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Image courtesy Cadeler A/S

Cadeler Seals Largest Deal in Its History for Offshore Wind Farm Installation

Mike Schuler
Total Views: 891
May 23, 2024

Leading wind turbine installation shipowner, Cadeler, has announced the signing an agreement with an undisclosed client reserving future vessel capacity for wind farm installation projects.

The deal, potentially worth between EUR 400-700 million, is the largest in Cadeler’s history if all options are exercised.

The Vessel Reservation Agreement, which spans four years, guarantees the availability of one or more vessels from Cadeler’s fleet of jack-up vessels, including a new A Class vessel currently under construction. The operations are scheduled to start in 2027.

The announcement comes on the heels of Cadeler confirming an order for a third A-class wind farm installation vessel to meet increasing demand in the offshore wind industry.

The newbuild will bring Cadeler’s fleet to eleven jack-up Wind Turbine Installation Vessels (WTIVs). Cadeler’s cutting-edge vessels will facilitate the transport and installation of both foundations and wind turbine generators (WTGs) for the world’s largest wind turbines.

“This new vessel reservation agreement emphasizes the critical role of timely and ambitious vessel reservation strategies and fleet flexibility in meeting the rapidly increasing needs of offshore wind projects worldwide.” said Mikkel Gleerup, CEO of Cadeler. “Cadeler remains dedicated to supporting our clients’ needs with innovative solutions and unparalleled service, ensuring the realization of their renewable energy project within budget and on time.”

Cadeler announcement said the “effectiveness” of the agreement is contingent on a favorable outcome for its client in an upcoming auction later this year.

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