Cadeler further strengthens its position in the Polish offshore wind market with the signing of a new Vessel Reservation Agreement

07 Feb 2025 08:00 CET

Copenhagen – 7 February 2025 – Today, Cadeler announces the signing of a Vessel
Reservation Agreement (VRA) with Ocean Winds for the installation of the wind
turbine generators (WTGs) at BC-Wind offshore wind farm in the Polish Baltic
Sea. The potential value of the contract to be negotiated during the pendency of
the VRA is estimated to be between EUR 48 million and EUR 56 million.

Cadeler has signed a VRA with Ocean Winds for the installation and
transportation of around 30 WTGs at the BC-Wind offshore wind farm in the Polish
Baltic Sea. The potential value of the contract to be negotiated during the
pendency of the VRA is estimated to be between EUR 48 million and EUR 56
million. Cadeler will deploy one of its O-class vessels, with the project
scheduled to be completed in 2028. Cadeler and Ocean Winds have worked together
previously, most recently on the Moray West offshore wind farm off the coast of
Scotland, but this project marks the first time that the two companies have
entered into a direct contractual relationship.

BC-Wind is an offshore wind farm with a capacity of up to 500 MW. It is located
approximately 23 km from the Polish coastline, north of the Pomeranian
Voivoideship in Poland. It is Ocean Winds' first project in Poland.

Mikkel Gleerup, CEO of Cadeler, says: “We are happy to embark on a new
partnership with Ocean Winds, leveraging our expertise and resources to further
strengthening our Polish pipeline. Poland has become a significant player in the
offshore wind market, and we look forward to once again be working in the Baltic
Sea contributing to the development of offshore wind energy in the region.”

Strong position in the Polish offshore wind market

This project reaffirms Cadeler’s strong position in the Polish offshore wind
market and is a natural continuation of four other milestone projects in
Cadeler’s Polish pipeline.

In October last year, Cadeler signed firm contracts with Equinor and Polenergia
joint ventures for the installation of two offshore wind farms, Bałtyk 2 and
Bałtyk 3, in the Polish Baltic Sea, with operations scheduled to begin in 2027.

In February last year, Cadeler signed a contract with Ørsted and PGE Polska
Grupa Energetyczna for the transport and installation of Siemens Gamesa 14 MW
wind turbines at Baltica 2, part of the Baltica Offshore Wind Farm. The project
is scheduled for completion by the end of 2027.

In July 2023, Cadeler signed a contract with Baltic Power for the installation
of 76 Vestas 15 MW offshore wind turbines at the Baltic Power offshore wind
farm. Installation work is to commence in 2025, with the 1.2 GW wind farm
expected to be completed in 2026.

Cadeler is the world’s leading offshore wind turbine transportation and
installation company, with a fleet of six jack-up vessels currently in operation
and five newbuilds scheduled to be delivered in the coming years.

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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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638000_Cadeler - Press Release - BC-Wind.pdf