Cadeler secures €86 million for F-class newbuild
Cadeler, a wind turbine and foundation installation contractor in the offshore wind market, has secured €86 million to fund a new vessel to its fleet. The addition of the new vessel will enable Cadeler to target the evolving segment of foundation installations and enhances the capability to offer a complete set of services within transport and installation of wind farms.
Funds were secured through a private placement of 26,175,532 shares for gross proceeds of €86 million. The net proceeds will be used to finance the down payment on a newbuild foundation installation vessel, the so-called F-class vessel, with an estimated cost of $343-347 million, which is expected to be delivered in the fourth quarter of 2025. Cadeler also aims to secure an option for a second F-class newbuild.
Mikkel Gleerup, CEO of Cadeler says, “Working closely with our partners in the industry, we see excellent deployment prospects for an F-class newbuild due to strong demand for foundation installation in the rapidly evolving offshore market. Cadeler has a strong track record having installed more than 500 foundations since 2013 and investing in a foundation installation vessel is a logical step for our business development.”
Cadeler bets on F-class – a hybrid vessel
In 2021, Cadeler announced the contracting of two X-class vessels to be delivered in Q3/2024 and Q1/2025. The new F-class will be built on similar specifications to the two X-class vessels, with the main crane of F-class vessels having more than 2,600 tons lift capacity. 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 (WTG) installation vessel within a short period of time.
“The new F-class hybrid vessel provides us with a unique competitive advantage. The vessel will increase operational efficiency significantly, and we will be able to serve our customers with foundation installation services,” says Mikkel Gleerup adding, “Flexibility, efficiency, and economies of scale are key to success for our clients. We are pleased that our portfolio is being shaped to deliver these requirements”.
In line with the X-class vessels, the F-class will cater for some of the largest dimensions in the offshore wind industry. The F-class will be able to transport up to six XL monopiles (weight 2,300-2,600 mt each) per round-trip which improves operational efficiency substantially.
The oversubscribed private placement attracted strong interest from Nordic and international institutional investors according to Mikkel Gleerup, who concludes, “We are very excited to have secured funding that will enable us to execute our strategic priorities, enhance our market offering and support business growth”.