Cadeler, the West's largest offshore wind vessel operator, is advancing its strategy to provide comprehensive solutions by initiating a private equity placement to fund two new T-class wind foundation installation vessels. This move signals strong market confidence, following a year of surging revenues and profits in 2025, during which the company expanded its fleet and entered the operations and maintenance (O&M) services market.

Fleet Expansion and Market Position

The company's entire fleet is fully booked through 2027, supported by offshore wind commitments in Europe and an anticipated shortage of next-generation vessels from 2029 onward. Cadeler has already received the first of three new A-class wind turbine installation vessels (WTIVs), capable of handling XXL monopile foundations and 15-20 MW turbines. The Wind Ally was delivered in September 2025, with the Wind Ace and Wind Apex expected in 2026 and 2027, respectively. The current newbuild campaign has doubled Cadeler's fleet to ten vessels.

Full-Scope Foundation Projects

Cadeler is increasingly engaged in full-scope foundation transport and installation (T&I) projects. Key contracts include preparing to install 197 monopiles for Ørsted's Hornsea 3 array, utilizing the Wind Orca and Wind Ally vessels starting April, and executing T&I for 64 turbines and foundations for the East Anglia 2 wind farm from 2027 using another A-class vessel. The company aims to execute multiple foundation projects in parallel annually and notes it typically takes two to four months to reconfigure an A-class vessel between foundation and turbine installation modes.

Rationale for New T-Class Vessels

The decision to seek funding for two T-class foundation vessels is driven by a projected supply shortfall against demand after 2028, creating favorable long-term utilization and pricing prospects. Market discipline has resulted in no firm vessel orders since Cadeler's last, while European commitments to build 15 GW annually in the North Sea and UK allocation rounds provide clearer demand visibility. The T-class vessels, with enhanced capabilities and a cost comparable to the $400 million Wind Apex, are intended to strengthen Cadeler's foundation T&I offering, reduce subcontractor reliance, improve pricing competitiveness, and maximize retained profits. The company is also evaluating acquiring and converting a scour protection vessel to further bolster this segment.

Improved Outlook and Organizational Evolution

Cadeler has softened earlier warnings of a lean year in 2028, partly due to a new preferred supplier agreement (PSA) for monopile and transition piece T&I at a large unnamed European offshore wind farm, pending final investment decision. This PSA contributes to positive momentum for the 2028 campaign. The company describes its approach to full-scope projects as "humble," emphasizing collaboration with major developers like Ørsted and Iberdrola to build capabilities safely and to quality standards.

Growth in Operations and Maintenance

A strategic focus in 2025 was expanding into the O&M sector through the new service platform Nexra. Cadeler took delivery of the Wind Keeper, a jack-up vessel upgraded for both installation and specialized O&M support, and plans to upgrade the existing Wind Zaratan WTIV for O&M and foundation project support. O&M accounted for roughly 20% of total revenue in 2025, with expectations for this to exceed 50% long-term due to the growing installed turbine base. This shift represents an evolution from a vessel-utilization-driven revenue model to one where vessels are strategic enablers for capturing broader project scopes, including transport, heavy-lift, and port handling operations.