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Cadeler hire NOV for crane upgrades

By: Tom Russell 18/12/2020 Cadeler

General Vessels

Cadeler has contracted NOV to upgrade Wind Orca with a new crane to meet future offshore market demand for installation vessels. The offshore market is moving towards installation of larger next generation wind turbines with capacity ratings exceeding 14MW, which requires improved crane lifting capacity from the vessels used to install, operate, and maintain offshore wind turbines.

The crane replacement on Wind Orca is expected to be initiated in October 2023 with completion in March 2024. As part of the contract Cadeler has also secured an option in the contract to replace the crane on vessel Wind Osprey. The total sum of the contract for replacement of both cranes is 102 million USD, including decommissioning of the old cranes, as well as the design, manufacturing, and installation of the new cranes. The cost will be financed by the Company’s cashflow over the years from 2021 to 2024.

Mikkel Gleerup, CEO of Cadeler, said: “As we communicated in connection with our listing earlier in the year, replacement of cranes on our existing vessels is an important strategic priority for Cadeler. Our vessels are already amongst the best in the industry, but the contracted new and improved cranes will solidify our position as a key supplier within the offshore wind industry. As the market for offshore wind is growing significantly, we intend to put Cadeler in the position to meet the expectations of the market and clients in the coming years for best-in-class installation vessels. We are therefore very pleased with today’s announcement, with which we are delivering on an important part of our strategy for the benefit of our clients and investors”.

The new crane will have a lifting capacity of 1600 metric tons at a radius of 40 metres, with the main hook at a height of 159.7 metres above the main deck. This will enable installation of next generation offshore wind turbines.

“The market we are in is changing, and to continue our growth trajectory, we need to be ready for the future and fully meet the needs of our clients. With this important announcement, we signal a strong intention to do just that, and once the new crane is in place, Wind Orca will remain state of the art and future proof”, Gleerup commented.

Cadeler successfully raised NOK 883 million in connection with the Oslo Stock Exchange listing in November 2020. As communicated, proceeds are to be used to finance the initial installment for the planned order of the Cadeler X-class new-build vessel, with remaining proceeds expected to be used for working capital, general corporate purposes, repayment of any outstanding intercompany balances and repayment of any amounts under the overdraft tranche of the Company’s EUR 95 million debt facility.

For more information on installation and maintenance of major offshore wind farm components, click here.

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Cadeler hire NOV for crane upgrades

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