Orsted has cancelled a long-term agreement with Cadeler for the use of an A-Class wind turbine installation vessel after scrapping its Hornsea 4 project.
The contract, initially announced in April 2024, secured the vessel for Orsted from the first quarter of 2027 through to the end of 2030.
Cadeler said it will receive compensation under the terms of the termination and is now free to market the vessel to other clients.
The company does not expect the cancellation to affect its long-term financial outlook and said discussions are already underway with third parties for the freed-up vessel slot.
Cadeler added that the compensation will have a positive impact on its 2025 results.
As a result, the company has raised its full-year 2025 revenue forecast to between €588m and €628m, up from previous guidance of €485m to €525m.
It has also revised its EBITDA guidance for the year to between €381m and €421m, from an earlier range of €278m to €318m.