Danish wind turbine installation company Cadeler is contemplating a private placement of shares to raise funds to pay for a portion of a planned order for a newbuild offshore wind foundation installation vessel (F-Class) vessel.
The company, which owns two offshore wind turbine installation vessels, with another two (X-class) on order, said Wednesday it planned to raise between $70 – 90 million through the placement of new ordinary shares with a par value of DKK 1.00 in the company at an offer price of NOK 32.32 per share, through an accelerated bookbuilding process. The vessel is expected to cost up to $347 million.
2The net proceeds from the private placement will be used to part-finance the company’s planned foundation installation newbuild (the F-class) and general corporate purposes,” the company said.
"Cadeler believes that there are good employment prospects for F-Class newbuild due to strong underlying demand for foundation installation whilst relevant vessel supply remains limited. The company is in advanced discussions with COSCO Shipyard regarding a possible order for a foundation installation newbuild, the F-class, with an expected cost currently estimated to be in the range of USD 343 – 347 million and currently expected delivery in Q4 2025,” Cadeler said.
Worth noting, apart from being in talks with the Chinese shipyard over a possible order, Cadeler also said it was in talks with a potential client for the vessel’s deployment in the early 2026.
"If a [shipbuilding] contract is entered into, Cadeler expects an option for a second F-Class vessel. The company has an extensive track record in foundation installation, and a new F-class vessel will be the first purpose-built foundation installation vessel in Cadeler’s state-of-the-art vessel portfolio. Further, Cadeler is in discussion for F1’s maiden contract concerning an XL Monopile foundation installation contract in the North Sea, currently expected to commence in Q1 2026,” Cadeler said.
The application period for the Private Placement starts Thursday, May 4, 2022, at 16:30 CEST and closes on May 5, 2022, at 08:00 CEST.
The company intends to announce the number of New Shares allocated in the Private Placement through a stock exchange notice expected to be published before the opening of the trading on Oslo Børs on May 5, 2022. DNB Markets, a part of DNB Bank ASA and SpareBank 1 Markets AS are acting as Managers and Joint Bookrunners in connection with the Private Placement.
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