Cadeler has revealed that its new hybrid F-class vessel has been chartered by an undisclosed customer from 2027 to 2030.
The vessel is expected to be delivered in Q4/2025, after which its first task will be to install the turbine foundations at the Hornsea 3 offshore wind farm commencing in 2026.
When the WFIV has completed the windfarm installation at Hornsea Three, it will start executing the agreement announced today.
If all options are called during the four-year agreement, the potential agreement value will exceed €330m, Cadeler said.
The agreement allows for a high level of flexibility for the client to freely choose to either install foundations or WTGs.
Cadeler said it will make use of its new F-class vessel, featuring a unique hybrid design, allowing the vessel to convert from being a foundation installation vessel (WFIV) to a wind turbine installation vessel (WTIV) within a short period of time.
In addition, this agreement provides Cadeler the possibility of bidding on the transport and installation (T&I) scope.
If successful, this will increase the overall revenue and profitability connected with the agreement even further.
Cadeler added that large developers of offshore wind farms are increasingly looking to secure the necessary business partners and assets for longer terms to ensure timely execution of the series of projects they have in their pipeline.
This portfolio-based approach is also shared by the undisclosed customer, which aims at securing the needed capacity for years to come to avoid bottlenecks and delays in project execution caused by lack of assets.
Cadeler chief executive Mikel Gleerup said: “We are very happy that we have secured a long-term utilization of our state-of-the-art F-class vessel until 2030.
“This is a clear testimony that our vessels are a good fit for the market, in high demand and that Cadeler is a valued business partner to our clients.
“We are looking forward to putting our new hybrid vessel to good use in the next years while executing projects in collaboration with our business partners.”