Cadeler Raises Over $200M to Fund Fleet Expansion Plans

Cadeler has raised approximately $203 million (€175 million) through a private placement to fund planned investments in new offshore wind installation vessels and potential asset acquisitions.

The offshore wind contractor said the proceeds will support initial capital commitments for two proposed T-class wind foundation installation vessel newbuilds, as well as the potential acquisition and conversion of a scour protection vessel.

According to Cadeler, the private placement was completed at a price above its five-day volume-weighted average price.

The company said it is in advanced discussions for the two T-class vessels, which are expected to be delivered in 2030 and 2031. The projects are anticipated to be around 65% debt financed, with most capital commitments falling due after 2029.

Cadeler said the structure of the investments is designed to preserve its ability to return capital to shareholders, supported by strong operating cash flows, a robust balance sheet and limited near-term capital commitments.

The company is also evaluating the acquisition and conversion of a scour protection vessel to strengthen its foundation transportation and installation capabilities and reduce reliance on subcontractors.

Cadeler said it expects favorable long-term utilization and pricing, citing a projected undersupply of wind foundation installation vessels from 2029 onwards.

No final investment decisions have been made and terms remain indicative, the company noted.