Denmark-based offshore wind installation vessel player Cadeler has won an installation vessel reservation agreement with an undisclosed client for upcoming wind farm installation projects.
If all options are exercised during the four-year agreement, the company claimed that the agreement would represent the largest deal in Cadeler’s history with a potential value of the projects to be in the range of €400m-€700m ($433m-$760m).
The agreement secures the availability of one or more Cadeler’s wind farm installation vessels, including a newbuild A Class vessel currently under construction. Work is planned to commence in 2027. Cadeler’s fleet will be used for the transport and installation of both foundations and wind turbine generators.
The BW Group and Scorpio-backed shipowner said that the effectiveness of the agreement was contingent upon a successful outcome for the undisclosed 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,” said Mikkel Gleerup, CEO of Cadeler.
Earlier this week, the company firmed up an order for another newbuild at COSCO Heavy Industries in Qidong, China, bringing its future fleet to 11.
This will be the third hybrid design newbuild which can be converted from a foundation installation vessel to a wind turbine installation unit. The vessel is scheduled to be delivered in the first half of 2027 with a price tag of $400m.
