Cadeler secures largest contract in history

PRESS RELEASE – Cadeler has secured the largest contract in its history. The company has been hired to transport and install Siemens Gamesa’s new 14 MW offshore wind turbines in a contract with a value of USD 90 million. 

The company did not say how many turbines the project entails or for which offshore wind farm they are destined. But Cadeler did say the contract includes options with an additional value of USD 30 million.

The turbines are expected to be the largest wind turbines in the world at the time of installation and have an individual capacity of 14 MW. Each turbine will, over its 25-year lifetime, avoid approximately 1.4m tons of CO2 emissions compared to electricity produced by the burning of coal.

“Boundaries in terms of size and capacity are being pushed constantly in our industry, and we are constantly evolving to be able to support our clients throughout this development. With the crane upgrades for our fleet and our planned new-build X-class vessel, we can do just that”, comments Cadeler CEO Mikkel Gleerup.

Cadeler successfully raised USD 105 million with the Oslo Stock Exchange listing in November 2020. This money will be used to finance the initial instalment for the planned order of the Cadeler X-class new-build vessel, with remaining proceeds expected to be used for working capital, repayment of debt and general corporate purposes.

Author: Tobias Pieffers

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