Cadeler secures installation vessel reservation deal, orders new ship

Denmark-based offshore wind installation company Cadeler A/S (OSL:CADLR) has signed an installation vessel reservation agreement with an undisclosed customer potentially worth between EUR 400 million (USD 433m) and EUR 700 million over four years.

The deal is for upcoming wind farm installation projects, with work scheduled to start in 2027. It secures the availability of one or more vessels from Cadeler’s fleet.

The company said today that if all options are exercised, the contract would be the largest in Cadeler's history. The agreement is subject to a success for the client in an upcoming 2024 auction.

"Our new vessel reservation agreement highlights the crucial role of timely and ambitious vessel reservation strategies and fleet flexibility to meet the fast-growing needs of offshore wind projects worldwide,” commented chief executive Mikkel Gleerup.

The news comes hot on the heels of an announcement on Wednesday that Cadeler has placed an order to build its third A-class wind farm installation vessel, which will be the 11th vessel in its fleet, to meet growing market demand.

The vessel, to be built by COSCO Heavy Industries in Qidong, China, is due to be delivered in the first half of 2027.

(EUR 1 = USD 1.083)

Choose your newsletter by Renewables Now. Join for free!