Cadeler has completed a private placement with proceeds of €86M in order to build a new foundation installation vessel for offshore wind turbines
The oversubscribed private placement attracted strong interest from Nordic and international institutional investors.
The addition of the new vessel will enable Cadeler to target the evolving foundation installation segment and enhances its ability to offer a complete set of transport and installation services for offshore windfarms.
The net proceeds from the placement will be used to finance the down payment for the foundation installation vessel, a so-called ‘F-class’ vessel, with an estimated cost of US$343-347M.
The new vessel is due to be delivered in Q4/2025. Cadeler also aims to secure an option for a second F-class newbuild.
Cadeler chief executive Mikkel Gleerup said, “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.
“Cadeler has a strong 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 2021, Cadeler announced contracting for two X-class vessels to be delivered in Q3/2024 and Q1/2025. The new F-class will be built on similar specifications to the two X-class vessels. However, the F-class will feature a unique hybrid design, allowing the vessel to convert from being a foundation installation unit to a turbine generator installation vessel within a short period of time.
“The new F-class hybrid vessel provides us with a competitive advantage,” said Mr Gleerup. “The vessel will increase operational efficiency significantly, and we will be able to serve our customers with foundation installation services.
“Flexibility, efficiency, and economies of scale are key to success for our clients. We are pleased that our portfolio is being shaped to deliver these requirements.”
In line with the X-class vessels, the F-class will cater for some of the largest wind turbines and foundations in the offshore wind industry. The F-class will be able to transport up to six XL monopiles weighing 2,300-2,600 tonnes each, per round-trip, which will improve operational efficiency substantially.
Cadeler said discussions with clients leads it to believe 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 the foundation installation newbuild.
Cadeler said it is already in discussion for the F1’s maiden contract, concerning an XL monopile foundation installation contract in the North Sea that is expected to commence in Q1 2026.
