Cadeler raises $96m to finance wind farm installation newbuilds

Oslo-listed Cadeler plans to double its fleet with two new offshore wind farm installation vessels expected to be completed by 2024 and 2025.

To finance the so-called X-class vessels, Cadeler has raised NOK794m ($96m) through a private placement of 23m new shares in the company. BW Wind was allocated 6.39m new shares in the private placement, taking its stake in the company to some 32.2%.

Cadeler originally planned to contract one vessel, however, growing offshore wind market demand has prompted the company to ramp up capacity with the planned second X-class vessel order.

“Since we announced the intention to expand our fleet with the first newbuild X-class vessel, we have seen massive interest in the market for this state-of-the-art ship and the capabilities it represents. This, combined with the general level of activity we are seeing in the market, has led us to the conclusion that we needed to order two and not just one of these new vessels,” said Mikkel Gleerup, CEO at Cadeler.

The Copenhagen-based company has yet to announce which shipyard will be awarded the contract for the two newbuilds.

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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