Wind carrier Cadeler has just secured fresh capital and is ready to add another ship to its fleet. The vessel is slated for delivery in a few years.
Cadeler is ready to expand its fleet with yet another ship after the wind service operator has been injected with fresh capital.
More specifically, Cadeler is infused with EUR 86m through a private placement with the purpose of further expanding its fleet, the carrier writes in a statement on Thursday.
The company intends to place an order for an F-class ship at a price of USD 343-346m. The vessel is slated for delivery before the end of 2025 and will be the fifth ship in Cadeler’s fleet.
“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,” says Chief Executive Mikkel Gleerup.
”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 a stock exchange notice, Cadeler elaborates that the carrier is in ”advanced discussions” with Cosco Shipyard on the possible order with expected delivery in the fourth quarter of 2025.
Photo: PR/Cadeler
Moreover, Cadeler plans to secure an option for another ship of the same F-class type.
Through the private placement, Cadeler issued 26,175,532 shares at a price of NOK 32.32 apiece, thereby raising NOK 846m, corresponding to EUR 86m.
The most recent order thereby expands the orderbook of the carrier, which already has two X-class vessels coming, expected for delivery in Q3 2024 and Q1 2025, respectively.
Cadeler, listed on the Oslo Stock Exchange, last year secured an operating profit (EBITDA) of EUR 56-70m, according to the company’s annual report.
