Cadeler unveils fleet expansion plans

In: Vessels

Cadeler A/S has announced the intent to expand its fleet with two new build X-class vessels for installation services, operation, and maintenance work on offshore wind farms. This will double Cadeler’s total fleet.

To finance the fleet expansion, Cadeler has completed an oversubscribed private placement, issuing 23,000,000 new shares in the company at a price of 34.50 NOK per share. The total proceeds of the private placement amount to 794 million NOK which will be used to finance the fleet expansion.

In conjunction with Cadeler’s IPO, the company announced the intent to acquire the first new-build X-class vessel. Cadeler has since decided to ramp up capacity even more with the planned order of a second new X-class vessel.

“We maintain a close partnership with our clients to understand their future need for capacity and fleet capabilities. Our aim is to support the green transition by building offshore wind farms. The delivery of two new vessels is great news for the offshore wind market, Cadeler, and the green transition as we see an accelerated need for installation capacity via more sophisticated vessels”
, said Mikkel Gleerup, CEO at Cadeler A/S.

Cadeler originally announced the intention to contract the first new X-class vessel in September 2020. The new design for the modern ship was created in close partnership with GustoMSC and is a bespoke version of the NG-20000X-G design.

“Since we announced the intention to expand our fleet with the first new build X-class vessel, we have seen massive interest in the market for this state-of-the-art ship and the capabilities it represents. This, combined with the general level of activity we are seeing in the market, has led us to the conclusion that we needed to order two and not just one of these new vessels”,
said Mikkel Gleerup.

Cadeler has yet to announce which shipyard will be awarded the contract for the two new build vessels. The company expects the two new X-class vessels to be completed by 2024 and 2025, at which point they will become operational and ready to assist the company’s clients going forward.

“I am very pleased that we have seen such great interest from the investor community in being part of Cadeler’s growth trajectory, powered by the green transition. We are in a growing market where Cadeler already operates a best-in-class fleet. By acquiring two new-build X-class vessels, we solidify and expand our position as industry leaders. The substantial interest in the private placement is a testament to our strategy to lead the industry”,
said Mikkel Gleerup.

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

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