Danish offshore wind installation firm Cadeler has signed an installation vessel reservation agreement with an undisclosed client, valued up to $760 million, for upcoming wind farm installation projects.
If all options are exercised during the four-year agreement, it would represent the largest deal in Cadeler's history, with the potential value of the projects to be executed under the agreement estimated to be in the range of $430-760 million (€400-700 million).
The agreement secures the availability of one or more capable vessels from the full versatility of Cadeler’s fleet of wind farm installation vessels, including a newbuild A Class vessel currently under construction.
Work is planned to commence in 2027. Cadeler’s vessels for offshore wind farm installation projects will be used for transport and installation of both foundations and wind turbine generators.
"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.
Cadeler remains committed to accompanying our clients’ needs with innovative solutions and unparalleled service, ensuring the realization of their renewable energy project within budget and on time. Our clients’ success is of the utmost importance – not only for commercial viability, but for our common efforts in pushing the envelope for what’s possible to achieve in offshore wind energy expansion,” said Mikkel Gleerup, CEO of Cadeler.
The effectiveness of the agreement is contingent upon a successful outcome for the undisclosed client in an upcoming 2024 auction.