Offshore wind contractor Cadeler has revealed advanced talks with Cosco Shipyard regarding a possible order for a foundation installation vessel to be delivered in Q4 2025, with an expected cost currently estimated to be in the range of $343m to $347m.
The Oslo-listed firm said it is also in discussion for the vessel’s maiden contract concerning an XL monopile foundation installation in the North Sea, set to commence in the first quarter of 2026. The order, if placed, would be Cadeler’s first purpose-built foundation installation newbuild and would most likely include an option for a second vessel of the so-called F-Class.
To partly finance the unit, the company has retained DNB Markets and SpareBank 1 Markets as joint bookrunners to advise on and effect a private placement with gross proceeds of between $70m and $90m in new ordinary shares. BW Altor has confirmed its intention to subscribe for new shares in the private placement equal to its pro-rata share of 32.15%.
The Copenhagen-based company has two O-class installation vessels, Wind Orca and Wind Osprey, and two X-class wind turbine installation vessels under construction at Cosco Shipyard.
