Cadeler A/S announced a new preferred supplier agreement with an undisclosed client for the transportation and installation of monopiles and transition pieces at a large offshore wind farm in European waters. The contract, slated to begin in the first half of 2028, will deploy two of Cadeler’s jack‑up vessels, including a newly‑built A‑class vessel designed for large‑foundation work.
This deal marks Cadeler’s first full‑scope foundation T&I project outside the United Kingdom, broadening its geographic reach and creating a new revenue stream for its core installation business. By winning a contract in a new jurisdiction, Cadeler demonstrates its ability to secure high‑value projects beyond its traditional UK stronghold, a key strategic objective following its merger with Eneti in 2023.
The project will use two jack‑up vessels, one of which is Cadeler’s latest A‑class vessel. A‑class vessels are engineered for XXL foundation installation and are part of Cadeler’s plan to expand its fleet to 12 vessels by 2027. The company has already delivered vessels such as Wind Maker and Wind Pace in early 2025 and is awaiting the delivery of Wind Apex in H1 2027, positioning it to handle the larger foundations required by the industry’s shift to 15 MW and larger turbines.
Cadeler’s new contract strengthens its market position as a leading provider of foundation T&I services. The deal adds to a record‑high order backlog of €2.5 billion and supports the company’s robust financial performance, with FY 2024 revenue of €249 million and EBITDA of €126 million. The expansion into new European waters aligns with industry trends toward larger turbines and foundations, giving Cadeler a competitive edge over peers such as DEME, VanOord, and Jan de Nul.
Market reaction to the announcement was positive. Cadeler’s stock rose on the day of the announcement, and analysts upgraded the company to a “Buy” rating with a price target of $24.50. The market welcomed the contract win as a sign of Cadeler’s growing pipeline, fleet modernization, and strong financial footing.
Mikkel Gleerup, CEO of Cadeler, said the agreement “reflects continued confidence in Cadeler’s capabilities within offshore wind foundation transportation and installation.” He added that the new contract demonstrates the company’s ability to secure full‑scope projects outside its traditional markets and reinforces its strategy to become a global leader in offshore wind T&I.
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