Cadeler has signed firm contracts with COSCO Shipping Offshore shipyard in Qidong, China, for the construction of two T-class offshore wind foundation installation vessels for a total of approximately EUR 805 million.
The new vessels are scheduled for delivery in 2030 and 2031.
Cadeler said the agreement was secured on competitive commercial terms and builds on its existing cooperation with COSCO Shipping Offshore, which has constructed several vessels for the company’s newbuild programme.
The new T-class vessels, for which the company says it is already in discussions with key clients regarding their deployment, will be the largest and most capable vessels in its fleet and have been designed to handle complex offshore wind projects, according to the company.
“The new T-class series vessels have been engineered to be the largest and most capable vessels ever introduced to this market, incorporating breakthrough technologies and operational capabilities that extend well beyond current industry standards”, Cadeler said in a press release on 10 August.
The company secured the equity financing for this investment through a private placement completed in March , which raised approximately EUR 175 million. After completing the private placement, Cadeler said proceeds would be used to fund initial capital commitments for two proposed T-class newbuilds and the potential acquisition and conversion of a scour protection vessel.
“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”, the company said in March.
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