Denmark-based offshore wind installation player Cadeler has entered into a letter of intent with COSCO regarding the construction of a third wind foundation installation newbuild vessel (WFIV).
The expected vessel cost is estimated to be in the range between $390m and $410m with expected delivery in the first quarter of 2027. Upon delivery, the new A-Class WFIV will be the third purpose-built WFIV in Cadeler’s fleet, which, before the merger with Eneti, included two O-Class wind turbine installation vessels (WTIV) in operation, two P-Class WTIV vessels set to be delivered in the third quarter of 2024 and the second quarter of 2025, and two A-Class WFIVs set to be delivered in the fourth quarter of 2025 and the second half of 2026.
Cadeler’s fleet also includes the Wind Scylla and Wind Zaratan WTIVs in operation and two new generation M-Class WTIVs newbuildings with deliveries scheduled for the first quarter of 2025 and the fourth quarter of 2025.
The three A-Class vessels, two on order and one on letter of intent, will be able to transport up to six XL Monopile foundations, each weighing approximately 2,300 to 2,600 tonnes and having a diameter of up to approximately 12m, per load which improves operational efficiency significantly.
“With demand for vessels expected to outpace supply starting in 2027, continued industry supply chain disruption and current tender pipeline and backlog at record levels, Cadeler believes it has healthy employment prospects for its A-Class newbuilds which are optimised for transportation and installation of offshore wind foundations,” the company explained.
Cadeler has already won a deal for one of the A-Class vessels still under construction. Namely, Cadeler won two contracts worth over $550m with compatriot utility Ørsted for the Hornsea 3 offshore wind farm in the UK. The final investment decision for the Hornsea 3 project was announced in December last year.
The company also entered a private placement of ordinary shares to fully finance the equity portion of the third A-class FWIV newbuild or around 35% of the total expected vessel cost. The offshore wind contractor was able to raise around NOK 1.75bn ($166m) through the allocation of 39,520,000 offer shares at an offer price of NOK 44.50.
