Cadeler books 4-year contract for new hybrid installation vessel

Cadeler F-class can convert from being a foundation installation vessel (WFIV) to a wind turbine installation vessel (WTIV)

Copenhagen, Denmark, headquartered offshore wind farm installation specialist Cadeler (OSE: CADLR) reports that it has reached an agreement with an undisclosed customer that secures significant utilization of its new hybrid F-class vessel from 2027 to 2030. If all options are called during the four-year agreement, the potential contract value will exceed EUR 330 million·(just over $320 million at today’s exchange rate). The agreement also gives Cadeler the possibility of bidding on the transport and installation (T&I) scope of the project. If successful, this will further increase the overall revenue and profitability connected with the agreement.

The F-class vessel’s hybrid design, allows it to convert from being a foundation installation vessel (WFIV) to a wind turbine installation vessel (WTIV) within a short period of time. The new F-class vessel is being built under a $345 million contract with Chinese shipbuilder Cosco Heavy Industries that was announced in May.

It is expected to be delivered by the shipyard in the the fourth quarter of 2025. Its first task will be the installation of turbine foundations at the Hornsea Three offshore wind farm. commencing in 2026. When the WFIV has completed the wind farm installation at Hornsea Three, it will start executing on the agreement announced today. That contract gives the mystery client a high level of flexibility to choose to either install foundations or wind turbines,

“We are very happy that we have secured a long-term utilization of our state-of-the-art F-class vessel until 2030,” said Cadeler CEO Mikkel Gleerup. “This is a clear testimony that our vessels are a good fit for the market, in high demand and that Cadeler is a valued business partner to our clients. We are looking forward to putting our new hybrid vessel to good use in the next years while executing projects in collaboration with our business partners.”