlyschedulingforannualservicecampaigns,andevenhigherforanhourlyoptimization,withconceptssuchas“serviceduringnight”1.

Exhibit2showstheresultsfora600MWoffshorewind

projectinGermanyandintheUKwiththelevelsofinter-mittencyexperiencedin2018.

1“Zerosubsidy–aneedforanewavailabilityKPI?”,PEAKWind,August30,2023,

/zero-subsidy-need-for-a-new-availability-kpi

.

3UNLOCKINGVALUETHROUGHOPERATIONSANDMAINTENANCE

Exhibit2.YearlyrevenueincreaseopportunityforanaveragesizeoffshorewindprojectinGermanyandintheUK

Germany(M€)

83.1€83.4€

81.0€81.0€

79.5€79.7€

100.5%

97.8%97.5%

96.0%95.8%

96.0%96.0%

97.5%

97.0%

350SERVICEHOURS**

97.8%

Time-BasedYield-Based

[Average]

2

+0.195€

1

Yield-Based

[LowWindMonth]

Revenue-Based

[LowRevenueMonth]

Revenue-Based

[HourlyOptimization]

3

4

+2.482€

+1.221€

0€

5

UnitedKingdom(M€*)

79.2€

79.2€

80.9€80.7€

97.9%

97.9%

77.6€

77.7€

96.0%

96.0%

350SERVICEHOURS**

99.7%

Time-Based

1

+0.060€

Yield-Based[Average]

2

Yield-Based

[LowWindMonth]

Revenue-Based

[LowRevenueMonth]

Revenue-Based

[HourlyOptimization]

3

4

+1.542€

0€

+1.453€

5

CapturedRevenue–TraditionalAvailabilityConceptCapturedRevenue–Revenue-BasedAvailabilityConcept

Revenue-BasedAvailabilityo—Yield-BasedAvailabilityMerchantRevenue

Note:*EURconversionusingaverageGBPEURFXin2018of0.8858.**Correspondstoa4%time-availability.Correctiveworksarenotincludedintheanalysis(onlyscheduledcampaigns).

Source:ENTSO-ETransparency,PEAKWindanalysis

Theimplementationofanoperationssystemaccommo-datingsuchmarketconditionsandallowingharvestingofachievableupsidesreliesonproject-specificconditions;

however,somegeneralkeyenablersformaximizingreve-nueoverproductionare:

?Revenue-basedavailabilityasKPIinserviceandavail-abilityagreementswithwindturbineOEMsandothercontractors(forexample,balanceofplant,substations)

?Comprehensiveunderstandingofsiteincontextofthelocalenergysystemincludingrelevantregulations(suchasREMIT2inEurope),eventuallyincorporatingstoragetechnology(batteries,molecules,etc.)

?Accurateoverviewofhistoricalelectricitypricetrendsandcontinuouslyupdatedfiguresofforecastedvalues(seasonally,daily,hourly)toenableoptimizeddeci-

sion-making

2REMIT:RegulationonWholesaleEnergyMarketIntegrityandTransparency

UNLOCKINGVALUETHROUGHOPERATIONSANDMAINTENANCE4

?Closeandefficientlinkbetweenenergytrading,oper-ations,andmaintenancefunctionsincludingrequireddigitaltoolset

?AgileO&Msystemwiththeabilitytorespondtopricechanges(technicianavailabilityandflexiblecontractswithvessel/helicopterprovidersorin-housefleet,reli-abletransportationtoenableserviceduringopportunemarketwindows),includingachangeofparadigmforpersonnelinvolvedinplanningandexecution(whoaretraditionallyfocusedonproductionmaximization)

?Data-drivenO&Msystemabletopredictfailuresandconsequentlyallowforoptimizingtimingofrepairorreplacementofcomponents

Bytransitioningtoarevenue-basedfocus,operatorscanunlocksignificantfinancialbenefitsintoday’svolatile

energymarket.

3.Redefiningfitness-for-purposethroughoutallphasesofanoffshoreproject

Itisessentialforoffshorewindoperatorstocontrolthefitness-for-purposeoftheirassets.

Thismeansthatsystemswillbeoperableattheirdesiredperformancelevelsthroughouttheintendedtimeofusetogenerateexpectedrevenues.Fitness-for-purposecanbeachievedthroughdiligentdesign,manufacturing,installa-tion,commissioning,andmaintenancepractices.The

latterincludesintegritymanagementforasystem’sreli-ability,supportability(enablingresponsetofailure),main-tainability(enablingshortmaintenancetimes),aswellasperformancemanagement(enablingachievementof

performancestandards).

Inrecentyears,particularlyforsitesexposedtovolatilemerchantmarkets,anotherparameterdefiningfit-

ness-for-purposeisgainingimportance:predictability.Inthemaintenancecontext,thisreferstotheabilityofa

systemtoaccuratelypredictupcomingfailures,inotherwordsatwhattimewhichcomponentispronetofailure.

Thisinformationandespeciallyadditionaltimebetweenthefirstwarningandfailurecanleadtobigboostsin

revenue.Recentscientificstudiesestimate1to2percent-agepointsofavailabilitygainsthroughprediction3.In

merchantenvironments,predictabilityfurtherenhancestheabilitytoproducewhenit’srequiredratherthan

simplymaximizingproduction(see“Movingfromproduc-tion-basedtorevenue-basedavailabilitymetrics”).

3SofiaKoukoura,MattiNiclasScheu,andAthanasiosKolios,“InfluenceofExtendedPotential-to-Func-tionalFailureIntervalsthroughConditionMonitoringSystemsonOffshoreWindTurbineAvailability,”ReliabilityEngineering&SystemSafety208(April2021):

/10.1016/j.ress.2020.107404

.

/science/article/pii/S0951832020308905

5UNLOCKINGVALUETHROUGHOPERATIONSANDMAINTENANCE

4.Focusoncontinuouslyimprovingtheproductionsystem

Continuousimprovementhasprovenefficientinmany

industriesasacostreductionandperformanceincrease

lever,withfamoussuccessstorieslikeToyotaandGEattrib-utingannualizedsavingsofover$2billionthroughSixSig-maalone4.Inoffshorewind,evidenceindicatesacorrela-

tionbetweenoveralloperatingexpense(OPEX)levelsandtheabilitytocontinuouslyimprovetheproductionsystem.Inotherwords,theplayersabletoreduceOPEXaregener-allyalsointhegroupoftopperformers(seeExhibit3).

Anevaluationofthefirstsevenoperationalyearsof27

windfarmsinEuropeanwatershasshownaclearpattern:

windfarmsperformingabovethemedian(thoseshowingloweraverageOPEXoverthesevenyearsmeasured)are

abletoimproveOPEXyearoveryear;windfarmsbelowthemedianshowhigherOPEXyearoveryear.

Thedatasetanalyzedforthisstudyincludes27windfarms(14withbelowmedianperformanceand13withabove

medianperformance),1,547windturbinegenerators(857inthelowerand690intheupperhalf),andanaverageper

positioninstalledcapacityof3.1MWinthelowerhalfand3.8MWintheupperhalf,representingdifferentwindtur-

binemodelsofallrelevantoffshorewindOEMsinEurope.Theaverageyearofstartofproductionforallwindfarmsinthelowerhalfis2010and2012fortheupperhalf–thusnosignificantdifference.

Exhibit3.OPEXtrendsinkEUR/MWoverthelifetimeof27assets

OPEXTrendsoverTime

600

500

400

kEUR/MW

300

200

100

0

1234561

OPERATIONALYEAR

HigherOPEX(abovemedian)LowerOPEX(belowmedian)

Source:PEAKWind5

Thedataisclear:windfarmswithafocusoncontinuousimprovementoutperformtheirpeersintermsofopera-tionalexpenditureindependentofassetageandsize.

Therefore,acommitmenttocontinuousimprovement

positionswindfarmoperatorsforlong-termsuccessandcostreduction.

5.Betteroptimizationofsynergiesacrossportfo-lioandO&Mcollaborationwithneighboringsites

Physicalproximityofoffshorewindsitescanoffersig-

nificantOPEXsavingspotentialaswellasopportunitiestoincreaserevenue.Categoriesinwhichsavingscanberealizedaretypically:

4“RememberingJackWelchandHisRelationtoSixSigma,”SixSigmaDaily,May26,2020,

/remembering-jack-welch-and-his-relation-to-six-sigma

.

5“OPEXBenchmark–AninsightintotheoperationalexpendituresofEuropeanoffshorewindfarms,”November24,2022,

/opex-benchmark-update-2022

.

UNLOCKINGVALUETHROUGHOPERATIONSANDMAINTENANCE6

?Offshorelogistics(suchasvesselsorhelicopters)

?O&Mserviceexecution(suchascombinedWTGandBoPservice)

?Onshoreinfrastructureandports(suchaswarehousesorO&Mharborbuild-out/operations)

Furthermore,synergypotentialsacrossanindividualport-foliocanberealizedevenwithoutsitesincloseproximitythrough:

?O&Mcontingencyplans(suchascablerepairconceptsoremergencyresponse)

?O&Morganization(suchascentralizedoperationsandcontrolcenters)

?O&Mprocurement(suchasstandardizedtendersorstrategicpartnerships)

Offshorelogisticssharingalone,forWTGandBoPscopes

forneighboringsites,basedonbottom-upcalculations,is

estimatedtosaveupto30%oflogisticscost,whichtrans-latesintomorethan100mEURoverthelifetimeofaproj-ectof1GWasanexample.OEMsanddevelopershave

successfullyimplementedsharingacrossmultiplesites:

majorturbineOEMsshareresourcesacrossseveralserviceprojectsorimplementapit-stopconceptusingthesame

serviceoperationvessel(SOV)forseveralsites.Leading

developersalsosharetheirSOVbetweenneighboringsites.

OneOEMhasfurtherdemonstratedareductioninservicetimeperturbinebyupto50%,ifWTGandBoPservicearecombined.

Acompetitiveenvironmentandproject-specificcommer-

cialagreementscanmakeharvestingsynergypotential

challenging;however,otherindustrieswithsimilarcharac-teristics,suchasoilandgas,havedemonstratedthepoten-tialofcollaborationandsynergyuseinvariouscases.For

instance,researchpublishedbytheWorldEconomicFo-

rumattributedaroundone-thirdofcost-savingpotentialsconsideredfeasible(calculatedfromthetotalexpenditureperbarrel)withOPEXimprovementstocollaboration6.TheLCoEofoffshorewindhasthepotentialtobedecreased

throughcollaborationtooandthereforetohelptheindus-tryoveralltosucceed.

6.Designingdataintegration,learningmodels,andworkprocessestoleveragepredictables

Offshorewindfarmsareprimeobjectsfordata-driven

performanceoptimizationandpredictivemaintenance.

Theyarebydefaultequippedwithamplesensorsand

otherdata-capturingunits.Themaindifficultythatmanyoperatorsstillfacetodayiscapturing,storing,anduti-

lizingallthatdata.Andnotalloperatorsarefullytaking

advantageofthepotentialpresentedbytheabundanceofdata,oftenduetolackofinvestmentinsufficientlystrongpredictiveprogramsaswellastheabsenceoftheright

staffingenvironmentinwhichtoleveragetheadvantagesofthoseprograms.

Succeedingwithpredictivemaintenanceisnotatrivial

challengeandrequiresthatoperatorsworkactivelywith

boththetechnologicalandorganizationalaspectsre-

quired.Onthetechnicalside,thisincludesnotonlythe

algorithmsbutalsostandardizingthedatainputsfrom

differentsources,ensuringacleanandharmonizeddata

layerforthealgorithmstoworkon,consideringtheaspectoftimetofailureinmodels,linkingtootherhistoricaldatasuchasworkorders,andintegratingoutputstosupportthemaintenanceteamsinscheduling,logistics,andsparepartmanagement.Ontheorganizationalside,operatorsmustlearntotrustthealgorithm-generatedalarms(whileunder-standingthatthequalityofthesewillimproveovertime)

andsupportthecontrolroomteamsinusingthemthroughtrainingandimprovingalarmprioritization.

Havingstrongpredictivecapabilitiesatthecoreofthe

controlroombringsconsiderablebenefits.First,predictingmajorfailuresofferstheopportunitytopreparefororevenavoidentirelytheeventsthatformanyoperatorscan

accountforover40%ofproductiondowntime.Themarketforjack-upvessels,whichareoftenrequiredformajor

componentexchangesinoffshorewind,isincreasingly

tightandvesselsareoftenclosetofullyutilized(seeExhib-it4).Second,foreseeingoravoidingthesecostlyeventscanresultinconsiderablesavingsfromfewerexchangesor

rushordersifwellintegratedwithmaintenanceplanningandscheduling.Finally,havingthedigitalinfrastructure

andtheO&Morganizationtunedforpredictivemainte-

nancewillpositionthecompanyverywelltobenefitfromfuturetechnologyimprovementsthatcouldimprovebothproductioncostandsafetyperformanceconsiderablyoverthecomingyears.

6MuqsitAshrafandCaruso,Pedro,“TheOilandGasSectorMustReinventItself.ThisIsHowItCouldBeDone,”WorldEconomicForum,December8,2020,

/agenda/2020/12/how-to-reinvent-the-oil-and-gas-sector.

7UNLOCKINGVALUETHROUGHOPERATIONSANDMAINTENANCE

7.Earlierfocusonlifecyclemanagement

Someofthefirstwindfarmsaregettingclosetotheir

initiallyplannedend-of-life,atwhichpointownersmustbereadytofollowoneoffourfuturepaths:lifetimeextension,repowering,runningtofailure,orpreparingforassetde-

commissioning.Allbutthelastoptionwillbenefitfrom

earlyplanningtoensureoptimalperformancefroma

lifecycleperspective,withlifetimeextensionhavingthe

largestscopeofassetintegrityconsiderations.Someoper-atorsarestartingtoapplyforsignificantlifetimeextensionwithregulatoryauthorities7.

Consideringthelong-termperformanceandsustainabilityofwindfarmassets,thisofcourserequiresaverythoroughreviewofinspectionandmaintenanceregimes.Ifopera-

torswanttoavoidmajorpeaksofreplacementinvestmenttowardlaterlifestages,thefulllifecycleneedstobeconsid-eredearlyon.Withmoreandmorewindfarmsoperating

outsideoffixedrevenueregimes,flexibletrade-offsbe-

tweenshort-termrevenueopportunitiesandutilizationofremaininglifetimebecomemandatory.Onewayofachiev-ingthisincludesadoptingamorepreventiveapproachtomaintenanceofcomponentsthatcannotreasonablybe

exchangedduringtheirlifetime,suchastowersandfoun-dations,aswellaschoosingtoreducethepowerofatur-

7AdrijanaBuljan,“Five20-Year-OldDanishOffshoreWindFarmsSeekingLifetimeExtension,”offshoreWIND.biz,December11,2023,

https://www.

/2023/12/11/five-20-year-old-danish-offshore-wind-farms-seeking-lifetime-extension

.

ALKININDGAVNADLGTIEVALTUIONUDGMHAOIICNES8

bineunderconditionswherehighloadsarepresent,suchasfromwake-inducedturbulenceofneighboringturbinesordeliberatede-ratinginunfavorablemarketconditions.Theseactionscanallowawindfarmtooperateprofitablyforlonger,supportedbyeffortstolowerexpenditure

duringlate-lifeoperations,suchasapplyinglowerO&Msupportprioritizationandutilizingrefurbishedspares.

TherearemanybenefitsofastronglifecyclefocuswithinoffshorewindO&M.Thosecapableofgettingthemost

fromassetsovertheirlifetimearebothabletocapture

moreproductionandpotentiallylowereventualdecom-

missioningcosts,astheassociatedcostsmaybedelayedtoatimewhendecommissioningprocessesaremore

mature.Furthermore,applyingsuchlifetimeconcepts

allowstheoperatortobuildconsiderablymorelifetime

valueconfidenceintotheirprojects,allowingformoresafenewprojectbidding.

Exhibit4.Utilizationofjack-upvesselsinEurope.

80%

70%

60%

50%

40%

30%

20%

10%

0%

TotalUtilization

UtilizationforO&MWorkonWindFarms

201520162017201820192020202120222023

54%51%63%65%62%55%57%64%72%

18%17%22%29%23%17%25%36%42%

Source:SeaImpact,

/

9UNLOCKINGVALUETHROUGHOPERATIONSANDMAINTENANCE

Abouttheauthors

MalteHippe

PartnerandAssociateDirectorinBCG’