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Cadeler raises funds for newbuild

By: Tom Russell 05/05/2022 Cadeler

General Vessels Windfarms

Cadeler has completed a private placement with proceeds of EUR 86 million with the intent to add a newbuild vessel to its fleet. The addition of the new vessel is expected to enable Cadeler to target the evolving segment of foundation installations and enhance its capability to offer a complete set of services within offshore wind transport and installation.

Cadeler has completed a private placement of 26,175,532 shares at a price of NOK 32.32 per share for gross proceeds of NOK 846 million (EUR 86 million). The net proceeds will be used to finance the down payment on the newbuild foundation installation vessel, the so-called F-class vessel, with an estimated cost of USD 343-347 million, which is expected to be delivered in Q4/2025. Cadeler also aims to secure an option for a second F-class newbuild.

Mikkel Gleerup, CEO of Cadeler said: “Working closely with our partners in the industry, we see excellent deployment prospects for an F-class newbuild due to strong demand for foundation installation in the rapidly evolving offshore market. Cadeler has a strong track record having installed more than 500 foundations since 2013 and investing in a foundation installation vessel is a logical step for our business development.”

In 2021, Cadeler announced the contracting of two X-class vessels to be delivered in Q3/2024 and Q1/2025. The new F-class will be built on similar specifications to the two X-class vessels. However, the F-class will feature a hybrid design, allowing the vessel to convert from being a foundation installation unit to a wind turbine generator (WTG) installation vessel within a short period of time.

“The new F-class hybrid vessel provides us with a unique competitive advantage. The vessel will increase operational efficiency significantly, and we will be able to serve our customers with foundation installation services,” said Mikkel Gleerup adding: “Flexibility, efficiency, and economies of scale are key to success for our clients. We are pleased that our portfolio is being shaped to deliver these requirements”.

In line with the X-class vessels, the F-class will cater for some of the largest dimensions in the offshore wind industry. The F-class will be able to transport up to six XL monopiles (weight 2,300-2,600mt each) per round-trip which improves operational efficiency substantially.

Mikkel Gleerup concluded: “We are very excited to have secured funding that will enable us to execute our strategic priorities, enhance our market offering and support business growth”.

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Cadeler raises funds for newbuild

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