Cadeler Signs Significant Installation Vessel Reservation Agreement with an Undisclosed Client, Securing Capacity for Future Projects Worth Up to €700 Million

23 May 2024 10:32 CEST

Copenhagen, 23 May 2024 — Today Cadeler announces the signing of a significant
Installation Vessel Reservation Agreement with an Undisclosed Client for
upcoming wind farm installation projects. If all options are exercised during
the four-year agreement, the agreement would represent the largest deal in
Cadeler's history, with the potential value of the projects to be executed under
the agreement estimated to be in the range of EUR 400-700 million. The agreement
secures the availability of one or more capable vessels from the full
versatility of Cadeler’s fleet of wind farm installation vessels, including a
newbuild A Class vessel currently under construction. Work is planned to
commence in 2027.

Cadeler’s state-of-the-art fleet of vessels for offshore wind farm installation
projects will be used for transport and installation of both foundations and
wind turbine generators (WTGs), leveraging Cadeler’s fleet to deliver maximum
efficiency, synergy, and flexibility. The signing of this reservation agreement
emphasizes the growing importance of renewable energy initiatives and Cadeler's
pivotal role in driving the transition to renewable offshore wind energy
globally.

Mikkel Gleerup, CEO of Cadeler, says: "Our new vessel reservation agreement
highlights the crucial role of timely and ambitious vessel reservation
strategies and fleet flexibility to meet the fast-growing needs of offshore wind
projects worldwide. Cadeler remains committed to accompanying our clients’ needs
with innovative solutions and unparalleled service, ensuring the realization of
their renewable energy project within budget and on time. Our clients’ success
is of the utmost importance – not only for commercial viability, but for our
common efforts in pushing the envelope for what’s possible to achieve in
offshore wind energy expansion."

The effectiveness of the agreement is contingent upon a successful outcome for
the undisclosed client in an upcoming 2024 auction.

About Cadeler:

Cadeler is a key supplier of offshore wind installation, operations, and
maintenance services. Cadeler is a pure play company, solely operating in the
offshore wind industry with an uncompromising 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 exceptional services to the industry. Cadeler is committed to
enabling the global energy transition towards a future built on renewable
energy. Cadeler is listed on the Oslo Stock Exchange (ticker: CADLR) and the New
York Stock Exchange (ticker: CDLR). For more information, please visit
www.cadeler.com

For further information, please contact:

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

Alexander Simmonds
EVP & CLO, Cadeler
+44 7376 174172
alexander.simmonds@cadeler.com

More information:
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619497_PressRelease_Cadeler Signs Significant Installation Vessel Reservation Agreement with an Undisclosed Client.pdf