Presentation

Cadeler is an offshore wind farm vessel contractor headquartered in Copenhagen, Denmark. The company is a result of Hong Kong based industrial conglomerate Swire Pacific Offshore’s acquisition of Blue Ocean in 2011. Cadeler was listed on Oslo Stock Exchange in 2020 and BW Group and Swire Pacific are the majority shareholders with 32% and 28%, respectively.

Cadeler is currently operating two offshore wind jack-up installation vessels, Wind Orca and Wind Osprey, that are primarily used for installation of offshore wind turbines and foundations. The vessels can also perform maintenance, construction, and other tasks within the offshore industry. The company has a proven track record of 30 completed offshore projects, representing >3 GW of offshore wind capacity, and three O&M projects. As a result, the company has installed over 400 foundations and more than 300 turbines. Cadeler has a strong backlog with several signed contracts, including 160 foundations and 400 turbines.

The company has signed contracts for two new-build X-class wind farm installation vessels with the possibility to transport five 20+ MW turbines. The vessels are expected to be delivered by Q3’24 and Q1’25, and the first vessel has already secured a contract from Siemens Gamesa for installation at the 1.4 GW Sofia project offshore UK. Cadeler is also upgrading its current operating vessels by replacing the cranes to meet future demand.