Offshore wind contractor Cadeler has kicked off the year with a new contract from Danish turbine manufacturer Vestas and an additional reservation agreement with an undisclosed client, ensuring utilisation before and after its fleet upgrades in 2024.
The Oslo-listed company said the contract with Vestas will bolster its order backlog and secure utilisation of the O-class vessels up until the planned new crane installation commencing in Q4 2023. In addition, the preferred supplier deal covers the transport and installation of next generation wind turbines, with a tentative value above €45m ($50m). The installation project is set for execution by one of Cadeler’s O-class vessels after 2024.
Cadeler’s two O-class installation vessels, Wind Orca and Wind Osprey, have been active throughout 2021 and will continue to be busy installing turbines in the European waters. Wind Orca is soon scheduled to embark on the Seagreen offshore wind farm project off the coast of Scotland to replace Wind Osprey, which in turn will start working on the Hollandse Kust Zuid project. After Seagreen is finalised, Wind Orca will continue working on the new contract with Vestas. The assignment will be completed in time for both ships to have their main cranes exchanged for new and upgraded versions with a lifting capacity of 1,600 metric tons at a radius of 40 m.
“The contract with Vestas adds yet another important project to our strong order backlog and further highlights our close relationship with clients in the industry. The contract further ensures strong utilisation of our assets prior to the new cranes being installed. The fact that we also add another undisclosed preferred supplier agreement to the backlog of the O-class vessels, is a great achievement. These two agreements serve as proof of concept for our strategic approach to asset upgrades and is demonstrating the superior competitiveness of the O-class vessels,” said Mikkel Gleerup, Cadeler CEO.