Cadeler continues fleet expansion with second foundation installation newbuild at Cosco
Cadeler has placed an order to build its second foundation installation vessel, bringing its future fleet to six.
The Denmark-based company is currently building two wind turbine installation vessels (WTIVs) as well as a foundation installation unit of the so-called F-class, which are set to be delivered from the second half of 2024 onwards. The company also has two installation ships in operation.
The second F-class vessel, which can be converted into a WTIV, is expected to deliver in the second half of 2026, with all vessels to be built by Cosco Heavy Industries in Qidong, China, and sailing under the Danish flag.
Although the price tag has not been disclosed, Cadeler said it has been able to achieve a “very competitive price due to a strong collaboration that the company has built with Cosco Heavy Industries, synergies reached from building several similar designed jackups and negotiating the option for a second F-class seven months ago.” The first F-class came at a price of around $345m.
The latest order will see the BW Group-backed offshore wind contractor triple its number of vessels and, according to the company, create the largest and most capable fleet of jackup vessels in the offshore wind industry.
“The decision to build an additional F-class vessel is based on the strong market demand for assets specialising in installing foundations. Our yet-to-be-build F-class vessels have already been sought after by our clients,” said Mikkel Gleerup, chief executive of Cadeler.
In August, the company signed a firm contract with Ørsted, as well as a long-term agreement with an unnamed client to book the F-class vessel from 2027 to 2030.
