Cadeler signs two contracts with Ørsted and enters a new strategic direction in the foundations space

25 Apr 2023 13:35 CEST

Today, Cadeler has signed two contracts with Ørsted for the Hornsea 3 offshore
wind farm in the UK. Together the two contracts constitute a very large contract
award*. The foundations contract will position the company in a completely new
and strategic business area as a full-service T&I provider in the foundations
space.

The first contract is for the transportation and installation (T&I) of all
monopile type foundations on the project. The foundations contract will position
the company in a completely new and strategic business area as a full-service
T&I provider in the foundations space. The project is expected to begin in
Q1/2026 and finish by the end of the year. The two companies signed the
reservation agreement for this project back in August 2022.

The second contract is for the installation of around half of the Wind Turbine
Generators (WTGs) required. The turbine project is forecast to begin just as the
foundations project is completed around Q4/2026 and is expected to finish in
2027. Cadeler will make use of one of its two newbuild X-class vessels.

The signatures took place today at a live signing ceremony at the WindEurope
Exhibition in Bella Centre Copenhagen. Together the two contracts constitute a
very large contract award.

Entering a new strategic business space  
With more than 500 foundations installed, Cadeler is very experienced in the
offshore foundations space. But this will be the first time the company will be
in charge of the whole T&I foundations scope and become a full-service provider
in the offshore foundation business. This also means Cadeler will be fully
accountable for delivering the end product including a defect notification
period after the installation is completed.

As this will be the first of many full-service contracts Cadeler plans to
execute in the future, the company is currently scaling up with a strong team of
project managers, engineers, and foundations specialists onshore. For this
project alone, Cadeler expects to employ 25-30 office personnel and 30-35
specialist offshore technicians. Furthermore, Cadeler has ordered two
specialized F-class jack-up vessels specifically designed to excel in the T&I of
the future generation of XXL monopile foundations such as the ones used in this
Hornsea 3 project.

***

Editor’s notes:
*Cadeler classifies a very large contract as being worth between 500-700 million
EUR.

About Cadeler A/S:
Cadeler A/S is a key supplier within the offshore wind industry for installation
services and marine and engineering operations with a strong focus on safety and
the environment. Cadeler’s experience as provider of high-quality offshore wind
support services, combined with innovative vessel designs, positions the company
to deliver premium services to the industry. Cadeler facilitates the global
energy transition towards a future built on renewable energy. Cadeler is listed
on the Oslo Stock Exchange (ticker CADLR).

For further information, please contact:

Mikkel Gleerup, CEO
+45 3246 3102
mikkel.gleerup@cadeler.com

More information:
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