Cadeler signs Asia Pacific WTIV vessel reservation agreement

Image: Cadeler

There are only so many wind turbine installation vessels (WTIVs) in the world fleet capable of installing today’s giant wind turbines and Danish-headquartered, Oslo-listed Cadeler A/S controls a lot of them. Today it reported the signing of a VRA (vessel reservation agreement) that secures the availability of one of its two newbuild M-Class Gusto MSC NG16000X jack-up vessels and underlines Cadeler’s continued expansion in the Asia-Pacific market.

The aggregate potential value to Cadeler of the development pipeline, to be negotiated during the pendency of the VRA, is expected to be approximately EUR 200 million.

The pipeline of projects will meet the energy needs of approximately 1,360,000 households when fully operational, says Cadeler.

The newbuild M-Class vessel that is expected to work on these projects under the VRA is one of six newbuilds that will be joining Cadeler’s fleet in the coming years (in addition to the Wind Peak, which Cadeler took delivery of last month).

“The Asia-Pacific market has significant growth potential and is of great interest to Cadeler,” Mikkel Gleerup, CEO of Cadeler. “Expanding our presence in that market with this VRA aligns with our global business strategy. With our first state-of-the-art newbuild received, and six additional newbuilds being delivered over the coming years, we will be able to handle the largest and most complex next-generation offshore wind installation projects, further building our backlog and ensuring that our customers and partners can look to Cadeler as offering the strongest choice of flexibility and supply-chain certainty.”