Cadeler secures two-vessel contract for Baltic Sea arrays amid growing demand for newbuilds
Owner of world's biggest jack-up fleet celebrates Polish gig just one day after announcing Asia-Pacific vessel reservation agreement
Offshore wind transport and installation giant Cadeler has signed firm contracts for two vessels to work on Baltic Sea offshore wind farm projects owned by a 50-50 joint venture between Norwegian oil major Equinor and Polish energy group Polenergia.
Reservation agreements covering two jack-up wind turbine installation vessels (WTIVs) to be used on the Bałtyk 2 and Bałtyk 3 offshore wind farms were announced in May and firm contracts for these were confirmed today (Tuesday), along with a total potential value in the range of between €120m ($133m) and €144m.
The two arrays, to be located respectively 22 km and 37 km from the Polish port of Łeba, will involve the installation of a total of 100 offshore wind turbines in the Polish Baltic Sea.
Operations are scheduled to begin in 2027, Cadeler said in its statement.
Cadeler said it will utilise one of its O-Class wind turbine installation vessels and also a brand new P-Class vessel on the project.
Its two O-class wind turbine installation vessels Wind Osprey and Wind Orca were fitted with new 1,600-tonne capacity main cranes in an upgrade programme concluded earlier this year.
The first of Cadeler's new P-class WTIV vessels, Wind Peak, was delivered last month. The second, Wind Pace, is expected to be ready by the second quarter of 2025.
In its statement, the company described the dual-vessel setup as a response to the "complex nature of the project".
Mikkel Gleerup, CEO of Cadeler, said: “This marks our third major project in the Polish market, showcasing the strong business potential in that market, driven by increasing demand for renewable energy. We are proud to support our partners in accelerating the transition to sustainable energy, with these projects ultimately benefiting more than two million households."
Asia-Pacific
The firm contracts followed Cadeler's announcement, on Monday, of another vessel reservation agreement, this time for the Asia-Pacific market.
The agreement secures availability of one of Cadeler’s two newbuild M-Class wind turbine installation vessels to serve two projects in the region.
The aggregate potential value to Cadeler of the contract under negotiation was estimated at €200m, although clients were not named.
”The Asia-Pacific market has significant growth potential and is of great interest to Cadeler,” Gleerup said.
”With our first state-of-the-art newbuild received, and six additional newbuilds being delivered over the coming years, we will be able to handle the largest and most complex next-generation offshore wind installation projects, further building our backlog and ensuring that our customers and partners can look to Cadeler as offering the strongest choice of flexibility and supply-chain certainty.”
Post-merger
Cadeler is listed on the Oslo Stock Exchange and the New York Stock Exchange following a merger with former rival Eneti, completed in December last year. The company describes itself as operating "the largest and most versatile" fleet of jack-up vessels in the industry.
Poland was also the location for Cadeler's first major deal following this merger.