Cadeler Signs Firm Contracts with ScottishPower Renewables for East Anglia TWO Foundation and Turbine Transportation and Installation

05 Nov 2024 10:30 CET

Copenhagen, 5 November 2024 — Cadeler A/S (“Cadeler”) today announces the
signing of firm contracts for the transportation and installation of 64 x 15MW
offshore wind turbine generators (“WTGs”) as well as the foundations for the
East Anglia TWO Offshore Wind Farm, being developed by ScottishPower Renewables
(a member of the Iberdrola Group) off the coast of the UK. The aggregate value
of these contracts to Cadeler is projected to fall within the range of EUR 360 –
382 million. The offshore works are set to commence in 2027 and will see the use
of one of Cadeler’s newbuild A-class vessels.

In September 2024, the UK government announced the results of its latest auction
for the award of contracts critical to the outbuild of new offshore wind farms.
The awards included 960MW capacity allocated to ScottishPower Renewables’ £4
billion East Anglia TWO Offshore Wind Farm. East Anglia TWO will be located in
the southern region of the North Sea, off the East Coast of England, and is
expected to feature 64 x 15MW turbines, with the capacity to power the
equivalent of almost one million homes each year.

Strong position in the foundations space

Cadeler will be responsible for the transportation and installation of both the
foundations and the WTGs for East Anglia TWO. The project will see the use of
one of Cadeler’s A-class newbuild vessels, together with an O-class vessel from
Cadeler’s existing fleet. This combination demonstrates Cadeler’s fleet
flexibility and its ability to maximize efficiency and synergies across vessel
classes.

Mikkel Gleerup, CEO of Cadeler, said: “This project underlines that our
strategic decisions are in sync with our customers’ needs and the demands that
we see in the market. With our six newbuilds on their way, Cadeler will deliver
even greater flexibility and offer still improved efficiency for our clients,
with solutions for even more complex projects. The East Anglia TWO project
reinforces Cadeler’s strong position as a full-service T&I provider in the
foundations space and our pivotal role in driving the transition to renewable
offshore wind energy”.

Cadeler’s partnership with ScottishPower Renewables on East Anglia TWO,
announced today, reflects the execution of firm contracts for a portion of the
work contemplated by a reservation agreement Cadeler disclosed in May 2024.

Encouraging auction round

The offshore installation work for East Anglia TWO is set to commence in 2027
and, when finalised, the wind farm has the potential to make a substantial
contribution to the UK government’s 2030 clean energy targets.

Mikkel Gleerup, CEO of Cadeler, said: “The results of the UK government’s
Auction Round 6 are encouraging a focus on continued investment and further
commitments to the green transition, with offshore wind energy set to play a
crucial role in the energy mix of tomorrow.”

Charlie Jordan, ScottishPower Renewables CEO, said: “Following our recent
auction success, we’ve been moving with pace and purpose to confirm the supply
chain for East Anglia TWO, so it’s great to have Cadeler on board supporting
this vital clean energy project, which will power almost one million homes with
green electricity.

“East Anglia is the heart of our offshore wind operations in the UK and a
vitally important region for us with one operational wind farm, another under
construction and the supply chain now being confirmed for our third, enabling us
to get out there and deliver a cleaner, greener and better future, quicker.”

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

About 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

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