Cadeler secures work for its F-class vessel
Cadeler has secured work for its F-class newbuild with an undisclosed customer for up to four years and a guaranteed minimum utilisation. The client has also been given the flexibility to choose to either install foundations or WTGs.
Cadeler’s new F-class vessel features a unique hybrid design, allowing it to convert from being a foundation installation vessel (WFIV) to a wind turbine installation vessel (WTIV) within a short period of time. The new F-class vessel is expected to be delivered in the fourth quarter of 2025.
The first task of the F-class vessel is the installation of turbine foundations at the Hornsea Three offshore wind farm commencing in 2026. When the WFIV has completed the wind farm installation at Hornsea Three, it will start executing on the agreement announced today.
If all options stipulated in the new agreement are called, the value of the agreement will exceed €330 million for the vessel only. In addition, this agreement provides Cadeler the possibility of bidding on the transport and installation (T&I) scope. If successful, this will increase the overall revenue and profitability connected with the agreement even further.
moving from project to long term portfolio-based agreements
With an intensified focus on energy security and a global need to drive the transition towards renewable sources of energy, large developers of offshore windfarms are increasingly looking to secure the necessary business partners and assets e.g. subcontractors, installation vessels and crew for longer terms to ensure timely execution of the series of projects they have in their pipeline. This portfolio-based approach is also shared by the undisclosed customer in this particular case, which aims at securing the needed capacity for years to come to avoid bottle necks and delays in project execution caused by lack of assets.
Mikkel Gleerup, CEO of Cadeler A/S says, “We are very happy that we have secured a long-term utilisation of our state-of-the-art F-class vessel until 2030. This is a clear testimony that our vessels are a good fit for the market, in high demand and that Cadeler is a valued business partner to our clients. We are looking forward to putting our new hybrid vessel to good use in the next years while executing projects in collaboration with our business partners.”