Copenhagen, 26 March 2026 - Cadeler today announced the completion of a private
placement raising approximately EUR 175 million, at a price above the Company's
5-day VWAP, to fund initial capital commitments for two proposed T-class Wind
Foundation Installation Vessel newbuilds and the potential acquisition and
conversion of a scour protection vessel. Importantly, Cadeler's fleet expansion
is structured to preserve a clear path to capital returns.
Strong operating cash flows, a robust balance sheet, and limited near-term
capital commitments support the Company's continued ability to allocate capital
to shareholders.
While Cadeler doubled the size of its fleet on the water (and corresponding
capacity to generate operational cash flows) in 2025, industry newbuild activity
has remained highly disciplined. No wind foundation installation vessels have
been ordered globally since Cadeler's last order in Q2 2024. A tightening
projected vessel undersupply from 2029 onwards underpins favourable long-term
utilisation and pricing.
Cadeler is in advanced discussions for two competitively priced T-class
newbuilds, to be delivered in 2030 and 2031. Payment profiles for both newbuilds
are anticipated to be back-loaded, with a majority of the capital commitments
falling due after 2029 and the total capex expected to be 65% debt financed.
With limited near-term cash outflows, the addition of the T-class vessels to
Cadeler's fleet is not expected to impact near-term dividend capacity or capital
return ambitions.
In parallel, Cadeler is evaluating the acquisition and conversion of a scour
protection vessel. This initiative would strengthen Cadeler's foundation
transportation & installation (T&I) offering, reducing Cadeler's reliance on
sub-contractors, improving competitiveness in pricing, and maximising retained
profits, while offering a capital-efficient and accelerated route to market.
Financing options under consideration further support a disciplined capital
structure.
With strong underlying demand and renewed momentum in the offshore wind industry
globally, Cadeler anticipates good employment prospects across its expanded
fleet. Cadeler remains committed to balancing selective growth with an
attractive and sustainable return of capital to shareholders. No additional
equity is expected to be required to fund current plans.
No final investment decisions have been made, and all terms remain indicative.
For further information, please contact:
Cadeler Press Office:
press@cadeler.com
Mikkel Gleerup
CEO, Cadeler
+45 3246 3102
mikkel.gleerup@cadeler.com
Alexander Simmonds
EVP & CLO, Cadeler
+44 7376 174172
alexander.simmonds@cadeler.com
About Cadeler:
Cadeler A/S (Cadeler) is a global leader in offshore wind installation,
operations, and maintenance services. Cadeler is a pure play company, operating
solely in the offshore wind industry with an uncompromising focus on safety and
the environment. Cadeler owns and operates the industry's largest fleet of
jack-up offshore wind installation vessels and has for more than 10 years been a
key supplier in the development of offshore wind energy to power millions of
households. Cadeler's fleet, expertise and capacity to handle the largest and
most complex next-generation offshore wind installation projects positions the
company to deliver exceptional services to the industry. Cadeler is committed to
being at the forefront of sustainable wind farm installation and to enabling the
global energy transition towards a future built on renewable energy. Cadeler is
listed on the New York Stock Exchange (ticker: CDLR) and the Oslo Stock Exchange
(ticker: CADLR).
For more information, please visit www.cadeler.com.