M

Cadeler A/S announces significant fleet expansion due to strong market demand

29 Apr 2021

Cadeler A/S, a key supplier within the offshore wind industry for installation services, operation, and maintenance works, announces the intent to significantly expand the fleet with two new build X-class vessels. This will double Cadeler’s total fleet, reflecting an accelerated market demand for the best-in-class fleet that Cadeler already operates today. To finance the fleet expansion, Cadeler has successfully completed an oversubscribed private placement, issuing 23,000,000 new shares in the company at a price of 34.50 NOK per share. The total proceeds of the private placement amount to 794 million NOK which will be used to finance the fleet expansion. 

Cadeler has announced the intent to acquire two new build X-class vessels for installation services, operation, and maintenance work on offshore wind farms. In conjunction with Cadeler’s IPO, the company announced the intent to acquire the first new-build X-class vessel. Due to accelerating market demand, Cadeler has decided to ramp up capacity even more with the planned order of a second new X-class vessel. The fleet’s installation capacity will be more than doubled when the new X-class vessels are delivered.

“We maintain a close partnership with our clients to understand their future need for capacity and fleet capabilities. Our aim is to support the green transition by building offshore wind farms. The delivery of two new vessels is great news for the offshore wind market, Cadeler, and the green transition as we see an accelerated need for installation capacity via more sophisticated vessels”, says Mikkel Gleerup, CEO at Cadeler A/S.

Expansion of best-in-class fleet

Cadeler originally announced the intention to contract the first new X-class vessel in September 2020. The new design for the modern ship was created in close partnership with GustoMSC and is a bespoke version of the NG-20000X-G design. The vessel is categorized by Cadeler as unseen in the industry up to now; it will be able to operate at some of the most difficult sites globally and with the largest equipment in the industry.

Promises of such a vessel have spurred significant interest in the industry.

“Since we announced the intention to expand our fleet with the first new build X-class vessel, we have seen massive interest in the market for this state-of-the-art ship and the capabilities it represents. This, combined with the general level of activity we are seeing in the market, has led us to the conclusion that we needed to order two and not just one of these new vessels”, said Mikkel Gleerup.

The interest that the company has seen from clients has been primarily focused around the increased transit capacity which the X-class vessels offer, lowering the energy intensity of installation, reducing installation time and thereby lowering total cost of installing offshore wind farms.

Cadeler has yet to announce which shipyard will be awarded the contract for the two new build vessels. The company expects the two new X-class vessels to be completed by 2024 and 2025, at which point they will become operational and ready to assist the company’s clients going forward.

Strong financial backbone

With an oversubscribed private placement, Cadeler has strengthened its financial backbone with the total proceeds of 794 million NOK to finance the fleet expansion, reflecting the accelerated growth potential of Cadeler. The 23,000,000 new shares in the company were subscribed at an average price of 34.50 NOK per share.

“I am very pleased that we have seen such great interest from the investor community in being part of Cadeler’s growth trajectory, powered by the green transition. We are in a growing market where Cadeler already operates a best-in-class fleet. By acquiring two new-build X-class vessels, we solidify and expand our position as industry leaders. The substantial interest in the private placement is a testament to our strategy to lead the industry”, says Mikkel Gleerup.

About Cadeler A/S:

Cadeler provides marine and engineering operations to the offshore wind industry with a strong focus on safety and the environment. Our reputation as provider of high-quality offshore wind support services, combined with innovative vessel design, positions us to provide prime level services to the industry. We continue to pursue new levels of efficiency, pushing the boundaries of the supply chain. We enable and facilitate the global energy transition to a future built on offshore renewable energy.

Cadeler X-Class facts:

  • Main Crane Capacity – minimum 2000 t @ 53 m
  • Hook height above deck - over 200 m
  • Variable Load - over 17,000 t
  • 5,600 m2 deck space
  • Accommodation for 130 persons

-end-

Press Release

For further information, please contact:

Mikkel Gleerup, CEO, Cadeler A/S

+45 32463102

mikkel.gleerup@cadeler.com

News and Press releases

Cadeler signs USD 651 million contract with COSCO SHIPPING Heavy Industry to deliver two new X-class vessels  30 Jun 2021
Cadeler A/S calls option for replacement of crane on Wind Osprey  17 Jun 2021
Cadeler A/S announces significant fleet expansion due to strong market demand  29 Apr 2021
Cadeler publishes Annual Report 2020  06 Apr 2021
Cadeler A/S announces largest contract in company history  10 Mar 2021
Cadeler A/S expands with new office in Vejle  22 Dec 2020
Cadeler A/S contracts new and improved crane to meet future offshore wind market demand  18 Dec 2020
Cadeler A/S to host online presentation in connection with its first day of listing on Oslo Børs  26 Nov 2020
IPO - Result of the Offering - New director appointed  26 Nov 2020
Update on status of bookbuilding and expiry of the bookbuilding/application period  24 Nov 2020
Update on Offer Price and Status of Bookbuilding  24 Nov 2020
Announcement of terms for the initial public offering  16 Nov 2020
Intention to Float  05 Nov 2020
Meet Cadeler's Board of Directors  05 Nov 2020
Swire Blue Ocean is becoming Cadeler  08 Oct 2020
Cadeler A/S signs contract with DEME for installation campaign on Hornsea 2  20 Oct 2020
Swire Blue Ocean intends to order new build vessel and invest in upgraded cranes for Pacific Orca and Pacific Osprey  16 Sep 2020
Pacific Osprey and Pacific Orca received their best eCMID inspection results since construction  20 Apr 2020
Swire Blue Ocean enacts precautions against COVID-19  26 Mar 2020
New workshop installed on Pacific Orca to facilitate onboard maintenance of nacelles  04 Mar 2020
Pacific Osprey’s new upgraded crane boom is on its way to Denmark for installation  24 Jan 2020
Vattenfall and Swire Blue Ocean sign final contract for transportation and installation of turbines in the Hollandse Kust Zuid wind farm  14 Jan 2020
WindEurope Offshore 2019 is over, see you soon!  16 Dec 2019
Meet us at WindEurope Offshore 2019  18 Nov 2019
SBO exhibits at Offshore Energy 2019 in Amsterdam  30 Oct 2019
SBO participates in the Danish Royal visit to France  28 Oct 2019
SBO Area Manager in Taiwan, Matt Bowden, speaks at the 7th Asia Offshore Wind Day.  24 Oct 2019
Pacific Orca passes by Copenhagen on her way to Wikinger Offshore Windfarm  24 Sep 2019
Let’s stay safe together  28 Sep 2019
SBO has started maintenance and service following recent agreement with Siemens Gamesa Renewable Energy  22 Jul 2019
Exhibiting at the Offshore Energy exhibition, Amsterdam  17 Oct 2018
SBO strengthens business presence in Taiwan with the appointment of new Area Manager, Matt Bowden  30 Apr 2019
Pacific Osprey chartered by GeoSea NV for transport of OTM  27 Mar 2019
SBO installing deepest fixed turbine  25 Feb 2019
Swire Blue Ocean employee killed in Great Belt train accident  11 Jan 2019
Halfway on Beatrice Offshore Wind Farm  21 Dec 2018
A milestone reached on Beatrice Offshore Wind Farm  31 Oct 2018
Press Update – 27th August 2018, 11:00 CET  16 Jun 2021
Press Update – 24th August 2018, 14:00 CET  24 Aug 2018
Beatrice project kicked off to a successful start  03 Jul 2018
Pacific Orca completes installation on the EOWDC  06 Jun 2018
Grand Opening Event  20 Apr 2018
New headquarters  15 Feb 2018
Appointment of Mikkel Gleerup as Chief Executive Officer  16 Jun 2021
Lars Blicher retires from Swire Blue Ocean A/S  16 Nov 2017
SBO moves to new and bigger facilities  30 Oct 2017
Gemini Offshore Wind Park Completion  01 Sep 2016
Swire Blue Ocean A/S signs contract with Siemens for Beatrice Offshore Windfarm Ltd (BOWL) project  02 Jun 2016
Congrats to Bilfinger with completing Sandbank foundation installation  12 Feb 2016
Milestone reached on Gemini. Congrats to Van Oord  31 Aug 2015
UK Rampion Offshore Wind Farm – we are proud to have been chosen for foundation installation  01 Jun 2015
Decommissioning now also of the Gas Booster Platform B11  23 Feb 2015
New key contract signed with Bilfinger for the Sandbank project  29 Sep 2014
New key contract signed with EPCI contractor Van Oord  19 Sep 2014
Pacific Osprey setting efficiency records with WTG installation on the DanTysk wind farm  30 Aug 2014
Pacific Orca safely completes foundation installation on the Borkum Riffgrund 1 wind farm  29 Jul 2014
First complete WTG installed on DanTysk  10 Apr 2014
BR1 Foundation Installation  27 Jan 2014
Swire Blue Ocean successfully completes H7 decommissioning job  22 Aug 2013
Swire Blue Ocean naming ceremony for Pacific Osprey at Fayard in Denmark  02 Apr 2013
Swire Pacific Offshore takes delivery of world's largest Windfarm Installation Vessel  30 Jul 2012
Second Windfarm Installation Vessel ordered for Swire Blue Ocean A/S  09 Mar 2011
Swire Pacific Offshore acquires Blue Ocean Ships A/S  09 Feb 2011
Swire Blue Ocean is awarded a contract for turbine installation on the DanTysk project  17 Feb 2011
First Windfarm Installation Vessel ordered for Swire Blue Ocean A/S  10 Aug 2010
Swire Blue Ocean clinches contract with MHI Vestas Offshore Wind for the transportation and installation of wind turbine generators at Seagreen offshore windfarm  16 Jun 2021
Pacific Osprey’s upgraded crane is now fully operational  03 Jun 2020
Swire Blue Ocean enacts precautions against COVID-19 (1)  16 Jun 2021
Pacific Osprey’s new upgraded crane boom is on its way to Denmark for installation (1)  24 Jan 2020
Vattenfall and Swire Blue Ocean sign final contract for transportation and installation of turbines in the Hollandse Kust Zuid wind farm (1)  14 Jan 2020
Press Update – 27th August 2018, 11:00 CET (1)  16 Jun 2021
Press Update – 24th August 2018, 14:00 CET (1)  24 Aug 2018
Grand Opening Event (1)  16 Jun 2021
Appointment of Mikkel Gleerup as Chief Executive Officer (1)  16 Jun 2021
Lars Blicher retires from Swire Blue Ocean A/S (1)  16 Jun 2021
Offices

DENMARK

CADELER
Fairway House
Arne Jacobsens Allé 7
DK-2300 Copenhagen S

Tel : +45 3246 3100
Email: enquiry.DNK@cadeler.com 

  

TAIWAN

CADELER
12th Floor, No. 129, Minsheng E. Rd, Section 3
Songshan District
Taipei City

Tel: +886 9 5583 9202
Email: enquiry.TWN@cadeler.com