Cadeler raises $91m to finance foundation installation newbuild
Offshore wind contractor Cadeler has revealed advanced talks with Cosco Shipyard regarding a possible order for a foundation installation vessel to be delivered in Q4 2025, with an expected cost currently estimated to be in the range of $343m to $347m.
To partly finance the unit, the company completed a private placement with gross proceeds of €86m ($91m) in new ordinary shares. BW Altor subscribed to around 8.4m new shares and now holds a 32.15% ownership interest.
The Copenhagen-based company has two O-class installation vessels, Wind Orca and Wind Osprey, and two X-class wind turbine installation vessels under construction at Cosco Shipyard. The new vessel of the so-called F-class will be built on similar specifications to the two X-class vessels. However, the F-class will feature a unique hybrid design, allowing the vessel to convert from being a foundation installation unit to a wind turbine generator installation vessel within a short period of time.
The Oslo-listed firm said it is also in discussion for the vessel’s maiden contract concerning an XL monopile foundation installation in the North Sea, set to commence in the first quarter of 2026. The order would be Cadeler’s first purpose-built foundation installation newbuild and would most likely include an option for a second vessel.
