Denmark-based Cadeler has received a notice of termination from compatriot utility Ørsted for a long-term agreement for one of its wind farm installation newbuilds.
The newbuild was booked to install turbine foundations at Ørsted’s Hornsea Three offshore wind farm, commencing in 2026. The vessel then won a deal in April for work on the Hornsea Four project and was supposed to be fixed from the first quarter of 2027 through to the end of 2030.
The termination of the agreement for the A-Class windfarm turbine installation vessel comes because Ørsted decided to discontinue work towards the Hornsea Four offshore wind farm.
The vessel has been designed to transport up to six XXL monopile foundations per round trip and can be converted to a wind turbine installation unit fit to carry and install seven complete 15 MW turbine sets per load or five 20 MW+ turbines, reducing the number of trips required for each project.
Cadeler stated that it was entitled to agreed compensation due to the termination and that it can now deploy the vessel on alternative projects currently under discussion with third parties.
Receipt of the termination compensation will positively impact financial guidance for the 2025 calendar year. The company expects 2025 full-year revenue to be within the range of €588m and €628m ($692m and $739m), previously expected to be between €485m and €525m ($571m and $618m).
