EuropeFinance and InsuranceOffshoreRenewables

Cadeler raises $95m as it eyes return to Cosco for second foundation installation newbuild

BW Group-backed offshore wind contractor Cadeler has raised approximately $95m via a private placement of new shares to partially finance its planned second foundation installation newbuild in China.

The Oslo-listed company, which has three newbuilds lined up at Cosco Shipping Heavy Industry, has revealed advanced talks with the shipyard regarding the potential exercise of an option for an additional vessel of the so-called F-class.

The vessel would upon delivery be the second purpose-built wind foundation installation unit in Cadeler’s fleet, which also includes two wind turbine installation vessels (WTIVs) in operation, and two X-Class WTIV newbuilds set to be delivered in Q3 2024 and Q1 2025.

Cadeler said if the deal goes through, the company would also be awarded one new option for an additional F-class or X-class newbuild with a longer lead time for declaration compared to the second F-class option.

The private placement took place on October 12, through an accelerated bookbuilding process managed by DNB Markets, Pareto Securities and SpareBank 1 Markets. BW Group’s affiliate BW Altor subscribed to around 6.9m shares worth about $20m. The $95m would cover approximately 25% of the total vessel cost, and would also be used for general corporate purposes, Cadeler said.

Earlier this week, the Copenhagen-based contractor announced it had entered into an agreement with an undisclosed client for its first F-Class vessel from 2027 to 2030, with a potential value of around $320m.

Cadeler has also set sights on another significant contract for one of its vessels currently in operation. A letter of intent with a blue-chip client is expected to be announced in the near future.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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