Cadeler secures up to €700 million vessel reservation deal

Cadeler secures up to €700 million vessel reservation deal

Photo Cadeler

Cadeler, a specialist in offshore wind farm installation, signed a significant installation vessel reservation agreement with an undisclosed client.

This multi-year agreement, with potential exercise of options, could become the largest deal in Cadeler’s history. The total estimated value of projects executed under the agreement is projected to range from €400 million to €700 million.

The agreement guarantees access to one or more of Cadeler’s highly capable wind farm installation vessels, including a new A-class vessel currently under construction. Work on the secured projects is scheduled to begin in 2027.

Cadeler’s fleet boasts vessels specifically designed for offshore wind farm installation. These vessels are equipped to handle both the transport and installation of foundations and wind turbine generators (WTGs). This comprehensive offering allows Cadeler to deliver maximum efficiency, synergy, and flexibility for its clients.

Read more: Cadeler secures Bałtyk II and Bałtyk III deals

Mikkel Gleerup, CEO of Cadeler, says, “Our new vessel reservation agreement highlights the crucial role of timely and ambitious vessel reservation strategies and fleet flexibility to meet the fast-growing needs of offshore wind projects worldwide. Cadeler remains committed to accompanying our clients’ needs with innovative solutions and unparalleled service, ensuring the realisation of their renewable energy project within budget and on time. Our clients’ success is of the utmost importance – not only for commercial viability, but for our common efforts in pushing the envelope for what’s possible to achieve in offshore wind energy expansion.”

The effectiveness of the agreement is contingent upon a successful outcome for the undisclosed client in an upcoming 2024 auction, the company said.

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Author: Adnan Bajic

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Cadeler secures up to €700 million vessel reservation deal