Cadeler Signs Vessel Reservation Agreement Worth Up to EUR 700 Million

Denmark’s Cadeler has inked an installation vessel reservation agreement with an undisclosed client, worth up to EUR 700 million, for upcoming wind farm installation projects.

If all options are exercised during the four-year agreement, this would represent the largest deal in Cadeler’s history, the company said. The potential value of the projects to be executed under the agreement is estimated to be in the range of EUR 400-700 million.

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

The agreement secures the availability of one or more vessels from the full versatility of Cadeler’s fleet of wind farm installations vessels, including a newbuild A-class vessel currently under construction.

Work is planned to commence in 2027.

“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,” said Mikkel Gleerup, CEO of Cadeler.

Yesterday, Cadeler announced that it placed an order with China’s COSCO Heavy Industries for its third A-class vessel, scheduled to be delivered in the first half of 2027.

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The company already has two P-class, two M-class, and two A-class vessels under construction.

In terms of other news coming from Cadeler, the Danish firm recently signed a firm long-term lease agreement with Ørsted for an A-class newbuild.

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